May 15, 2019
Myth: If I meet the State’s minimum coverage limits, then I’m “Fully Covered” in the event of an accident.
Reality: The minimum policy limits only cover the other vehicle when you’re at fault in an accident. This coverage doesn’t provide any compensation to you, your passengers or your property. There’s no such thing as being “fully covered”. If you are in an accident, and you aren’t at fault, you might not be able to get your property damage or injuries covered. If the at-fault party has minimal insurance or the driver is uninsured, there may be very little or no money to properly compensate you.
What Are You Responsible For If You’re At Fault?
Ultimately, when you’re at fault in an accident, you’re responsible for all of the damages. This includes physical and property damages. If you don’t have enough coverage the other party can sue you for the balance. It’s easier to pay a small increase in your insurance than it would be to come out of pocket for an extraordinary amount in the event of an accident.
A serious accident can cause financial, physical, and emotional damage to you and your family. The lack of insurance will only add to that burden. Proper coverage will help ease some of that burden. Without extended coverage, your personal assets may be at risk. If your insurance limits don’t cover injury and property damage the other party may come after your personal assets.
Insurance coverage (in addition to minimum state requirements) you must consider:
- Collision (Accident Coverage): Insurance that pays out for damage to your vehicle. It also covers collision with anything, not just another vehicle, minus the deduction.
- Comprehensive (Incident Coverage): Insurance that pays for damage to your vehicle by covered events such as theft, vandalism, weather, etc.
- Uninsured or Underinsured (UI/UIM): If you’re not at-fault but the driver of the other vehicle is either uninsured or underinsured, which means they don’t have any or not enough insurance to cover your medical bills and property damage, this insurance on your policy can make up some of the balance.
- Med Pay: Medical payment coverage can be used to cover medical expenses. Even if you, or your passengers, have health insurance many times there will be deductibles, co-pays and other out of pocket expenses that your health insurance won’t cover. This insurance may be used for those expenses.
- Rental Car: Without this option, you will be coming out-of-pocket for the car. Even if you’re not at fault it can take time for the other insurance to accept liability.
- GAP Insurance (Guaranteed Auto/Asset Protection): For the total amount of loan or lease when the value is less than the loan/lease amount.
- Umbrella Policy: Protection of your assets from large and potentially devastating liability claims or judgements.
An Attorney From Paul Padda Law Can Help
If you were in an accident, contact the Las Vegas injury lawyers at Paul Padda Law today. Our auto accident attorneys can help you, regardless of who was at fault for the accident. Schedule a free consultation online or by calling (702) 366-1888 today.