Understanding Virginia Beach Car Insurance
Insurance is a contract between you as a car owner and the insurance company. You pay money, which is called a premium, and the insurance company will cover you for various items when you have a car accident. The insurance policy is long and complicated because of the various laws that govern these policies, but there are several key areas of coverage. It is important to understand Virginia Beach car insurance so that you can know your options for compensation following an accident. A knowledgeable car accident lawyer from Cooper Hurley Injury Lawyers can help you better understand your policy.
Types of Coverage in Virginia Beach
This part of your VA auto policy protects you if you are at-fault in causing a car accident. Liability insurance provides a lawyer if needed, and pays for damages caused up to the amount of the policy limits.
Uninsured/Underinsured Motorist Coverage
This part of your car insurance protects you if the person that causes the car accident has no insurance. Also, this coverage protects you if the other driver who caused the crash has less insurance coverage than you have. You get the benefit of coverage in the amount you carried above that which the at-fault driver had.
This takes care of the property damage to someone else’s car caused by the policyholders. Many people believe that they have “full coverage” with their vehicle insurance policy. There really is no such thing as full coverage in Virginia for car insurance. In fact, because it is legal to drive a motor vehicle in Virginia without motor vehicle insurance under certain circumstances, often full coverage just means enough coverage to protect the bank that loaned you money to buy the car.
Unfortunately, most people have no idea what types of insurance coverage they have to protect themselves if they get hurt in a car accident. Many people do not have enough coverage to protect themselves if they were hurt badly in a wreck. It is important to have an adequate amount of insurance coverage to protect yourself and your family. If you are hurt in a car accident, you may have injuries that require expensive medical care. A short stay in a hospital can produce tens of thousands of dollars in medical bills.
Besides the medical bills and the pain from the injuries, the inability to work caused by an injury can impact your life. People do not think about these issues when they take out insurance. It is crucial that you carry an insurance policy with an adequate amount of coverage. Many people have only the minimum coverage allowed in VA on their car insurance policy of $25,000 / $50,000. This means 25,000 per person and 50,000 per accident if more than one person is hurt. With higher limits, you may help yourself if you are seriously harmed by a driver with inadequate coverage.
Understanding the Declarations Page
The declarations page summarizes the type of coverage and limits under the motor vehicle insurance policy. For example, if someone has a maximum of $25,000 / $50,000, the coverage for any one person injured in the accident is $25,000 and the total coverage available for that particular accident is $50,000 even if multiple people are injured in the accident. If you have $25,000 / $50,000 coverage, the most an accident victim can recover is $25,000. Once the insurance company has paid out the $25,000, there is no more insurance money available for that person on this policy, regardless of the nature of the injuries, the extent of the job loss, or the permanence of the injuries.
This is why underinsured/uninsured motorist (UM/UIM) policies are important. Your insurance policy protects you and your family through your underinsured coverage. If the person that caused the motor vehicle accident only had a minimum insurance policy of $25,000, your underinsured insurance coverage can protect you to the extent you carried more than the minimum. If you have an insurance policy with more coverage than the at-fault driver, then you may be allowed to recover under this insurance coverage for the full injuries you suffered.
Most people think that increasing their insurance coverage would cost too much money but, usually, the increased coverage does not cost nearly as much money as you think and could help you or your family if you were hurt in a motor vehicle accident. Simply call your insurance company or agent and ask them about increasing your coverage to get a quote.
Why It Is Important to Understand Your Virginia Beach Car Insurance
Knowledge of the insurance policy covering you is crucial and the ability to protect yourself financially after a car accident depends on the amount of insurance coverage that you have. One good reason to hire Cooper Hurley Injury Lawyers is that we know this system well and can help maximize your recovery.