What it means to be
"Fully Covered by your policy."
Do you have full coverage?
The answer is probably: yes. But, do you know what full coverage is or can you describe it? Now you may say, “Yeah, if I’m injured in an accident, I’m going to be fully covered.”
Unfortunately, that’s not always the case. The term full coverage is never properly explained. So, we want to explain what full coverage is and what our personal injury law firm recommends that you have as insurance to be fully covered.
When an insurance agent or an insurance adjuster talks about full coverage, they’re only talking about the full coverage of your vehicle. So if it’s damaged or totaled, whether or not you are at fault for the accident, your vehicle is fully covered. What they fail to explain is that it doesn’t cover any of the bodily injury.
So, when someone comes to my office and they say, with all the confidence they have, “I have full coverage,” only to find out they have liability, they were never explained what it really is. Let’s explain what we would consider “Full Coverage Insurance.”
When one thinks of full coverage insurance, you need to look at the declaration page of your insurance policy. Stop at the top and work your way down. First, with the property damage; do you have comprehensive collision coverage? Now this covers your vehicle, whether or not you’re at fault for the accident. It means your vehicle will always be taken care of.
What is bodily injury coverage in your policy?
Second is the bodily injury portion of your claim. Now, bodily injury is what the insurance pays to the other person if you are at fault for the accident. Most states require a 25-50 policy, meaning that the most they’re going to pay out to an individual is $25,000. Now, hospitals can rack up pretty fast, so $25,000 can go out pretty quickly, so we recommend at least $100,000 in bodily injury coverage.
Second is your underinsured coverage. It’s just what it sounds like. If you’re hit in an accident and your bills are more than what their minimum policy is, the underinsured kicks in to make up the difference. We, again, recommend $100,000 coverage for your underinsured.
The third is an uninsured motorist. Pretty self-explanatory, but we’ll explain it anyways. Uninsured coverage is you’re hit by somebody and they have no insurance. Your uninsured policy will then kick in and make up the difference. And again, we recommend at least $100,000 in that coverage, because you never know what you’re going to experience, and those hospital bills or medical bills can rack up pretty fast.
What can a personal injury attorney help you with (regardless of coverage)?
Now, these three main things are what one would consider as having full coverage on your policy. We know that was a lot of information, and you may not even know where to begin. If you’re still confused about your policy, give Wood Injury Law a call today. We’d love to review your policy and offer recommendations to keep you protected.