TIPS ON AUTO INSURANCE
  1. NEVER SELECT THE BASIC POLICY
    Auto Insurance companies will offer a "basic policy" which only provides limited medical coverage and trivial liability coverage. No individual or family with any assets or income from a job should buy such a policy. Without liability coverage, you can be sued and your assets exposed. If successful, a Judgment can dramatically affect your financial future, your credit rating and even your ability to own or drive a car. Always buy the "standard policy". It is the only one that provides you adequate coverage.
  2. GET GOOD LIABILITY PROTECTION
    Liability insurance is what protects your family and assets in the event you are charged with causing an accident. High liability protection can help assure you will not be financially stripped. It is recommended that you purchase no less than $100,000.00 bodily injury liability and uninsured/underinsured motorist coverage.
  3. PURCHASE AN UMBRELLA POLICY
    If you own a home, this coverage is available from your homeowner’s insurer. It will provide auto liability coverage over your auto policy limit of up to one million dollars for usually a minimal amount.
  4. GET THE HIGHEST UNINSURED/UNDERINSURED COVERAGE
    "Underinsured motorist coverage" protects you and your family if you were hit by a poorly insured driver. "Uninsured motorist coverage" protects you and your family if you were hit by a driver who does not have insurance coverage, who leaves the scene of an accident, or who elects the "basic policy". You need the highest uninsured/underinsured coverage possible. This is inexpensive and can be made as high as your liability coverage. Do not elect to have your uninsured/underinsured coverage less than your liability coverage if offered to you.
  5. ON THE "LIMITATION ON LAWSUIT THRESHOLD OPTION
    While it may be more expensive you should choose the "No limitation on lawsuit threshold option" for you and your family. If you do not then you may not be able to make a claim for some injuries. The "limitation on lawsuit threshold option"requires that we prove that you suffered a serious injury which had a serious impact on your life. You must weigh whether the cost of savings offered is worth giving up you or your family's ability to be fairly compensated in some circumstances if an accident should happen. If at all possible, it is recommended that you purchase the "No limitation on the lawsuit threshold option",
  6. PERSONAL INJURY PROTECTION (PIP) AND MEDICAL COVERAGE
    There are many different options regarding medical coverage. Choose $250,000.00 PIP coverage, since many private health plans exclude treatment for auto injuries or require reimbursement to them for any medical bills they paid from any compensation recovered by you.

Barry Frost on TV
3/16/2005 & 2006
Barry Frost, is a regular participant on the Law Journal Television Program
www.lawjournaltv.com

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