Accident Closes I-64
Accident Closes I-64
If you were traveling westbound yesterday afternoon between the Huntington Mall and the 29th Street Exit, you probably experienced the horrific traffic caused by a 3 vehicle accident which closed a portion of the interstate for 6 hours. As frustrating as this experience was to those of us in traffic, let’s think about the ramifications of this accident to those involved. The cause of the accident was a medical problem experienced by the driver of the F-350 truck. This caused him to lose control, collide with a mini-van and finally with a cement truck.
There is no question the liability rests with the driver of the F-350 truck. However, does his insurance policy have enough liability insurance to cover the extent of the damage to the mini-van and cement truck? Would your insurance policy have enough coverage?
Currently, the State of West Virginia requires liability coverage in the amounts of $20,000 per person / $40,000 per accident for bodily injury liability and $10,000 per accident for property damage liability. If you have insurance with the Kluemper Insurance Agency, there is a probability that you carry much higher limits. But, let’s look further.
Suppose the repairs or replacement of the mini-van are $10,000 (just a guess), but the damage to the cement truck renders it a total loss $50,000 (again just a guess). The property damage liability totals at least $60,000. For most people, your insurance coverage is not adequate and you will be personally liable for any amounts in excess of your limit. In other words, you are going to pay for what your insurance does not cover.
There are two ways to ensure you are protected. The first is to increase your liability limits. The second is to purchase a Personal Umbrella Policy. This policy provides a minimum of $1,000,000 coverage over and above your auto and homeowners policies. In other words, if the damage exceeds the liability limit on your auto policy, your umbrella policy would have an additional $1,000,000 available. The good news about the umbrella policy is that it is very affordable. The average cost is well under $200 per year, depending on the coverage selection. And in most cases, that premium can be added to your current account. We highly recommend this policy to everyone. Accidents happen everyday. Let’s be prepared in the event it happens to us.