Injury victims have the legal right to pursue compensation for damages they suffered due to someone else’s negligence. Unfortunately, the amount of compensation awarded may sometimes depend on the amount of coverage that applies to the accident. If you do not have additional coverage in your policy, you may not be able to recover all the compensation you need.
Below, our car crash attorneys in South Bend discuss some of the insurance add-ons that may be beneficial if you are injured in a crash. If you were injured in a crash, we may be able to help you. The consultation is free and there is no obligation to pursue legal action.
What Are the Minimum Insurance Requirements in Indiana?
Indiana state law requires that every driver purchase liability insurance. The following are the minimum requirements:
- $25,000 per person and $50,000 per accident for bodily injury liability
- $25,000 per accident for property damage liability
Insurers must also offer Uninsured/Underinsured Motorist coverage (UM) at a limit that matches the policy’s bodily injury liability limits. However, this coverage may be rejected by the owner of the policy in writing. Although this is not required by law, you should strongly consider not rejecting this coverage in case you are involved in an accident with someone who does not have any insurance or enough insurance to cover your damages.
Sometimes auto lienholders, such as a bank that leases or finances the cost of your vehicle, may require that you purchase comprehensive and collision coverage. This type of insurance would pay for damage to your vehicle if it were involved in a crash or damaged in an incident other than a crash, such as a burglary.
Should I Purchase More Than the Required Limits?
Although there are minimum policy limit requirements, drivers may choose to increase those limits to fit their individual needs. Generally, insurance companies offer bodily injury and property damage liability policies with limits as high as $500,000 per accident. Depending on your circumstances, you may or may not need to purchase such a high limit.
If you have assets to protect, such as retirement or savings accounts, it may be in your best interest to purchase a higher liability insurance limit in case you are involved in an accident that is your fault. Remember that the insurance company will only pay for damages to an injury victim up to the policy limits. Therefore, if your policy limits are too low for the cost of damages, you could be sued for the remainder.
This same logic applies if you are the victim of someone else’s negligence. If the driver who caused your accident does not have enough insurance to cover the full cost of your damages, you have the legal right to file a lawsuit against the driver to recover compensation.
Another good reason to increase the limits of your bodily injury liability is because it would also increase your policy limit for your UM coverage.
Other Types of Add-Ons Available to Drivers in Indiana
In addition to increasing your liability limits on your insurance policy, you should strongly consider other insurance add-ons that may benefit you in case of an accident, such as:
- Medical Payments (MedPay) – covers costs of medical expenses associated with your injuries.
- Roadside Assistance – covers the costs of towing your vehicle from the scene of an accident.
- Rental Reimbursement – covers costs of renting a car while yours is being repaired or replaced.
- Guaranteed Auto Protection (GAP) – covers the difference between the value of your vehicle and what you owe on the lease or loan.
These insurance add-ons may help keep your out-of-pocket costs low after an accident, which could be useful while the liable insurance company drags its feet on accepting liability and makes a viable settlement offer.
For example, MedPay usually covers about 80 percent of an injury victim’s medical costs up to the limits set on the insured’s policy. If you have MedPay, you may be able to get the necessary medical attention you need without having to worry about your medical bills piling up and negatively affecting your credit.
Let Us Review Your Policy. Call Today
If you were injured in an accident, our knowledgeable attorneys are prepared to review your insurance policy and the policy of the at-fault driver to determine the compensation that may be available to you.
Our attorneys work on a contingency fee basis, so there are no upfront fees and we do not charge you anything unless we successfully recover compensation on your behalf.
Call us today to schedule a free consultation: (574) 444-0741
