Proper Insurance Coverage
It is very important to have adequate insurance coverage for your specific life situation. Insurance helps buffer you and your family in the case of an unforeseen disaster. There are many types of insurance but we would like to talk a little about umbrella insurance.
Umbrella insurance is an extra policy you have that can help you financially above and beyond your current automobile insurance policy. You may never need to file a claim to your umbrella insurance but if you have assets such as a home, property, or a family it is a good option to have available just in case some unforeseen disaster happens.
Let's take a look at one reason why an umbrella insurance makes sense
When you buy Ohio auto insurance coverage, you'll need at least the required state minimum amount: In Ohio, the required minimum for Bodily Injury Liability Coverage is currently $25,000 per person injured in any one accident and $50,000 for all persons injured in any one accident. The required minimum for Property Damage Liability Coverage is $25,000 for injury to or destruction of property of others in any one accident.
So in the event of an accident, if you're at fault, you're covered up to $25,000 for bodily injury for each person involved, with a total maximum of $50,000 coverage per accident. Note: For a person to qualify for an "Umbrella" insurance policy, there are higher limits required. You will need a minimum of 250,000/500,000 in order to qualify. You should contact your insurance representative for details.
Now let's say someone hits your vehicle. They have Ohio states minimum coverage. They are driving legally under Ohio insurance law. The problem is, if your accident is serious and you incur serious medical bills, loss of income etc., you will have to file a lawsuit against the driver of the other vehicle to collect money beyond their current insurance policy's coverage. Their current insurance policy will only pay out the limits that are on their auto insurance policy.
You can hire a personal injury law firm but if there are no assets owned by the person who caused the accident, there is not much anyone can do. There simply is nothing to go after legally that can help you in your financial situation.
This is where your uninsured/ underinsured motorist policy and your umbrella insurance policy will help if your injuries are very severe and your injuries are worth more than the limits of your basic uninsured/underinsured motorist policy. Your umbrella insurance starts once all other available insurance has been exhausted. The insurance of the person that caused the accident, then your basic auto insurance that covers "uninsured/underinsured motorists" has to be exhausted. Once all other available insurance has been used up then your umbrella policy takes over.
As you can see this is an important policy to consider. We are not suggesting that everyone has to have an umbrella policy. We just want to let you know that this type of insurance policy is available to protect you in the event you sustain very serious injuries in an auto collision.
You can contact your insurance agent to see if this policy is right for you.
You may have seen our TV commercials or read one of our many helpful articles on-line. We have been helping people just like you for over 40 years. We are ready to help you. Call the Eshelman Legal Group today for your free initial no obligation consultation. Call: 1-800-365-0001 "We'll Make Things Right"
The attorneys at the Eshelman Legal Group understand that no matter how cautious you are, others may not be so careful, and accidents do happen. So we hope you don’t need to, but if you are in a situation where you need the advice of an personal injury attorney, the Eshelman Legal Group is here to help you. For over 40 years we have been assisting accident victims, and we are here to assist you too... because “We’ll make things right.”
Ask yourself this question… who does the adjuster work for? The adjuster works for the insurance company, they do not work for you.