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Understanding Insurance – BI Coverage

Insurance.  Really, you have to have it.  It’s illegal not to have insurance on a car that you are operating.  And for good reason.  If you cause an accident and injure another person, you are responsible for compensating that individual for the harm you have caused and the losses they have sustained at your hand.  And that is exactly why the legislature passed a law requiring everyone to have insurance when operating a motor vehicle in the state of Colorado.  You have to have at least $25,o00 in bodily injury coverage (BI).   Sounds like a lot of money, right?  It’s not.  Trust me, medical care costs a lot of money, and when you add all of the possible losses a person can have as a result of a collision, it can cost an awful lot of money to make things right for a person you have injured.

Realistically, everyone should have at least $100,o00 of BI coverage on their cars.  If you have extra money, and a good driving record doesn’t hurt in keeping costs down, you should have at least $250,000 to protect yourself. But really, the preferred level any family should have would be an umbrella policy worth $1,000,000 or more.  They are more expensive, but folks with a lot of assets should ensure that they have an insurance policy that will adequately protect them in the event that they seriously injure another person, or people, in an auto crash.  Think about it this way, scientifically, collisions cause significant forces to be exchanged and dissipated into, most often, the occupants.  G forces.  Remember, cars consist of multiple tons of matter that are propelled.  When they collide the forces upon occupants can vary immensely based upon a wide variety of variables such as angle, speed of each vehicle, positions of each person in the car, even the angle of one’s head at the time of impact.  Rotational force is probably the worst of all and it’s not unusual for it to be present in a collision.  But the point of all of this is that having insurance when you are driving a car is not just a matter of law, it’s a matter of taking personal responsibility and at the same time protecting yourself.

 

Next blog we will talk about Uninsured/Underinsured insurance coverage.  Do you really need it?

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