Getting into a car accident is no joke, and definitely not one anyone wants to be involved in. However, things can get even more nightmarish if you hit a very expensive automobile. At this point you may start questioning why you decided to buy the most inexpensive car insurance policy with the lowest limits.
If your accident involves an ordinary vehicle, you may not find it difficult to cover the damage since it is likely that your car insurance policy will be able to cover the payout since it will probably fall within your limits.
On the other hand, if you have the misfortune of having an accident with an expensive, luxury vehicle and it is determined that the accident is your fault, after maxing out your liability coverage, you may find yourself facing a huge sum that must necessarily come out of your own pocket.
What happens if you do not have enough money?
If you find yourself in the situation described above, there may be no way out for you when it comes to paying what is owed to the other driver. Their insurance company may ask to have your wages garnished and, if there are any assets, they may ask a judge to seize them in order for you to repay the unpaid amount.
Medical Costs Also Add Up Quickly
Even when the other car involved is not luxurious, medical expenses can also creep up quite rapidly and eat up your liability coverage just as easily. As a matter of fact, medical expenses can prove to be even higher than the amount needed to fix a luxurious automobile.
If, besides crashing into another car, you end up injuring either the other driver or a passenger, the medical bills can be astronomical. Not to mention what might happen if the other driver loses their life or ends up being permanently injured and unable to function as before the accident.
Every single state requires that a driver carry a certain minimum amount of bodily injury liability coverage in their car insurance policy. Once again, if you select the lowest option, you will most likely find out that the amount your policy carries will be too low to cover any serious injuries. And even what appear to be minor injuries may have long term consequences that add up to a large amount of money.
Seek Legal Help Right Away
Even if you have not thought about this, it is quite obvious that someone who drives an expensive, luxurious car, will have access to a good team of lawyers. And there is no reason to believe that they will not do everything possible to get what you owe them. Facing a lawsuit in this setting is not something you want to have to deal with. You may end up losing your assets, having your wages garnished for the rest of your life and, in short, have your life turned upside down forever.
Don’t wait until you are involved in an expensive car accident to learn more about car accident law. It can make a huge difference in some decisions you make. For example, getting a better car insurance policy with higher limits will help you out in all sorts of situations, without leaving you in serious financial problems.