Auto insurance is pretty cut and dry; however, there are still options available to you depending on your preference and on your state of residence. Liability insurance is required on your vehicles in all states. Liability coverage does not protect the insured’s vehicle or passengers but it does protect the policy holder from suffering a large financial loss when they are legally responsible for another parties bodily injury or property damage because of an auto accident.
The state of Kentucky only requires auto owners to carry liability limits of 25/50/10. This means to be legal you need at least:
$25,000 Bodily Injury Liability per person | $50,000 Bodily Injury Liability per accident| $10,000 Property Damage Per Accident
Although these are the minimum limits, it doesn’t mean that they are sufficient to cover incurred expenses. Many auto accidents incur much more expense than these minimum limits. Therefore, we never recommend only acquiring the minimum limits. Remember the main goal of insurance is to protect against catastrophic loss.
In addition to liability insurance, many insureds also purchase comprehensive (or Other Than Collision) and collision coverages to cover physical damage to their own vehicle. Other desired insurance coverages include personal injury protection, uninsured/under insured motorist, towing and rental. We will provide more on these topics in a later blog post.
If you are a resident of Paducah or Western Kentucky, you can contact Bradshaw & Weil, Inc. for a full review of all these coverages and our personal recommendation of insurance options to fit your own situation.