This post is part two of the blog post that answers the question “How much car insurance is enough?”
Compensation for Harm You Cause Others
In addition to property damage liability, Waukesha drivers must also consider their legal and financial responsibilities after an accident that injures one or more victims. If you cause a collision, victims can sue you for compensation for medical bills, lost wages, rehabilitative care, emotional distress, and more. If you were intoxicated, texting, or in any way negligent in causing the accident, a jury could also impose punitive damages.
Bodily injury liability is the part of your car insurance policy that pays for injury-related liability. In Wisconsin, drivers are required to carry at least the legally required minimum coverage, but that may not be enough to provide significant protection against a major lawsuit. Without adequate limits, your income and assets at risk. We recommend choosing the high-limit coverage that safeguards your future against financial devastation.
Split Limits vs. Combined Single Limit (CSL)
Bodily injury liability limits may appear on your policy as either a split limit or a combined single limit (CSL). A split limit is two different limits on your coverage – one per individual and one per accident. If you choose a 250/500 split, for example, your insurer would pay up to $250,000 per victim and up to $500,000 in total bodily injury liability for all victims combined per accident.
A combined single limit has only one limit – the total available bodily injury liability coverage per accident. If you have a 300 CSL, for example, your insurer would pay up to $300,000 in damages to be allocated among victims with no cap on individual coverage.
Money to Protect You and Your Passengers against Uninsured or Underinsured Drivers
If you are injured in an accident, you rely on the at-fault driver to compensate you for your losses. Far too often, the at-fault driver either has insufficient coverage or no insurance at all. With uninsured motorist (UI) and underinsured motorist (UIM) protection, you can better protect you and your passengers against the negligence of others. UI helps cover you and your passengers if an uninsured driver injures you, and UIM helps pay for injury-related losses that exceed the limits in an at-fault driver’s policy.
Money to Help with the Little Things
Little things can add up to big things when you have to pay for several expenses all at once. After a car accident, you may have bills coming in for small charges that quickly become a financial burden. At Couri Insurance, we help our customers personalize their insurance to include coverage for ‘extras,’ such as towing, a rental car, and medical payments for co-pays and health insurance deductibles after an accident.
Beyond Car Insurance
When you choose the right limits and coverage for your car insurance policy, you will be covered against most accident-related liability. However, there are scenarios in which your liability could exceed the coverage on your policy, potentially threatening your income and assets. Instead of exposing your family’s financial future to potential risk, reduce your financial vulnerability with an umbrella policy.
Umbrella insurance is supplemental liability insurance that provides secondary coverage to the liability coverage on your car insurance policy. If your liability exceeds the high limits on your primary coverage, umbrella insurance takes over, paying additional damages up to the limits of your policy. Most umbrella insurance can extend your liability by $1 million or more – all at a surprisingly affordable price.
For more information about umbrella insurance and whether it could be right for you, contact the team here at Couri Insurance today.
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