September 1, 2017
Nobody wants to purchase insurance. Paying for something you hope you will never need or use seems illogical. It is something you don’t need until you need it. That is one of the reasons Kentucky requires that we all purchase minimum levels ($25,000.00) of automobile liability insurance and uninsured motorist coverage.
Purchasing the minimum required automobile insurance coverage of $25,000.00 is certainly the cheapest way to comply with Kentucky law. But what happens if you are seriously injured in a wreck by a person who has no automobile insurance? Answer – you could be in a world of trouble.
There have been numerous examples over the years of people who sustained serious personal injuries, and incurred hundreds of thousands of dollars in medical expenses and lost wages. However, the person who caused all of the problems had no automobile insurance and the victim only had the minimum of $25,000.00 in uninsured motorist coverage.
The problem is you never are hit by independently wealthy people who don’t have automobile insurance on their vehicles. Unfortunately, the old saying “you can’t get blood from a turnip” applies in these instances. Unfortunately, if you have a significant injury and only $25,000.00 in uninsured motorist coverage, you are not feeling any better about your situation even though you have complied with the law.
The only answer is to bite the bullet and purchase higher amounts of insurance coverage for yourself. You cannot control who hits you and you cannot control whether that person has insurance coverage or not. The only thing that you can control is what you do for yourself and your family.
Many people, myself included, not only purchase higher limits of automobile insurance coverage, but also purchase an umbrella policy that covers automobile coverage and your home. Umbrella policies of one million dollars are surprisingly inexpensive to purchase and provide you and your family peace of mind without having to rely on strangers to do the right thing.