As we are ending 2018, this is a great time to get out your auto insurance policy and review your liability coverages. My previous articles discussed the importance of purchasing underinsured and uninsured motorist coverage in the event you are injured in an auto accident through the fault of another driver. However, it is just as important to review your liability coverage should you be the one responsible for the accident. The minimum liability coverage for personal injuries a driver must carry in Kentucky is $25,000 per person and $50,000 per accident. This means that should you cause an accident, your auto insurance carrier will pay a settlement or jury verdict up to $25,000 to a single individual, or if there are multiple injured parties, up to a combined $50,000 for all parties. If you solely carry the minimum liability amounts and severely injure someone, you could be subject to an excess judgment, putting in peril your personal assets, including your home. While increasing your liability limits will cost you more, it will also give you peace of mind and more fully protect all the things you have worked so hard for in your life. Another idea is to purchase an umbrella policy. These policies kick in when all of your liability insurance is exhausted. These policies are often inexpensive and a great way to protect you and your family. Insurance is only important when you need it. And you never know when you will.
CATEGORIES: Insurance Law