- August 22, 2012
Have you ever wondered what is important in the world of car insurance?
We can help.
No, we are not insurance agents, and we are not affiliated with any insurance company.
However, when it comes to insurance, we have real-world experience.
Our experience was gained in several situations.
Sometimes, it’s where insurance companies have refused to pay a fair amount for a valid claim.
Other times, it is where our clients or the person who hit them did not have enough insurance coverage.
Table of Contents
Having Enough Coverage is Essential
Having the best insurance that you can afford at the best rates is to your advantage.
Good insurance can reduce your risk and liability in the case of a car accident.
If you do not have enough coverage, you run the risk of being sued if you are involved in an accident that is your fault.
Additionally, if you do not carry insurance coverages such as Personal Injury Protection (a.k.a. PIP or medpay), Underinsured Motorist coverage (UIM), or Uninsured Motorist coverage (UM), you run the risk of being hit by someone else and not having the money to pay for your medical bills.
When shopping for insurance, drivers usually want to pay as little as they can in order to meet the legal standard.
Currently in Arkansas, the minimum insurance requirement is $25,000 in liability coverage.
There is no requirement for a driver to carry PIP, UIM, or UM.
However, the law requires that when selling insurance, an agent must offer those coverages.
What I find, though, is that often, in an effort to save on premiums, drivers will sign the required paperwork to waive these important coverages.
If you are offered these coverages, do not turn them down!
They are an essential element in protecting yourself, your family, and your financial security.
Frequently Asked Questions
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What Happens If I Don't Have Enough Insurance?
If you hit someone and do not have enough insurance, the person you injure could potentially sue you.
If a jury renders a verdict greater than your policy limits, you could risk losing your hard-earned assets.
On the flip side, if you do not have UIM or UM coverage, if someone without insurance or with low coverage amounts injures you, your family could be facing a mountain of medical bills without enough resources to pay them.
Again, get the best quality car insurance that you can afford, keep it current and know your rights in the case of an accident.
For any questions about your rights, please contact Sean Miller or Anna Betts at 479-621-0006.
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