When choosing an insurance policy, most individuals quickly take note of just how expensive insurance policies are. If you are one of the fortunate members of society, you have never had to use your insurance, which can also present frustrations when selecting an insurance policy. Every state, including West Virginia, has a minimum amount of insurance coverage that motorists must select to be in compliance with state law. While insurance companies often recommend higher plans, in part to boost sales, there are some very real benefits to obtaining a higher insurance policy coverage. The attorneys at Colombo Law want you and your loved ones to understand the important effects of insurance coverage. If you or your loved one has been injured in a motor vehicle accident or incident, contact Colombo Law today, as our attorneys will be happy to meet with you for a risk-free initial consultation.
Accidents Exceed Covered Amounts
West Virginia law requires has certain minimum insurance coverage amounts. For bodily injury, the law requires coverage that insures $25,000 per person and a maximum payout of $50,000 per accident. Basic insurance coverage also pays out a maximum of $25,000 in property damage. One of the dangers of maintaining only basic insurance coverage is that accidents can, and often do, exceed the amounts of basic coverage. When accidents occur which exceed the amount of an insurance payout the insurance company will only pay for the maximum required under the policy. This may result in a large gap between what the injured party is entitled to versus what the individual received.
When an insurance company limits an injured party’s amount of recovery due to insurance policy limits, the injured party still has an avenue of recourse. Typically, the only option for recourse is suing the person responsible for the accident directly. While filing lawsuits directly against the responsible party is rare, it does occur in circumstances where the responsible party has enough income or assets to seek a payout. This is another danger of maintaining basic insurance company because if a lawsuit is brought, the injured party may go after the assets you own as a form of reimbursement.
While maintaining basic car insurance can help save money, it may end up being a headache for you and your loved ones in the long run. To ensure that you have the right policy that affords you an adequate amount of protection, you should speak with your insurance agent to determine the best policy.
About Colombo Law
The Colombo Law firm is located in Morgantown, West Virginia. Our attorneys are experienced personal injury lawyers who successfully handle hundreds of personal injury claims each year, obtaining justice and monetary relief for our clients. Colombo Law assists clients located in and around West Virginia including in Morgantown, Fairmont, Clarksburg, Bridgeport, Kingwood, Grafton, Weston, Philippi, Buckhannon, Elkins, Parkersburg, Monongalia, Marian, Harrison, Preston, Taylor, and Lewis county.