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Minimum coverage insurance policies could cost you more over time

Owning and driving a vehicle isn't cheap. In addition to paying for a loan or lease for the vehicle itself, there are additional fees, like registration and insurance. Combine that with unpredictable gas prices, oil changes and other maintenance, and it all adds up to a substantial sum.

You may think that reducing your driving costs by purchasing the cheapest possible insurance policy is a wise financial move. After all, doing so could reduce your monthly or annual insurance costs, which make up a large amount of the expense of vehicle ownership. However, if you end up in a crash or collision, carrying the lowest possible amount of insurance could end up costing you a lot.

Kentucky's mandatory insurance minimums are quite low

Although vehicle prices and medical costs have been on the rise in recent years, the amount of insurance coverage required hasn't changed. That can result in a disconnect between what insurance will cover and what damages and losses really result from a crash.

Kentucky only requires drivers to have $10,000 in property damage coverage and $25,000 in medical liability for bodily injury to one person or $50,000 for bodily injury to two or more people. The state also allows for policies that offer a $60,000 single limit to coverage.

Getting a newer, import or classic vehicle repaired or replaced could easily cost twice or three times the minimum property damage coverage for a policy. A single surgery, intensive emergency trauma care or a prolonged rehabilitation hospital stay could easy exceed that medical coverage as well.

More coverage means more protection in case of an accident

Although it can mean paying a little more when your monthly or annual premium comes due, reviewing your insurance policy and increasing your coverage could prove a wise decision. After all, no matter how carefully you drive, there's always the potential for an accident. You could even end up at fault if there's some kind of mechanical failure in your vehicle or a sudden medical event that leaves you unable to safely control your vehicle.

Don't risk massive debt or financial burden as a result of inadequate insurance coverage. Increasing bodily injury/medical liability coverage can offset the ever-growing expenses related to medical treatment. Additional property damage coverage can also reduce your financial risks.

For many drivers, especially those with newer vehicles, investing in uninsured motorist and underinsured motorist coverage is also a wise decision. Carrying this extra coverage will help ensure that if you experience an accident and the other driver does not have adequate insurance for your losses, you are still protected. That extra insurance coverage won't leave you responsible for medical bills, property damage and lost wages after a crash.

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