I've written about the Bodily Injury coverage before but like to repeat it because it is worth repeating.
On an auto policy, Bodily Injury covers the other person if you hit them and cause injury. This could mean you hit another car, a kid on a bike, a pedestrian or even a motorcycle rider. Any of these can cause serious injury or even death.
When someone else is hurt in a car accident, what do they normally do?
They hire a personal injury attorney.
What if you have too little Bodily Injury on your auto policy? Let's say you carry $25,000 on bodily injury and the other driver has $50,000 in injury claims.
You could be potentially responsible for the difference of twenty five grand. Where do you come up with $25,000 to pay off this claim? Take a home loan? Take a loan out of your retirement? Let them garnish 25% of your income for several years?
What if the other person is claiming $100,000 in damages or $250,000? If the injuries are severe enough or the accident results in death, you could see those kinds of damages.
I recommend you ask us about increasing your Bodily Injury to at least $100,000 or even $250,000.
It's a whole lot easier doing that than paying out of your own pocket for a major claim.
The savings and assets you save might be your own.
P.S. If you really want to be careful, get an Umbrella insurance policy too. That will cover you up to One Million Dollars. You'd be surprised how affordable it is.
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