Virginia and North Carolina Personal Injury and Workers Compensation Attorney Joe Miller shares several reasons why you need to carry as much Automobile Insurance Coverage as you can afford. Particularly if you are on the path to a professional career at some point, even if you are just a student now, it is very risky to carry only the barest minimum coverage. Many insurance companies, with the pitch of saving you money, are only offering “bare bones” coverage. That’s why it’s cheap. If you cause a severe accident, even while a student, it is possible that a large monetary Judgement could be obtained against you and docketed. That Judgement could come back to haunt you and prevent you from having good credit or financial success, even 10 or 20 years from now.
To be sure, in some situations, it may be appropriate to have the barest minimum coverage, particularly if you are older and have no expectation of moving beyond a relatively low income level. The problem is when folks “move up” in life, or anticipate that they will be moving up in life. Folks often upgrade their house, car, and other items, but fail to upgrade their car insurance coverage. That’s a huge mistake we don’t want you to make.