When taking out a CO auto insurance policy, bodily injury liability is not something you can afford to skimp on. Choosing the minimal coverage can have dire financial and emotional consequences in the future, were you to cause an accident and injure the other motorists or passengers in the car.
Bodily injury liability covers you for the costs associated with causing injury to others in a motor vehicle accident. Claims against bodily injury insurance include medical expenses, loss of income and emotional suffering. These policies can also cover legal costs associated with the accident. The expenses, as you can imagine, can be astronomical. Think about this when choosing a limit on your bodily injury liability protection.
If you opt for lower limits and you or someone driving your car causes a serious accident, the expenses you have to pay may exceed the limits you have set, meaning you could have to dip into your personal savings, borrow money or sell off property.
Medical costs are one of the main causes of bankruptcy in the U.S., and having bodily injury liability coverage might prevent you from ever being in this terrible position as a result of having a car accident.
Think carefully about the long-term consequences when considering what limit to set on your CO auto insurance policy. We don’t like to think about worst-case scenarios – but the main reason we take out insurance is to protect ourselves financially if one occurs.