Auto Insurance Claims: auto insurance coverage, emergence room, auto insurance policy

Question
I am a 45 year old male and my wife is 43. We have a 2000 Camry and live in NJ. I recently had someone review my auto insurance policy and he suggested higher liability at 250/500 vs 100/300 for bodily injury that I currently have. Is this a good idea. It will raise my premium.

Thanks

Answer
Hi Bill,

The simple answer here is you should alwasy buy as much coverage as you have assets to lose. Medical costs are at an all time high. My sone was recently in an accident and the emergence room bill alone was over $25,000.00 and he was only there for 3 hours and nothing was wrong with him. That was just for tests. So if you are at fault for an accident and someone is seriously injured the cost could be very substantial. If those costs are more than the amount of coverage you have then the injured party will sue you personally for the balance. If you have assets that could be at risk of being taken away then you should protect those assets by having a higher amount of insurance coverage. If you do not have assets at risk then you do not need the coverage because as they say you can not get blood from a stone.

I hope this helps
Richard Hixenbaugh