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What happens if there's a $75,000 claim against me in an auto accident, and my liability coverage is only $50,000?
There's no pleasant way to say this - you are responsible for the additional expenses if you are being held liable for the accident. When you decide what amounts of insurance you want to carry, you are deciding how much of the risk you want to share with your insurance provider. Do you want to likely share half the risk? Or more? Or perhaps all the risk entirely on the insurance provider.
Or you can always hire a good lawyer after the fact, to defend your case. That route will probably cost you much more than the premiums you would pay for a good auto insurance policy.
And don't forget, when there are tough legal questions, an A-rated insurance provider, like you would get through the Thom Polvogt Insurance Group, will also provide high-quality legal assistance to resolve the issues.
We're here to give you insights on how all this works. Call an Advisor today: 281-395-9400.
