In the states relying on the traditional law of tort as the basis of assessing your liability in a traffic accident case, there’s no upper limit. Damages are the court’s assessment of the losses you have caused and the value in cash to make things right for the claimants. So let’s say you were really unlucky and you crashed into an expensive limo supplied by a specialist company, driven by a cool guy wearing shades with a rich company executive in back. Just talking about the repairs, you may be looking at customized parts and high labor charges to bring the vehicle back up to specification. Then there’s the cost of storage while waiting for repair, the hire of an alternate vehicle as and when required, and any loss of profit while the vehicle is off the road.
As to medical expenses, the driver is an employee of the limo company so he will need to be replaced while he goes through treatment, he will need new shades, and all costs of treatment and rehabilitation will be claimed. And the expensive guy in back? Well he’s going to ask for several million for the treatment and because he failed to make a meeting to sign off on a big deal. It’s at times like this you realise having a million dollars in cover is not going to get you to first base on the full amount of damages. And then, of course, come the attorneys’ costs.
So are you going to end up in court? The answer depends on who you are. If you fit the middle or higher class model with a job paying better than average, plus a 401(k) account with reasonable mounts in it, a home with a little equity, and so on, you are going to be a target. It’s worth suing you because your pay can be garnished, you have assets that can be sold off and, no doubt, other assets lurking around which can all be taken in satisfaction of the judgment. You may not think this is very fair and, indeed, you would be right. But you are presumably in this situation because you were not carrying enough insurance cover to pay off the claims. If you live in an at-fault state where injured people can sue to recover their losses, it’s just plain foolish not to have a sensible amount of cover. But no one is going to sue you if you have no assets and a job that only pays enough to cover the usual household bills. Attorneys will always look for enough to pay their own costs. If you do not have this, you are safe and can live with the minimum amount of liability cover. So when you are deciding what car insurance quotes to ask for, think very carefully about whether you will be at risk if there’s a big claim. If not, get minimum mandatory. If you could be a target, get car insurance quotes for high liability cover.
Insurance coverage for vehicles is as varied as the vehicles themselves. It is always best to understand the different types of insurance for your vehicle so you'll know what you will get in case you got into an accident. The law also requires that anyone who owns a car must have an insurance. The premium that you will pay largely depends on several factors like your gender, age, make and model of your car, and more.
Car insurance is one thing that all car owners should have. While not everyone wishes that they will use it, the knowledge that insurance covers you and your vehicle for any accidents will give you peace of mind while driving. Vehicles' insurance coverage does not only include payment for the damages on the car but an assurance for your medical fees as well. Properties that are damaged by the vehicle involved in the accident are also covered. In short, insurance coverage for cars protects the owners from unwanted expenses that may be incurred should an accident happen.
Car insurance premium can really burn a serious hole in your pocket. There are, of course, ways on how you can keep your insurance premium low. The best way to do it is to properly maintain your vehicle and keep it in tip-top shape. This would ensure that your vehicle is always running at its best and will reduce the chances of accidents. In most accident cases, 5% of these incidents are caused by faulty engines or tire blowouts—situations that could have been avoided with the right car maintenance.