Hi everyone, and thanks for joining us for another of our frequently asked questions. I’m Bill Adler. Today we will be talking about keeping your family financially safe in the event of a serious car wreck. If you or a loved one is injured in a car wreck, the primary concern is for your health and safety. But there is another concern that sadly, tends to get far too little attention. Our financial safety. Are we fully protected financially in the event of a catastrophic motor vehicle accident that is not our fault? Unfortunately, more often than not, the answer is no.

In Texas, the minimum amount of liability insurance a driver must carry is $30,000 per person and $60,000 per occurrence. The reality is this is all that most Texans do have. This means that if you are hit by one of these drivers, only $30,000 of your medical bills will be paid, period. So, who pays the rest? That depends on your auto insurance policy.

There are two types of insurance coverage that could come into play here to protect you financially. The first is uninsured/underinsured motorist coverage. This to protect you from uninsured and underinsured drivers. The second is personal injury protection coverage which pays you and your passengers’ medical bills and lost wages up to an amount stipulated by your policy. What is most puzzling is that although these types of insurance are relatively inexpensive, we find that many of our clients do not carry them? That may be partially because they are inexpensive and insurance agents don’t benefit much financially from selling them to their clients. Yet, having these two coverages could shield you from a lifetime of paying off medical bills. We recommend that you carry at least $250,000 of uninsured/underinsured coverage and at least $10,000 in what is called PIP coverage, which is a form of medical payments coverage. Protecting your family by carrying adequate auto insurance is crucial to your financial security. As the old saying goes, it is better to be safe than sorry.

If you have questions about your case and you’d like to talk to an experienced personal injury lawyer, you can reach us through our website at jimadler.com or call us 24/7 at 1-800-567-7575.