Do You Have Enough Car Insurance?
If you are involved in a car accident that is your fault, you expect your car insurance to cover the damage you caused. This includes both property damage as well as any injuries the occupants of the other vehicle may have suffered. Most people don’t even think about how much insurance coverage they have, but damages after an accident can really add up.
Keep reading below to learn whether you have enough car insurance.
What Does My North Carolina Car Insurance Cover?
You may purchase several different types of insurance for your automobile. In North Carolina, liability coverage and uninsured motorist coverage are mandatory for registered vehicles. Vehicle owners may also purchase collision or comprehensive coverage.
These forms of coverage pay for:
- Bodily injury liability coverage: This pays for any bodily injuries suffered by other people that you or another covered driver causes, including medical bills, lost wages, and pain & suffering.
- Property damage liability coverage: This pays for any property damage caused by you or another covered driver, including damage to another driver’s vehicle or damage to another type of property.
- Collision: This pays for damage to your vehicle after an accident that is your fault, including the cost of repairs or even full replacement.
- Comprehensive: This covers damage to your vehicle unrelated to a car accident, such as fire, falling objects, weather-related damage, or other scenarios.
Drivers are not required to purchase collision and comprehensive coverage. However, if you have a car loan, your auto lender will likely require you to have all these types of coverage. Your lender requires this coverage because they want to ensure that the car will be repaired if you get in a car crash.
Minimum Insurance Requirements in North Carolina
North Carolina law requires you to carry liability coverage and certain minimum amounts of coverage. The minimum insurance requirements in North Carolina are:
- Bodily injury liability: $30,000 per person / $60,000 per accident
- Property damage liability: $25,000 per accident
These requirements are sometimes known as split limits. This means that the limits are different if only one person suffers injuries versus two or more people suffering injuries.
Is the Minimum Required Coverage in North Carolina Enough?
In most cases, the answer is yes. By having the minimum required coverage amounts, you are fully complying with North Carolina law. However, there are some instances when you should likely consider increasing your coverage.
If you own a home, have a reasonable number of assets, or earn a high salary, you should likely consider increasing your insurance coverage. While you might not consider yourself rich, you likely have plenty of assets that an injured victim may be able to go after if you cause an accident.
Remember that injured victims are entitled to recover both economic damages and non-economic damages after an accident. This includes:
- Medical bills
- Lost wages
- Pain and suffering
- Emotional distress
- Diminished earning capacity
- Loss of quality of life
Medical bills alone can quickly skyrocket to tens of thousands of dollars after an accident. An injured victim could sue you directly for these damages, and you might find yourself on the hook for these expenses if you do not have enough insurance coverage. Having enough insurance coverage is crucial to protecting your finances and assets after an accident in which you are at fault.
How Can I Increase My Insurance Coverage?
If you want to increase your policy limits, simply contact your insurance company or insurance agent. In most cases, increasing your limits a little above the minimum requirements does not add that much to your premiums. Your agent should be able to give you a quote and help you determine the right amount of coverage for your situation.
Contact an Experienced Charlotte Car Accident Lawyer at Chandler Volta Personal Injury Lawyers Today For Help
For more information, contact an experienced Car Accident lawyer at Chandler Volta Personal Injury Lawyers to schedule a free consultation.
We proudly serve clients in Charlotte, NC, and its surrounding areas:
Chandler Volta Personal Injury Lawyers
1009 East Blvd Suite 110, Charlotte, NC 28203
(704) 980-9999