Possessing a working knowledge of the different types of car insurance is important for all motorists, even if it’s about as thrilling as watching a turtle cross the Sahara. In part three of this series, Meshbesher & Spence’s Josh Tuchscherer, who specializes in representing families and individuals in cases involving personal injury and wrongful death, talks about liability coverage and why it’s important.
What kind of car insurance should you have?
First and foremost is liability coverage. Liability coverage is a specific type of coverage that you purchase to protect you, your family, and your assets. In the instances where you are the cause of a car accident and a claim is made against you, that’s where liability coverage comes into play—you’re insuring yourself for the harms and losses that you caused.
Is liability coverage required in the state of Minnesota?
Liability coverage is required in the state of Minnesota and the minimum is $30,000. However, that’s just not enough. Tuchscherer explains why: “Today we see many individuals who are buying coverage online. That traditional relationship that they had with an insurance agent or broker doesn’t exist anymore so they’re not getting that guidance on what to buy and what’s important. So they’re going to the internet and they’re buying liability coverage and the least expensive thing you can buy is the state minimum which is $30,000.
“What we find however, is that that is just not adequate to cover your family or an individual for the losses they may cause.”
$30,000 doesn’t cut it when it comes to medical bills
In today’s world, with the soaring cost of medical bills, $30,000 doesn’t go a long way. So if you cause an accident and get sued for someone else’s healthcare costs the minimum of $30,000 just doesn’t cut it.
How much liability coverage should I have?
Tuchscherer recommends a minimum of $100,000. In the end the cost differential is not that much, and the benefit of having $100,000 or more, versus the $30,000 minimum, far outweighs the consequence of having too little. It’s a case of better to be safe than sorry.
If you have any questions about car insurance types and minimums, contact Josh Tuchscherer at Meshbesher & Spence, 1-888-728-9866.
If you have been injured after a car accident, it is very important to see a doctor immediately to document your injuries in a medical record. Then, contact Meshbesher & Spence for a consultation with our personal injury attorneys. Our attorneys are available to visit you in the hospital or in your home as well as in our offices, and will help you determine if you will be able to recover damages for your injuries.