Generally drivers are underinsured - Saab General Bulletin Board - Saabnet.com
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Generally drivers are underinsured
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Posted by NYSaab [Email] (more from NYSaab) on Thu, 15 Jul 2004 17:15:50 Share Post by Email
In Reply to: Re: Speaking of insurance . . ., Justin, Thu, 15 Jul 2004 11:59:52
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Most drivers are underinsured in two important ways:

1) Liability coverage: This depends to some extent on your income level and often the amount of coverage should be set commensurate to yearly income. This is because a plaintiff's lawyer usually won't chase an unsatisfied judgment against a lower income. But if you make a significant yearly income, you best make sure you have enough coverage otherwise that lawyer is going to try to garnish your wages to satisfy the portion of the judgment that your policy doesn't cover. And that 100/300k policy won't provide enough coverage if the other person has real injuries.

2) Uninsured/Underinsured Motorist Coverage: as most people are underinsured, it is imperative to make sure that you carry enough uninsured and underinsured motorist coverage. This way if the negligent driver doesn't have any liability coverage or only has limited coverage (50-100k), you will have coverage in place to pick up the slack. I have seen people with very real and very significant injuries recover all of $50k plus their woefully insufficent $25k SUI coverage when they rightfully and fairly could have recovered much more if only they had taken more SUI coverage.

Insurance is something that everyone hates to pay for, but you'll really miss having good coverage if you ever need it.

posted by 160.79.161...

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