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Auto Insurance is there to protect your assets. Auto insurance will help you take care of medical bills, the cost of reparation for vehicles involved, and even sew costs (this may vary, depending on the insurance plan you have selected) should an accident occur.

Car Insurance: Bodily Injury Insurance

We know that car insurance can be expensive. There are many ways to decrease your monthly Car Insurance premium; however skimping on coverage is not one of them. This is especially true of Bodily Injury Coverage. It may be tempting to simply hike your deductible amounts on your comprehensive auto insurance, and minimize you Bodily Injury Insurance to lower you monthly premium, but this is rarely a good idea.

First up let's take a look at what Bodily Injury Insurance is. Bodily Injury Insurance is required by law in most states, and with good reason. Simply put, Bodily Injury Insurance pays for the injuries sustained by those other than yourself in the event of an accident. Lets face it; you know how high medical bills can be. Bodily Injury Insurance protects your assets by paying for the treatments up to the covered amounts to your passengers or others who were injured in an accident in which you were involved. It does not matter how good of a driver you think you are. You can be held responsible to pay for these injuries, even if the accident is determined NOT TO BE YOUR FAULT. 

Levels of Bodily Injury Car Insurance are expressed in two figures with a slash that delineates the amounts you are covered for per person/per accident. For example if you have $100,000/300,000 - you are covered for up to $100,000 in medical expenses for each person, but only up to $300,000 in total for the accident.

Know Your Options

How much Bodily Injury Car Insurance you should carry depends on the assets you have to protect. If you make only about $30,000.00 per year and do not own a home, you probably can get by with $50,000/$100,000. On the other hand if you make over $75,000.00 per year, own a home worth $200,000 or more, and have a few investments and mutual funds in your name, you'd better have at least $100,000/$300,000 or more, in Bodily Injury Insurance protection. In any case, it is rarely advisable to carry the minimum amount required by law in your state. If you are sued for injuries as the result of an auto accident, and found liable and do not have enough Bodily Injury Insurance to cover the judgment, any asset you have is fair game, you may even find your salary attached.  

The rate you will pay for Bodily Injury Insurance is not only based on the amounts of coverage you select, but several other factors including your age, your marital status and where you live.  If you have substantial assets, you may want to max out your Bodily Injury Car Insurance to $300,000, and then take an additional $300,000 in liability insurance on your homeowners policy. Insurance professionals advise that once you have done so, it may only cost an additional few hundred dollars to upgrade that into a 1 million dollar "Umbrella Policy" that protects your assets up to 1 million dollars from any kind of liability.

Why Car Insurance?

First reason why you need Auto or Car Insurance is because it is required, in almost all 51 States, to have auto liability insurance.

Auto Insurance is there to protect your assets. If you are involved in a car accident, auto insurance will help you take care of medical bills, the cost of reparation for vehicles involved, even sew costs (this may vary, depending on the insurance plan you have selected).

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