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Is it time to review your motor vehicle insurance policy?

You have probably been paying for motor vehicle liability insurance for as long as you have had a license and a car of your own. After all, Kentucky law mandates that all drivers must ensure their vehicles. They do this in order to ensure that victims of a crash do not end up responsible for the costs of losses caused by another driver on the road.

While you may have an active liability insurance policy, you may not have the best possible coverage. When was the last time you reviewed your insurance coverage? If it has been more than a year or two, it may be time to revisit what your policy covers and whether you would benefit from adding additional coverage.

Minimum insurance coverage may not protect you well enough

Far too many people simply purchase the policy with the lowest price that they can find. They don't understand that only minor increases in their overall premium can mean major differences in the amount of coverage they have.

Kentucky state law requires that you carry at least $25,000 in property damage coverage. This part of your policy will pay for damage to somebody's home, possessions or vehicle as the result of a crash you cause. The state also requires that you carry $25,000 in personal injury protection for a crash with one injured party and $50,000 worth of coverage for a crash with two or more injured people.

If all you buy is the minimum policy, that is all the protection that you have. If the losses of the other party exceed that amount of protection, you could end up facing a serious civil lawsuit for many thousands of dollars. You also won't have protection if the other driver doesn't have insurance.

Consider adding additional coverage to your policy

The more thorough your insurance coverage is, the better protection you have when you hit the road. There are many different kinds of coverage, from lost wage riders to uninsured driver coverage. You can add riders to your policy that offer all kinds of protection to you, the passengers in your vehicle and anyone in another vehicle involved in a crash.

One of the best forms of protection is a policy rider that adds coverage in case you experience a crash caused by a driver without insurance or with Kentucky minimum insurance. These riders often only cost a few dollars, and they can protect you from tens or even hundreds of thousands of dollars in medical costs, property damage and lost wages.

While you want your insurance premium to be reasonable and affordable, you also want coverage that actually protects you. Investing in better coverage through riders and additions to your policy can give you peace of mind and financial protection.

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