So how much does it cost to have $1,000,000 in Bodily Injury insurance coverage?

Okay, so you have watched our video on the importance of having good Bodily Injury insurance limits, and you’ve read all of our “Car Insurance and You” articles on car insurance coverage issues That’s great! But now you are probably wondering, “So if I want really good insurance protection if I get sued for causing a car crash, is that going to cost me an arm and a leg?” That’s a good question!

While we here at Atkinson Petruska Kozma Hart & Couture are lawyers and are not insurance agents, we recently contacted an insurance agency for one of the biggest car insurance companies in Michigan and asked them how much it would cost an average driver to increase their Bodily Injury insurance limits to $1,000,000. We got two quotes, based on a couple of different scenarios.

• Driver A currently has $250,000 in BI insurance limits. Increasing his BI coverage to $1,000,000 will only cost him about $27 every 6 months. That’s less than $5 per month.

• Driver B currently has only $100,000 in BI insurance limits. Increasing his BI coverage to $1,000,000 will only cost him about $75 every 6 months. That’s less than $13 per month.

For this small increase in their premiums, both drivers not only will have great Bodily Injury limits, but they will also have $500,000 in Uninsured Motorist and Underinsured Motorist coverage, which is the minimum we recommend you have.

This is “no brainer” territory. Paying just a few dollars more will give both of these drivers great Bodily Injury insurance coverage, likely protecting them from the fear of losing all of their hard-earned assets if they get sued for causing a serious motor vehicle collision. Buying another $1,000,000 or more in “umbrella” coverage is similarly inexpensive and should also be strongly considered by anyone who has substantial assets.

Of course, your insurance quote might be considerably different, but you’d be wise to check with your auto insurance agent today and ask them how much it would cost you to get great BI insurance coverage. And, of course, it never hurts to shop around with other insurance agents or online insurers, too.

If you have  any questions about car insurance or the Michigan No-Fault law, be sure to contact us. We have been specializing in No-Fault law ever since it was created in Michigan in 1973. No one knows Michigan No-Fault insurance or car accident law better than the attorneys at Atkinson Petruska Kozma Hart & Couture, PC. 

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