There are so many options for how you can craft your car insurance plan that it can be difficult to know how to design your coverage. Under the law in Kentucky, you are required to have $25,000 in coverage per person and $50,000 per accident for bodily injury liability, as well as $10,000 in property damage liability and $10,000 in personal injury protection. These are the minimum amounts of coverage you need to drive in Kentucky, but having greater coverage may be advisable, depending on your individual circumstances.
Here are explanations of the different types of coverage, and some thoughts on whether you might want more than the minimum:
- Bodily Injury Liability: This covers the cost of injuries to other drivers or pedestrians when the accident is your fault. Even if you’ve elected Kentucky’s no-fault coverage for your auto insurance, if your coverage and the individual’s own Personal Injury Protection coverage are exhausted by their costs, then they can sue you for the difference. If you own a house or other valuable assets, you may want to consider greater coverage, so that it’s less likely you could be sued for the value of those assets.
- Personal Injury Protection: This covers the cost of medical bills and related expenses after an accident for yourself and your passengers.
- Property Damage Liability: This covers damage to other people’s property, such as the other driver’s car or a structure you may have hit in a crash. Considering that new cars cost, on average, $20,000, you may wish to increase this coverage from the legally-required minimum.
- Uninsured and Underinsured Motorist: These are two individual forms of coverage, and are not required under the law, but will ensure that expenses from your injuries and damages are covered in the event of an accident with someone who has no insurance coverage, or not enough coverage to compensate you.
- Collision: This coverage is not legally required, but will cover costs to repair your vehicle after an accident. The cost of the insurance is measured by how much of a deductible you’ll pay for repairs to be done to your car after a crash. Selecting a higher deductible will mean lower monthly premiums.
- Comprehensive: This coverage is also not required, and covers costs to repair or replace your vehicle when it has been damaged in some way other than an accident, such as natural disaster or theft. Again, a higher deductible will result in lower monthly payments.
Choosing the right coverage for your individual situation can be tricky, and understanding how different types of coverage apply when you have been in an accident can be confusing. To be sure you are making the right claims and getting all the compensation available, contact the Lexington law office of Todd W. Burris, PSC to speak with one of our attorneys today, at 859-252-2222.
