When a driver’s insurance rates rise, their first instinct may be to decrease their coverages. However, decreasing your coverages can be very risky and shouldn’t be your first option. Instead, consider shopping around so you can actually INCREASE your coverages at a better rate.
A recent article in the New York Times said this about increased insurance rates:
“The insurance industry attributes the rising costs to multiple factors, including more accidents from distracted drivers who are talking or texting on mobile phones. Nine percent of fatal crashes in 2017 were ‘distraction-affected’ crashes, according to the National Highway Traffic Safety Administration. A strong economy also means more drivers are on the road and driving more miles, increasing the chance of accidents, said Bob Passmore, a car insurance expert with the American Property Casualty Insurance Association, an industry group. Cars these days are also more expensive to repair after accidents because of high-tech features, including new safety systems like lane-change sensors and automatic braking.”
Why Should I Consider New Car Insurance?
The most important reason that you should consider new car insurance is to avoid increased rates due to accidents that aren’t your fault. By comparing rates between companies, you’ll likely be pleasantly surprised at how little it costs to increase your coverages.
Secondly, don’t just settle for your state’s minimum coverage requirements: in most cases that does not adequately cover the medical costs associated with recovering from injuries received from the vehicle accident. Instead, ask how much it would be to go the next tier of coverage. You’ll be pleased to know that it will cost you, in most cases, around $10 more a month extra for thousands of dollars more in insurance coverage!
Third, when considering new insurance or even policy renewals, always bear in mind that “full coverage” does not mean “adequate coverage.” Insurance coverage is all about protecting yourself, your family and friends in the event of injury. If you live in Maryland, you should ask the insurance sales rep about the “enhanced UIMs coverage” and Maryland PIP in a minimum amount of $10,000.
How A Lawyer Can Help
If your current insurance company is raising your rates due to an accident, (especially an accident caused by someone else’s negligence), it’s time to look for a new insurance company. DO NOT decrease your coverages with your insurance company.
We know how difficult dealing with insurance companies can be, specifically in cases where they are raising your rates for an accident that wasn’t your fault. These situations can get even more challenging when there are injuries involved, so consider contacting a personal injury lawyer for legal guidance.
The experienced team of personal injury lawyers at the Lapidus Law Firm are ready to help, with the goal of helping you get a fair and reasonable settlement.
Is It Time For NEW Car insurance?
If you or a loved one are experiencing raised insurance rates in the Maryland–DC area due to an accident that wasn’t your fault and there are injuries involved, The Lapidus Law Firm may be able to help, especially if you call soon after the collision occurs. Our experienced team of lawyers work diligently to obtain a fair and reasonable settlement for injuries and associated harms caused by someone else’s negligence.
Call us now at 301-852-7500 to schedule a free, no obligation consultation!