Why Higher Auto Liability Limits Are Your Best Asset Protection
When shopping for auto insurance, it’s tempting to choose the state’s minimum required liability limits to save a few dollars on your premium. After all, the state says it’s enough… right?
At Glick Insurance Agency, we believe your auto insurance should do more than just check a box, it should protect your entire financial future. With vehicle repair costs and medical expenses skyrocketing, minimum coverage is often inadequate.
Here is why choosing higher liability limits is one of the smartest investments you can make for peace of mind on the road.
1. The Financial Reality of an Accident
Auto liability coverage protects you if you are found at fault for an accident. It covers the costs of the other person’s injuries (Bodily Injury Liability) and property damage (Property Damage Liability).
While state minimums in Ohio may seem like a safe bet, consider these financial realities:
- Medical Bills are Sky-High: A serious car accident can quickly result in six-figure medical bills, lost wages, and pain and suffering claims for the injured party. The minimum bodily injury limits are often exhausted almost instantly in a serious crash involving multiple people.
- Newer Cars Cost More to Repair: The average cost of a new vehicle today is nearing $50,000. If you total a late-model car, the state’s minimum property damage limit (often as low as $25,000) may not even cover half the cost of replacing the vehicle.
When the damages you cause exceed your policy’s limits, who pays the difference? You do.
2. Safeguard Your Assets, Home, and Future Income
The most critical reason to raise your limits is to protect your personal wealth. If a judgment against you in court exceeds your liability coverage, the injured party can pursue your personal assets. This can include:
- Your savings accounts and investments.
- The equity in your home.
- Future wages (through wage garnishment).
Simply put: If you own a home, have a retirement savings account, or have built any significant net worth, your liability limits should be high enough to match or exceed the value of those assets. Higher liability limits create a necessary shield between a serious accident and your financial stability.
3. The Glick Advantage: Finding Protection You Can Afford
The good news is that the cost difference between state minimum coverage and significantly higher limits is often surprisingly small, especially compared to the potentially devastating costs of a lawsuit.
As an independent agency, Glick Insurance Agency works for you. We represent over 20 top insurance carriers, allowing us to:
- Analyze Your Risk: We’ll help you assess your total assets and recommend a liability limit that truly protects your financial position.
- Compare Costs: We shop multiple companies to find the best rates for the higher limits you need, ensuring you get maximum protection without overpaying.
Don’t settle for the bare minimum. Drive with confidence knowing your assets are protected by coverage that reflects the real risks on today’s roads.
Ready to Upgrade Your Protection?
Let us review your current auto policy and make sure your liability limits truly protect everything you’ve worked for. Give us a call today!
