Wayne Cohen, Lawyer, Attorney: How Much Liability Insurance Should I Carry?

Wayne Cohen, Lawyer, Attorney:  How Much Liability Insurance Should I Carry?

That’s a great question, and one which Wayne Cohen, attorney, and the lawyers in our office frequently get asked.   So, here’s the simple answer:  carry as much as you can, and then some!  Let’s explore why.

First, liability insurance coverage pays for damages if and when you cause an car collision. Automobile accidents in the District of Columbia, Maryland, and Virginia are frequent .  Sometimes they are just fender benders.  Other times they are far more serious.  Liability insurance protects you in the event you cause an injury to another person, or damage to their vehicle.

Most states have a minimum requirement, such as $20,000 or $30,000.  If Carl Cheapskate only buys the minimum, hypothetically $20,000, and has a car accident, Carl may have big problems.  Perhaps the vehicle he struck was a Mercedes, worth $50,000.  Maybe the person in the vehicle suffered serious injuries, then what?  Well, the injured victim could come after Carl personally, which means going after his house, assets, and even garnishing his wages.

Also, having the most liability insurance also will help you because you will be able to increase your “uninsured motorists coverage” to that amount.  Uninsured motorists insurance protects you in the event you suffer injuries in a car accident as a result of an uninsured driver.  I've written on this topic, so feel  free to check out my other blogs on this point.  

My suggestion is to maximize your liability insurance.  The difference in price between the minimum and maximum coverage is usually pretty small, so it’s definitely worth investigating.   Usually, your insurance agent can get you this information pretty easily.

If you would like to have Wayne Cohen or a lawyer at Cohen & Cohen,P.C. review your automobile insurance policy, we’d be happy to do so.  Just contact our office at (202) 955 – 4LAW (4529) or send me, Wayne Cohen, an email at wrc@cohenandcohen.net

Wayne Cohen

1220 19th Street, NW
Suite 510
Washington, DC 20036
202-955-4529
www.cohenandcohen.net