Understanding collision and current minimums is critical when considering insurance coverages.
If you suffer injuries due to an automobile accident in Nevada, it is important that you contact experienced personal injury attorneys. Your insurance endorsements are confusing and voluminous, but the experience and personal touch of the attorneys at Greenman Goldberg Raby & Martinez will help you understand that stack of paperwork from your insurance company.
I have the minimum coverage allowed by law, so what will my insurance premium cover?
Unfortunately, not very much. In Nevada, the insurance minimums are commonly referred to as 15/30/10. Those numbers represent the minimum coverages allowed by law for individual personal bodily injury ($15,000), total coverage for bodily injury per accident ($30,000), and coverage per accident for property damage ($10,000). As you can see, there is no minimum coverage required for collision. What this means is that if you are in an accident, it is possible that your insurance company is not required to reimburse you for repairs to your car.
But the accident wasn’t even my fault.
With the help of an attorney, you can attempt to recover money from the driver who was at fault for your accident. However, that process can take a long time, and you need your car repaired immediately. Carrying and using collision coverage on your vehicle will not affect the outcome of your personal injury case. In fact, if you use your own insurance, and continue your personal injury case, it is possible that through a process called subrogation, you may receive a refund of the deductible you paid on your car repairs.
What will collision insurance cover?
Collision coverage is for damage to your vehicle resulting from an automobile accident regardless of fault. If you carry this coverage, it requires the insurance company to pay for the repairs of your vehicle up to the coverage limit, after you pay your deductible. For example, if you have collision coverage in the amount of $15,000, with a $1,000 deductible, you will be responsible only for the first $1,000 of damage done to your vehicle, and the insurance company will pay for everything beyond that amount up to $15,000.
$1,000 is a lot of money, why would I even bother paying for insurance, if I’m going to be responsible for that much?
Firstly, you can ask for a lower deductible, which will raise the monthly cost of your auto insurance. Secondly, according to this study, the average claim for collisions was $3,144. So even with the highest deductible possible, the insurance company would still be responsible for paying over two-thirds of the cost to repair your car.
What are the chances of this happening to me?
In 2013, there were over five million police-reported motor vehicle crashes, of those, over one million resulted in injuries. These accidents happen every day, and in every part of the country. And with the increased value of motor vehicles, the cost of repairs climbs every day. It is important to have insurance coverage that covers you not only in the event of medical bills, but also in mechanics bills.
This is an intricate area of the law, and when you notify your insurance company of an accident, they will immediately begin looking out for their own best interests. Although you should always cooperate with your insurance company during their investigation, you also should make sure you have someone in your corner, making sure you get the coverage and compensation that you deserve. Contact a personal injury attorney at Greenman Goldberg Raby & Martinez today.