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Follow on Google News | Guide to Understanding Car Insurance published by insurance law attorney Jared StolzWhether your parents have recently given you a car as a graduation gift or you have finally replaced your old car with a new one, you know that you need car insurance. Insurance law attorney Jared Stolz has some advice for you.
Insurance law attorney Jared Stolz, Esq. provides his input in a new comment. The complete article will be available on Mr. Stolz' blog at https://jaredstolz.law.blog/ Simply put, minimum car insurance is the term used for the insurance limit and coverage that is required by the state law. The purpose of this law is to ensure the availability of some financial protection if someone gets into an accident. Almost all the U.S. states require car owners to carry a car insurance policy that provides the following coverage: * Bodily Injury Liability – As evident from the name, this covers the costs associated with injuries, and death of the people involved in an accident. Having this coverage ensures that the medical expenses of all the affected persons will be paid by the insurance company, in case the insured car runs into an accident. * Property Damage Liability – It covers the costs of damages caused by your car to someone else's property, including car, house, fence, or even the utility pole. In addition to these two types of liabilities, many states also require car owners to get the following things covered by their car insurance: * Personal Injury Protection – Commonly called PIP, this insures that your medical bills and the wages that you lose due to the accident will be paid by the insurance provider, regardless of the fact who was at fault in the accident. It is also called 'no-fault' coverage. * Uninsured Motorist Coverage – This ensures the reimbursement of your loss in case the accident is caused by someone who is uninsured or in hit-and-run cases. Legal auto insurance requirements are generally very low. While buying the minimum car insurance will save you from getting into any legal troubles, it provides limited coverage, which makes it insufficient or useless in case an accident causes a huge loss to someone's property or a serious injury that requires expensive treatment procedures and/or hospitalization. Let's face it – medical treatment in the U.S. is highly expensive. If you are not covered by insurance, an accident can cost you anywhere from a thousand to hundreds of thousands, even millions in worst case scenarios. Just an ambulance ride and an ER checkup can cost over $3,000. Now imagine how much you would be liable to pay in case you end up in a serious accident that causes damages that are not covered in your car insurance. Not to forget that you could be in serious trouble if you fail to pay for the damages. The best way to make sure that you do not have to pay or face financial repercussions in case of a serious accident is to increase your liability limits. While you are not required to have this by law, some insurance experts recommend having the limit of $2 million for bodily injuries and at least $25,000 for property damage liability. You can also choose to have a policy that also covers the cost of legal defense, in case you get sued by the other person involved in the accident. In view of all these facts, it is recommended that you discuss your liability needs with a reliable insurance agent or advisor, or a lawyer in your state, and get expert advice based on your driving habits. *** Jared E. Stolz is an attorney in New Jersey, focusing on insurance law and litigation. He is the managing partner of the law firm Stolz and Associates. Blog: https://jaredstolz.law.blog/ Attorney Profile: https://solomonlawguild.com/ End
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