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Part 4: Property Damage and Insurance Policy Must Haves

23 Mar 2020

By David Abraham

I want to focus now on the property damage aspect of uninsured and underinsured motorists’ coverage. Virginia requires uninsured motorists’ coverage when you purchase a policy with minimum limits of 25/50/20. The last number of $20,000.00 is the amount of your uninsured motorist property damage coverage. I previously covered the importance of uninsured motorists’ coverage to protect you for injuries sustained in an accident with someone that has no insurance. Now, I want to talk about protecting yourself for damage to your vehicle by an uninsured motorist.

property damage

What does uninsured property damage coverage get me?

If you do not carry collision coverage and are involved in an accident with an uninsured motorist who is 100% at fault in the accident, uninsured coverage would be your only avenue of recovery for the damage to your vehicle. The key here is that there is no negligence on your part in the accident. Any negligence on your part would bar your recovery from collecting under this coverage.

Following the above example, $25,000 is the total amount your insurance company will pay for damage to your car. As I’ve noted in earlier articles, if your vehicle is worth more than $20,000.00 and is a total loss (again no collision coverage), this coverage limit is inadequate. Additionally, this coverage carries a mandatory $300.00 deductible.

What does this cost me?

Increasing both your liability and uninsured motorist’s coverage limits may not be as expensive as you might think. While your liability limits protect the other party, it is equally important to protect yourself. There are more uninsured motorists on the highway than you think and many states, including Virginia, do not carry requirements to possess auto insurance coverage.

Protecting yourself with underinsured property damage coverage is almost as important as uninsured motorists’ coverage. Underinsured property damage coverage protects you in case the at-fault driver, does not carry enough insurance coverage limits to fully compensate you for the damage to your vehicle. Many drivers that carry liability insurance carry the minimum limits required by the state of Virginia. If you drive a vehicle that is worth more than $20,000.00, you may consider purchasing underinsured property damage coverage. Or, consider carrying significant collision coverage. While it is not a requirement in the state of Virginia, it is generally an inexpensive coverage to carry.

Don’t be fooled into thinking your insurance policy is up to date and has enough coverage. At Osterbind Law, many clients come to us with inadequate coverage. By the time we point out where coverage could be improved and how it would have helped in their accident, it’s too late. I can only make recommendations after the fact. See your agent or drop me an email at [email protected] along with a recent copy of your declarations page and I will be glad to respond to you with some recommendations. We are here when you need us.

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Brandon and his team at Osterbind Law are truly peerless. This is exactly how a modern personal injury firm should operate. The firm is holistic in its approach and thoughtful. It's no wonder why they get such great results for their clients. And no surprise, their clients love them. I've had the pleasure of working with Brandon on a professional level and he levels up, big time. Kudos.
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Very compassionate and knowledgeable people who helped us with our situation. They worked quickly and I can’t tell you how grateful I’m they were so caring. I would recommend this firm to anyone that anyone
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The entire team at Osterbind Law are incredible. They communicated with us with every step and process that was happening . They provided the knowledge, support, and empathy to us on the case. And when the curve ball was thrown, they dug in deeper. I have nothing but the highest respect for Brandon and Hannah and the entire team. They made us feel more like a family, than a client.
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The staff is caring and very knowledgeable. They help you as quickly as possible, and worked very hard for us. I'm so pleased with the way they assisted us.
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Brandon and his team did a great job helping me through my case. I'm so glad I chose him and stuck with him through the transition to his own firm. The staff is very knowledgeable and friendly. They feel like family after all this! Thank you for everything!!Amber J
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