UNDERSTANDING INSURANCE POLICIES IN RENO
The Danger of Having Minimal Insurance Coverage or Low Policy Limits
Drivers who have only minimum liability insurance are a huge risk to both themselves and drivers on the road with them, and for this reason we at Joey Gilbert Law encourage all drivers to purchase a more-expansive $50,000/$100,000 policy, along with $5,000 in uninsured motorist insurance (more on that in a moment).
Let’s look at an example. Say you and your friend are driving together and are hit by a driver who has minimum insurance only. Both of you are hospitalized and sustain $20,000 in medical bills for transportation, treatment, and more. Minimum insurance has a limit of $15,000 per person, with a maximum of $30,000 per incident. This means that both of you will only be covered for 75% of your medical costs, and both of you will be left with $5,000 in expenses once this coverage is exhausted! Likewise, if your car is totaled, you will only be compensated by their insurance for up to $10,000 of it. If your car is less than five years old, there’s a strong chance it’s worth more than this.
As you can see having only minimum insurance means your policy can run out quickly and you could find yourself facing even more serious consequences or difficulties obtaining the compensation you are entitled to. Having a Reno car accident attorney on your side can help you protect your right to compensation and make sure you receive the financial relief you need for your injuries, property losses, lost income from missed work, pain and suffering, and much more.
What most don’t realize is how it doesn’t cost much more to ensure you have maximum coverage in the case of any accident. Below is an example of what a major insurance company quotes as the monthly fee for each policy limit.