Auto Insurance and the Correlation with Health and Life Insurance

Bodily Injury, Liability and Property Damage are all required coverage in most states by law. However, most don’t know how much coverage they actually need. Consider if your vehicle was in an accident and someone was injured or killed. If you were found at fault for the accident then you would be liable for any amount that the family of the deceased or injured decided to sue you for. This could range anywhere from tens of thousands of dollars to millions. The money could come from your insurance coverage or if you were not adequately covered it would come out of the liquidation of assets, savings and in some states it could come out of your wages.

If the other party was found responsible what would happen if the other party was not insured. Where would the money come from for your hospital bills or funeral arrangements? Your medical bills could be covered through your health insurance and if you have life insurance through your job or a personal life insurance policy then that would cover your funeral expenses.

When it comes to determining how much auto insurance coverage you need then that is a matter of your household budget and income. Many auto insurance companies that offer cheap insurance may not be giving you the amount of coverage that you might actually need. Discuss your concerns and insurance needs with a local insurance agent or speak with one online to determine if you are getting the coverage that you will need in case of a collision.

Filed Under: Car Policy NewsFeatured

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