If you hit another car and injure the other driver, and they successfully sue in you in court, do you know what the average award is? In Tennessee, it’s $388,050 (as of the latest available data from 2009). That means that your insurance must come up with that amount to keep you from having to dig into your own wages, savings, and assets. And, isn’t that what you have insurance for, anyway?
Okay, but have you looked at your “Bodily Injury Liability” coverage limits on your policy? This shows the maximum your current policy will pay, per person. Unless you’re a current customer of mine, chances are that yours will pay a maximum of only $100,000 per person. That’s the default amount most folks around here seem to have. Where does the other $288,050 come from? From you. It means raiding your savings, having to sell assets, and having your wages garnished.
If, instead, you have a bodily injury coverage limit of $500,000, you have far fewer worries. Changing your bodily injury limits, per person, from $100,000 to $500,000 is not nearly as expensive as you think, and is a whole lot cheaper than the alternative.
Get a copy of your current auto insurance coverage and give me a call. I can help you analyze your current coverage and vastly improve your protection in a few quick steps. Many times, I can do this for little or no additional cost at all. I want us all to sleep better at night!
David Yates Insurance Agency
1881 General George Patton Dr., Suite 103
Franklin TN 37067
Thursday, November 29, 2012
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