Wren Insurance Agency Blog

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When "The Bare Minimum" Just Isn't Enough

Although states set the minimum requirements that you must carry on your auto policy, in most states the requirements by law are extremely low.

The primary reason we buy automobile insurance, both liability and property damage coverage, is to protect us, our family and our assets. For most people, your automobile is where you will have the most amount of risk. Driving a car is a risk and having an accident could have some significant financial consequences. Carrying adequate limits is the best way to make sure that your family will have the financial resources it needs should an accident occur. The liability limits you choose is what will cover you financially in the case that you or a covered driver in your vehicle injures someone else and/or damages their property.

For example, medical costs resulting from an accident can be very high, even with just an initial emergency room visit. If more extensive care is needed, they lost time from work, or more than one person was injured in the accident, your minimum limits would run out very quickly.

Additionally, the same applies to property damage liability. Most vehicles today are worth more than $10,000, not to mention if you were to hit more than one vehicle. You would be surprised how low the cost of raising your property damage coverage is.

Remember, your insurance company will never pay more in damages than the dollar amount of coverage you paid for, no matter how high a verdict there may be against you. If you do not carry sufficient coverage, the other party could sue you and go after your assets - such as the equity you have in your home, jewelry, vehicles and other valuables.

No one plans on having an accident, that’s why they are called accidents. Make sure you have adequate protection today. Contact us at the Wren Insurance Agency and we will be happy to review your coverage with you.


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