Insurance is something no one likes to talk about, but it is a vital part of our modern life. Very few of us could afford the liability of hurting or killing someone and the subsequent lawsuits associated with that. Since law makers know most people cannot afford it they have mandated that everyone must have sufficient insurance.
The state minimum of insurance may be legal but not necessarily enough to protect you and your assets. There are two primary forms of insurance one for injury and one for accidental death and each is very important. Lets presume you are driving a vehicle and get into an accident. The person that was struck by the vehicle could be seriously injured, depending on the level of injury this person may never be able to work again.
That person would be able to sue the driver and if successful in court be awarded compensation in the amount that may range from hundreds to millions of dollars. If a person did not have personal injury insurance or sufficient insurance they and their assets would be made available to satisfy that judgement. When a person is presented with the magnitude of the risk being assumed by the insurance company is it any wonder why they charge so much for premiums.
Most people never have an accident but those who do could lead to financial and physical catastrophe and burdened with the costs associated with it.
We all can appreciate the importance of having bodily injury coverage on our auto but equally important is accidental death insurance on the automobile. Life is full of risk and for those who understand how fragile life is can appreciate why it is necessary to have this coverage. No one gets up in the morning and say to themselves I am going to have an accident today but many do and some of those involved unfortunately die.
If you were driving a vehicle and had a collision with someone where you were found to be at fault and the person died as a results of that it would be most precarious. In a court the family of the departed could sue and possible win a case against the party found at fault. The judge could award damages costing hundreds of thousands of dollars or more in damages. If the person had no insurance, their home, savings, everything of value could be under the scrutiny of the court.
By having accidental death insurance and injury the driver is doing everything possible to limit the financial risk they may be putting themselves into. It is better to invest in the most comprehensive insurance possible so if the unfortunate were to befall you, there would be peace of mind that your financial situation would be secure.