If you drive, it’s time check yourself. Do you have BI coverage? Do you know what BI coverage is? How much BI coverage do you need? Before you follow your passion any further, let’s answer some of these questions and make sure you’re protected.
Auto insurance policies are made up of various types of coverage that do one of two things — protect you or protect 3rd parties. Bodily Injury (BI) Liability coverage does the latter, protecting other people from injuries for which you have been held responsible. The state of Florida requires you have liability coverage to cover property damage (PD), and although it is not required to have BI Liability coverage in addition, we would highly recommended that you do.
Here’s why — BI liability coverage is a way to protect your personal assets. In the event of an auto accident in which you are considered to be at fault, the damages could include the other party’s lost wages, medical bills, pain and suffering. Exorbitant medical bills have caused hundreds of thousands of people to file for bankruptcy. Filing for bankruptcy to pay for someone else’s medical bills seems outrageous, but it can easily happen to anyone.
Bodily Injury liability coverage not only protects your assets in such a scenario but often pays for your attorney to represent you if and when a case is brought against you by the other party. Bodily Injury Coverage typically pays per person with a maximum amount to pay per occurrence. For example, if you purchase $100,000/$300,000 bodily injury coverage, your insurance company will pay each individual you harm, up to $100,000, but your insurance company will not pay more than $300,000 for injuries you cause in any one accident.
So when your insurance provider asks if you want BI, say yes!, but it is important to note: neither BI or PD (Property Damage) coverage are designed to protect you or anyone in your vehicle. They are strictly there to cover others if you cause an accident. To find out more about how you can protect yourself and your family on the road, take moment to talk with our team.
Please call and ask for attorney Jason Neufeld. You can also contact them anytime online.