There are two reasons to have insurance: to protect yourself and to protect those that might be injured by your negligence. If you run into someone, they can sue you and you want to be sure to have enough insurance that you won’t need to declare bankruptcy as a result. If you cause an accident and injure someone in your family, you probably won’t need to worry about them suing you into bankruptcy but the insurance that you buy protects those you love from your negligence.
The answer to the question is a function of what you risk is compared to the cost of the coverage.
What is your risk of loss?
Your risk of loss is a function of your assets. If you have ten million dollars in assets and you cripple someone, they can sue you and you can potentially pay ten million dollars. If you have no assets, you can still be sued to pay for the losses that you cause. But if someone gets an award of ten million dollars, you can go into bankruptcy. If you have lots of assets, you need lots of insurance. If you don’t have lots of assets, then you need to have enough insurance so that someone won’t want to drive you into bankruptcy. In my opinion, the minimum anyone should carry is $100,000 for any individual and $200,000 per accident. It is enough money that a person injured might accept your insurance policy rather than driving you into bankruptcy.
How much does “extra” insurance cost?
Extra insurance is not expensive. Arizona law requires that all drivers carry at least $15,000 of insurance for any person injured and at least $30,000 per accident. Depending upon the company, the maximum policy may be $250,000/$500,000 to $300,000/$600,000. Here are some actual quotes#:
Minimum Policy Limits ($15,000/$30,000#) = $603/year
Maximum Policy Limits ($250,000/$500,000)= $846/year
$1 Million Policy Limit (Umbrella policy#) = $323/year
Conclusion
Every person should have substantially more than a minimum policy just to be a responsible citizen. If you cause a horrible accident, your insurance should be able to pay the victim. It will protect you and it will protect those who might be injured as a result of your bad driving.
Calling your insurance agent and getting the prices for additional protection may be one of the best calls that you can make.
Simply wish to say your article is as amazing. The clarity for your publish is just cool and i can assume you’re a professional on this subject. Fine with your permission let me to snatch your feed to keep up to date with impending post. Thanks a million and please keep up the enjoyable work.
Hi, this weekend is fastidious in favor of me, because this point in time i am reading this fantastic educational post here at my house.
Unquestionably believe that which you said. Your favorite reason appeared to be on the internet the simplest thing to be aware of.
I say to you, I certainly get irked while people consider worries that they just don’t know about.
You managed to hit the nail upon the top and also defined
out the whole thing without having side effect , people could take a signal.
Will likely be back to get more. Thanks
Every weekend i used to visit this web page, as i wish for
enjoyment, for the reason that this this website conations actually pleasant funny stuff too.
Pretty section of content. I just stumbled upon your
web site and in accession capital to assert that I acquire in fact enjoyed account your
blog posts. Any way I’ll be subscribing to your augment and even I
achievement you access consistently fast.
Hi, of course this article is actually fastidious and
I have learned lot of things from it concerning blogging.
thanks.
It’s enormous that you are getting thoughts from this paragraph as well as from our dialogue made at this place.
You really make it seem really easy with your presentation but
I find this matter to be really one thing that I feel I
would by no means understand. It kind of feels too complex and very huge for me.
I’m taking a look ahead in your next submit, I’ll attempt to
get the dangle of it!
Hello! I know this is somewhat off topic but I was wondering which
blog platform are you using for this site?
I’m getting fed up of WordPress because I’ve had problems
with hackers and I’m looking at options for another
platform. I would be awesome if you could point me
in the direction of a good platform.
I’m not sure exactly why but this blog is loading
incredibly slow for me. Is anyone else having this issue or is it a problem on my end?
I’ll check back later on and see if the problem still exists.
Today, I went to the beachfront with my kids.
I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She put the shell to her ear and screamed.
There was a hermit crab inside and it pinched her ear.
She never wants to go back! LoL I know this is completely off topic but I had
to tell someone!
I have read so many articles or reviews on the topic of the blogger lovers however this post is really a
good paragraph, keep it up.
I read this article fully about the difference of most up-to-date and earlier
technologies, it’s remarkable article.
Hi, I think your web site may be having browser compatibility problems.
When I look at your blog in Safari, it looks fine but when opening in Internet Explorer, it has some
overlapping issues. I merely wanted to provide you with a
quick heads up! Besides that, excellent website!
When I originally commented I clicked the “Notify me when new comments are added”
checkbox and now each time a comment is added I get four emails with the same
comment. Is there any way you can remove people from that service?
Thank you!
Hi there! Do you use Twitter? I’d like to follow you if that would be okay.
I’m undoubtedly enjoying your blog and look forward to new posts.
It’s remarkable in support of me to have a site, which is good
designed for my experience. thanks admin
Excellent article. I’m dealing with a few of these issues as well..
Excellent post. I was checking continuously this blog and I am
impressed! Very useful info particularly the last
part 🙂 I care for such info a lot. I was looking for this
certain information for a very long time. Thank you and best of luck.