Have you ever been in a traffic accident and responsible for damaging multiple cars and injuring several people? If their medical bills and vehicle damages exceed your policy's limits, you will still be responsible for the rest of the bills.
Could you afford to pay the difference? You may have to sell assets, use savings or even have your paychecks garnished to pay what you owe.
That’s where Liability coverage can help you. This can pay for medical bills, lost income and pain and suffering if you are at fault. It can even cover your legal fees if the other party files a lawsuit against you.
There are two types of Liability Insurance. Bodily injury can help pay for the other party’s medical bills, lost income and legal fees. Property damage can help pay for the other party’s property such as a vehicle, house, fence or guardrail.
How much liability insurance to get is up to you. But it is suggested that you carry enough liability insurance to cover your net worth.
We recommend that you review you coverage once a year as coverage needs change as we grow and our families grow. We can help you figure out which items or assets are protected from creditors, even if you have a legal judgement against you. Liability coverage is very small compared to the protection it provides. You might even be able to bundle your insurance policies and save money that way.
Securing protection for the future is one of the many ways we can help you here at Miami Firefighters Federal Credit Union. If you would like to hear more about the ways we can educate you about Car Liability Insurance, please call our subsidiary Miami Firefighters Insurance, LLC at 800.659.1039.
