Car accidents can happen to anyone, at any time, and the consequences can be devastating. That’s why having the right car insurance coverage is so important. But with so many options available, it can be challenging to determine how much coverage you need. In this video, we’ll explore the key factors to consider when choosing your car insurance policy. Richmond, VA based personal injury attorney Jason W. Konvicka answers the question “How Much Car Insurance Is Right For You?”
What to consider when buying car insurance
My name is Jason Konvicka, and I’m a trial attorney with the Allen Law Firm. Many times I’m asked, “How much coverage should I have on my car insurance policy?” The most important thing is to consider that car insurance protects you in two ways. It protects you if you cause an accident, but it also protects you if you’re injured by someone else who has either no coverage, no insurance at all, or very little insurance coverage. By having adequate auto insurance coverage, you safeguard yourself and your loved ones from the financial burdens that can arise from accidents.
Car insurance coverage amounts
The amount of car insurance coverage you need depends on various factors, including your assets, financial situation, and risk tolerance. I always recommend that people buy as much insurance as they can comfortably afford. You’re investing in protection for you and your family. The amount of insurance that you would want to have really depends on how much protection you feel you need.
If you have a lot of assets, you might elect to have higher insurance coverage. If you’re starting out, just got out of college, and you don’t have a lot of assets, you might decide that you’re more comfortable with a little bit less insurance coverage.
I typically recommend people start at $100,000, if not $250,000, and even consider more than that. I think most people are very surprised that the cost of having additional coverage is really not that high. One of the most important things that I stress to people is that when they get insurance don’t just focus on the liability coverage. Liability car insurance is the part that protects you if you cause an accident.
Under-insured or uninsured motorist coverage
The other part, which is just as important if not more so, is the under-insured or uninsured motorist coverage. That’s the part of the policy that protects you if you’ve been injured by someone else who has either no insurance coverage or has very limited insurance coverage. However, as the person buying the insurance, you can elect to have less under-insured or uninsured motorist coverage, and that’s a huge mistake. It’s something you definitely don’t want to do.
While opting for lower insurance limits might save you a few dollars in the short term, it can have severe financial consequences in the event of an accident. You might save a few dollars now, but it could cause significant harm to your family financially. So it’s extremely important when you get insurance coverage that you have matching limits, which means that your liability insurance and your uninsured and under-insured motorist coverage match.
This helps ensure you have comprehensive coverage and personal injury protection. By investing in adequate coverage, you can have peace of mind knowing that you and your loved ones are protected.
Navigating the claims process
In the unfortunate event of an accident, having the right car insurance coverage is only the first step. Navigating the claims process can be complex and overwhelming, especially when dealing with injuries and property damage. Auto insurance companies usually make it more difficult for injured people to get an adequate settlement. Working with an experienced personal injury attorney to negotiate with the insurance company can help ensure your rights are protected and you receive the compensation you deserve.
Choosing the right car insurance coverage should not be taken lightly. By understanding the dual role of insurance, determining the appropriate coverage amount, and recognizing the importance of under-insured/uninsured motorist coverage, you can protect yourself and your family from the financial consequences of accidents. If you have any questions or concerns about your car insurance policy, consult with a trusted attorney who can guide you through the process and help you make informed decisions.
About The Speaker: Jason Konvicka is a partner with Allen & Allen in Richmond, Virginia. During his nearly 30-year career, he has achieved numerous record-setting jury verdicts and substantial settlements on behalf of his clients. Jason currently serves as the President of the Allen Law Firm. Outside of the courtroom, he is highly involved with the Virginia Trial Lawyers Association and served as President from 2019 to 2020. He remains active as a past president and board member.
