Obtaining a Bodily Injury Policy is something every auto owner should prioritize. The fact is that no matter how careful a person is, there are times when accidents become unavoidable. If this is the case, then it only makes sense for individuals to protect themselves against any expenses that could stack up against them. This is exactly where Bodily Injury insurance comes in.
What is Bodily Injury Policy?
Bodily Injury liability is one of the two sections of Auto Liability insurance. As the name suggests, this particular policy protects the holder should they find themselves liable for any body injury or even death.
Specifically, this particular policy covers majority of the expenses a person might incur as a result of physical harm. Payment would typically be provided for medical bill, pain, suffering or even loss of income due to extensive body damage. In some cases, it might even cover expenses for a lawsuit filed against the policy holder. Note that the Bodily Injury policy is not meant for the vehicle or the policy holder. Instead, the coverage is for any individual who has been inadvertently hurt by the policy holder during an auto accident.
Types of Bodily Injury Policy
There are basically two ways of getting a Bodily Injury Policy. Typically, this is bundled together with Property Damage Liability meant to cover property damages caused by auto accidents. In some cases however, BI is singled out which means that the policy holder wouldn’t need to purchase both separately. It is important to note that BI and PD are mandatory in most States today which means that it’s not possible to purchase one without having the other.
How to Choose a Bodily Injury Policy
Considering how important this is, it only makes sense for people to mull the idea over before making a decision. Ideally, individuals should browse around to find the best policy that would meet their needs. Note that since this is mandatory, the authorities cite a specific limit for the coverage. Ideally, policy holders should follow the 100/300 coverage. This means that there should be around $100,000 for every person and $300,000 for every accident encountered. Higher amount is recommended although the 100/300 rule is the most used one nowadays.
Consequences of Not Having BI Policy
Policy holders are encouraged to get a policy that would allow them to go as high as possible. This is because should they be involved in any accident, the cost of covering body injury caused to someone could amount to thousands if not millions. When not addressed correctly, this could actually force an individual into bankruptcy. With the proper coverage however, the liabilities become limited, allowing individuals to live relatively normal lives financial-wise.
However, that’s not the only reason why a Bodily Injury is so important. As already mentioned, this is actually mandatory in most states. Hence, not having one would expose individuals into more penalties which would end with the individual getting the policy after all. Simply put, skipping this particular coverage is not really worth the amount of trouble it would cost.
With numerous providers today, it shouldn’t be hard for individuals to find a BI coverage that would fit their needs. Note that the cost of the policy may vary from one person to another. When it comes to this however, individuals with a good driving history are usually the ones with the best chances of getting an affordable policy.