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How much auto insurance do you need to protect your family?

On Behalf of | Apr 15, 2024 | Car Accidents

Like many people, you might try to save money by spending as little as possible on car insurance. However, going for the cheapest premiums might harm you in the long run. It could mean insufficient coverage when accidents happen, leading to higher costs out of pocket.

A balanced understanding of how much insurance offers enough protection can help you make a decision that brings security and peace of mind after an accident.

Consider getting more than you think you need

By nature, an accident is unpredictable, so what you think you would need might not be enough. Having extra coverage can help you pay for damages, medical bills and other expenses that you did not see coming.

This is particularly true regarding uninsured and underinsured motorist coverage. The minimum that North Dakota requires drivers to have for bodily injury is only $25,000 for a single person or $50,000 for a whole accident. The coverage does not pay for property damage, either.

If your losses exceed the other driver’s insurance, you may have a difficult time getting what you need to restore yourself to normal. The same concern applies to hit-and-run cases. Consider what extensive health care could cost you after an accident with a distracted or drunk driver before settling on your limits. Also, determine what other coverage you would need to ensure you can get reliable transportation if someone were to total your vehicle.

Make sure to cover everyone in your household

Accidents can happen to anyone driving the vehicle, so check your policy to verify you are covering all family members. In fact, many insurance policies require all household members of driving age to be on a family policy.

Be ready to fight for justice if an accident happens

You also have to prepare your mindset for how you will respond after an accident. The traumatizing nature of the event might make you want to get things over quickly, but this could mean you leave money on the table that you need to restore your physical and financial well-being.

Insurance companies can keep profits high by paying out as little as possible in compensation. Since they often start with a lowball offer, avoid accepting the initial settlement after an auto accident.

Competent legal counsel can guide you through getting a full investigation and determining accurate compensation. Since a settlement is final, you cannot come back for more money later. Every step you take to get maximum compensation is worthwhile.