Auto Insurance Gets Less Attention
Posted on October 2013
You would have to be purposefully avoiding the news to not know what has come out of Washington in the past few weeks. If you missed it, it includes the debt ceiling, health insurance enrollment, and the difficulties that surround implementing the largest overhaul of health care that has occurred to date in this country.
Aside from all political affiliations and potential benefits or consequences of the regulation—it makes you think how something like this could affect drivers.
If you’ve ever been in an auto accident in North Carolina, you know the challenges that a person faces after being injured as a result of another driver’s negligence.
One of the biggest slaps in the face could come from discovering the at-fault driver’s auto insurance policy limits. Here you are minding your business. You do everything right. You have a “Cadillac plan” when it comes to the insurance coverage that you buy. The State sets minimum limits that are required but those are rarely enough to cover many of the car accidents that occur on our roads.
The minimum coverage requirement serves to many as an “all I can pay” baseline for coverage but the corresponding accidents can cause far more damage than the policy limit. What happens when you get hit by another driver who isn’t paying attention.
After doing what you should make sure you and your passengers are safe you discover the bills far exceed $40,000. The problem arises when the person who hit you carries a policy limit of $25,000. These underinsured motorists can pose a dangerous threat to the economic welfare of a person they injure.
There is, however, little concern to protect drivers who are injured by these unprotected motorists. The insurance company is only responsible for the policy limits. Sure, the driver has retained the risk of loss over what they have elected to ensure through their auto insurance carrier, but is it worth it?
Once all insurance has been exhausted, you may still be in the hole from your medical bills, forcing you to recover from the underinsured driver personally. What does that involve? Are there time limits? Where are the personal assets? Which personal assets are touchable? These are all questions that should be addressed by a personal injury attorney in Charlotte.