AUTO INSURANCE COVERAGE

By: Buta Biberaj

Considering the unavailability and inefficiency of mass transit in the western and southern localities of Northern Virginia , we are all saddled with the necessity of providing for our own transportation. For most of us, that means owning and insuring one or more vehicles per household.

An understanding of your insurance policy is vital to protecting your assets in the event you are liable for property damage or personal injury. Most insurance policies are renewed and reviewed annually. You should use this event as an opportunity to assess your insurance needs.

To make a valid assessment of your policy, you should know the following:
The most common aspects of your auto insurance policy are coverages for liability, comprehensive, collision, medical payments, and uninsured/underinsured motorist coverage.

Liability insurance provides coverage limits for liability per person (maximum amounts payable per person who is injured), liability per accident (total amount of coverage for injuries regardless of number of injured persons), and property damage liability.

In Virginia , there are state mandated minimums you must maintain as part of your auto insurance. For liability insurance, $25,000 per person, and $50,000 per accident; and for property damage, $10,000.

In today’s economy, these minimums are too low to adequately protect you from the risk of losing your home and other assets if you are liable for injury to the person or damage to the property of another. Select the amount of the coverage that accurately reflects the risks you assume when you are out on the road.
In addition to protecting yourself against the loss incurred by another driver, you should consider obtaining the following additional coverages: medical payments coverage is used to cover costs related to medical services you or any occupant in your vehicle receives. Collision insurance provides coverage for the loss of or damage to your car if the accident is deemed your fault. Comprehensive insurance covers damage to the car even if not related to a collision, e.g. vandalism, deer accidents or broken or chipped windshields.

As you may note, there is a lot to know about auto insurance. However, it is necessary to learn and evaluate your policy periodically. Obtain insurance coverage with sufficient limits to protect your assets.

As we advise our clients, you need to Prepare Today to Protect Tomorrow.

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Disclaimer: This information is intended for general interest only. It is not intended to be nor should it be deemed as legal advice. Please consult with one of our experienced attorneys at Biberaj & Snow for the best advice specific to your needs.