Is Your Car Insurance Policy Protecting All Of Your Assets?

Do you own a home? Are you in the process of buying a home? Do you hope to one day own a home? Do you own any assets other than property? Like stocks, bonds, CD’s, mutual funds, or have a savings account? Do you own any assets that can be traced through an asset search?

If you answered yes to owning any of the above-mentioned assets, then you need to understand how to protect those assets in the event you cause an automobile accident, or someone driving your vehicle is at fault in an accident. Your bodily injury and property damage coverages are the coverages on your auto insurance policy that financially protect you if you are at fault in an automobile accident.

If you are determined at fault in an accident and do not have adequate liability coverage, that is enough to cover the injuries and damages to the other party, and you are sued by the other party’s insurance company, the court could order you to pay the amount that exceeds your limit of Liability coverage.

*****************************************************

Recommended For You

RANKSNAP Club Monthly

Rank Page #1 of Google in a snap with this Automation tool

OneSoci Templates

OneSoci Templates + Add 5 More Account Managers...

LeadFunnelCloud Pro

Get this Cloud Based App That Creates INSTANT Done-For-You UNLIMITED Profitable Lead Funnels To Build A HUGE List,Drive Targeted Social Traffic and Affiliate Commissions In Just 60 Seconds

*****************************************************

You would, then, have to dip into your personal assets to cover the amount ordered paid by the court. The court could place a lien on your home and other assets if the other party’s insurance company requested it. Even if you don’t own any assets, but you have a career and a steady job, you could have a judgment placed on your credit report. This could affect your ability to borrow money for up to seven years.

Therefore, if you own a home, bank accounts, stocks, mutual funds or have a reasonably well paying job and career, you should buy more Liability coverage than the minimums required by law.
Anyone in this position should have a minimum amount of liability coverage on their auto insurance policy to protect those assets. Most companies recommend bodily injury liability of $100,000.00 per person, $300,000.00 per accident, and property damage liability of $100,000.00 per accident.

Keep in mind the cost of medical and hospital treatment today as well as the cost of any new luxury vehicle. The minimum liability standards for most states were selected years ago and are seriously outdated. How many cars driving on the highways today cost more than fifty thousand dollars? Lots!

Umbrella policies are also available in one million dollar increments to give you additional liability protection if you are ever involved in an at-fault accident. These policies are usually very cost effective. Your auto or homeowners insurance carrier should be able to quote you on this type of policy.

Thank you for taking the time to read our article.
**********************************************************

Interested in building a blog or auto-blog like this one ? Or just want to order one ?  Join our "Blogging Tips Tricks and Resources Skype" Group and let's chat about it. 

Join "Blogging Tips Tricks and Resources Skype" HERE

Interested in Starting your own Roku TV Channel ? Or interested in learning how to build one ? Join our "Roku TV Channel Development" Skype Group and let's chat about it. 

Join "Roku TV Channel Development" HERE

**********************************************************

If you enjoyed our content, we'd really appreciate some "love" with a share or two.

And ... Don't forget to have fun!

 
 

Recommended

ConversioBot (Lite) - Transforms Your Website Into A Leads and Sales Bot

Internet’s #1 Chatbot For Websites. “AI” Technology Designed To Get You More Leads and More Sales On Autopilot! LOWEST One-Time Launch Special Price Today ONLY!

EverZippy Livezippy Start

Everzippy is a powerful webinar automation tool that aims to help you build email marketing lists with a purpose.

MaxDrive Personal

Host, Manage And Deliver Unlimited Files, Website Images, PDFs, Audios and Videos At Lightning Fast SPEED For Next 5 Years with No Monthly Fee