Welcome to our new blog series, Time Off the Clock with Block!
This is part one of our three-part series on common auto insurance mistakes.
Is your insurance hard to understand? Let's go over three common mistakes you could be making that are costing you money.
Mistake #1: Having state-minimum liability limits
You are required to have the state minimum limits:
- $25,000 for bodily injury, per person
- $50,000 for total bodily injury per accident
- $25,000 for property damage, per accident
Let's start with property damage!
You might think $25,000 seems like a lot of money but let's be real, there are a lot of cars out there well over that. The average cost for a new car is $35,000. So, let's say you get in an accident with one of those $35,000 vehicles if you have state minimum limits your $25,000 of property damage coverage leaves you with a $10,000 bill to pay.
You would be surprised about how inexpensive doubling or even tripling your property damage limit on your auto insurance premium could be.
Now let's talk about bodily injury coverage!
Have you seen a hospital bill recently? We all know how quickly those can add up. The National Safety Council advises the average cost for an incapacitating injury caused by a car accident is about $75,000. Now, if you have the state minimum liability limits your $50,000 short on this scenario.
Again, you would be surprised about how inexpensive doubling or even tripling your property damage limit on your auto insurance premium could be.
Have we made ourselves clear? State minimum liability limits are no longer enough to keep you properly insured on today's roadways. How many times have auto price tags increased and our state minimum limits remain the same? Don't be left in a financially stressful situation after a claim just to save a few dollars on your insurance this year.
As always thanks for taking Time Off the Clock with Block, give us a call, shoot us an email or drop by any of our locations!
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