Many people feel that if you carry high limits of Auto liability,
other parties will just sue you for more money.
That if you carried $10,000 Bodily injury minimum limits,
They would take the $10,000 and be satisfied.
But if you carried $100,000 in Liability,
They would sue you for even more money.
Not necessarily. There’s other places they can look for your money.
The Case for Higher Liability Limits
I’m here to tell you that in these days of Attorney advertisements,
Many people approach an accident as an opportunity to make money.
You hear it constantly on radio and TV ads.
So and so got me $300,000, this firm got me $1,000,000.
While its true that other parties and their attorneys will try to maximize their payout,
There is a real danger that your personal assets will be at risk when you have low limits.
After an accident, the first letter you receive from the other party’s Attorney,
Asks you to list all your insurance AND ALL YOUR ASSETS.
Your claims adjuster will advise you that you must complete this form.
Whereas your low limits of $10,000 might be a disappointment,
Your other assets like CD’s, Money Market Funds, and other savings might be very attractive.
If that same policy has, say, $100,000 Bodily Injury Liability,
That same party may be more interested in your policy limits
Which seems like easy pickings,
And less interested in trying to get to your personal savings,
Which might take a lot more effort.
So What Do We Recommend?
It is our belief at Cronin Insurance that you buy as much Bodily Injury Liability as you can afford.
If So and So Law Firm gets them $100,000, then your policy pays it.
Not your lifetime savings.
So try to have at least 100,000/300,000 Bodily Injury Liability Limits.
Hopefully that will satisfy all parties – the person suing you and their attorney.
$250,000/500,000 would be even better.
And a Million Dollar or more Umbrella on top of that would be best.
And as expensive as Car Insurance can be,
It’s really not that much more to be covered well.
Especially when you are talking about Hundred Thousand Dollar settlements.
An extra $500 or $1000 can go a long way to protecting your hard earned savings from Opportunistic attorneys.
Contact Cronin Insurance and we’ll get you as much Bodily Injury Liability limits as you can afford.
Low rates, choice of companies and personal advice from local Agents.
Cronin Insurance is the Wise Choice.
