How a Significant Motor Vehicle Collision Can Make You Go Broke
Some people say that the fastest way to go broke in America is to cause a significant motor vehicle collision and not be adequately insured. There is a lot of truth to that statement. With today's high hospital, surgical and medical costs, it does not take long to run up medical bills in excess of $100,000.00 or $200,000.00. A short stay in the hospital could result in bills far in excess of $100,000.00. If you do not have adequate insurance to protect you against lawsuits from injured people, you could easily have a judgment rendered against you in an amount far in excess of your assets.
The Importance of Liability Insurance
While the law does allow certain exemptions from the execution of a judgment, those exemptions are not great and you could lose your home or business if you are subject to a judgment in excess of your liability insurance limits. The good news is that you can insure yourself for $1,000,000.00 or more for far less than you might think. For most people, a million dollars worth of liability insurance will cost you significantly less than $800 a year. This is insurance you hope you never need. However, should you or a member of your family negligently cause injury to another person, with adequate liability insurance, you can rest assured that your personal assets will be protected.
Seek a Liability Insurance Policy
Call your insurance company today and get a quote for a liability insurance policy of a million dollars or more. You will be surprised that this insurance does not cost nearly as much as you may think. If you have any questions about insurance or about motor vehicle collisions in general, please call for a free, no-obligation consultation. Call Brent Adams and Associates now at 910‑888‑8888.