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PERSONAL INJURY
INSURANCE CLAIMS
EMPLOYMENT LAW
WORKERS COMPENSATION
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Your
Auto Insurance Policy – What You Don’t Know Can Hurt You
Like most insurance policies, your auto insurance
coverage is a complex legal document. It has a page or two to tell
you why or what the insurance company will pay – and 10 to 20 pages
to tell you why they won’t. Knowing a few simple things about
automobile insurance can mean a great deal to you and your family.
Get
the Right and Get Enough Insurance
The first and most important thing is get enough and get
the right insurance.
Kentucky law requires all people who drive to carry liability
insurance. Liability insurance pays someone else if you injure
them. We recommend that all persons carry liability insurance
coverage at least in the minimum amount of
$100,000.00/$300,000.00/$40,000.00. This means that if you are in
an accident with another vehicle, your liability insurance will pay
up to $100,000.00 for injuries for one person and up to a total of
$300,000.00 for all persons involved in one accident. The maximum
amount payable for property damage would be $40,000.00. Many
policies are written as single limit policies under which only the
total paid out is limited. In this case, we recommend single limit
coverage of $300,000.00. Unless you carry adequate coverage to pay
the expenses incurred by the other party’s injuries, you could be
sued for the costs of damages and injuries in excess of your
liability coverage.
Protecting Yourself and Your Family
Although it is required that Kentuckians carry liability
insurance, there is still a risk that you may be involved in an
accident with someone who has no insurance. It has been estimated
that as many as 1 in 3 motorist are not insured. In addition, the
minimum required liability insurance in Kentucky would pay only
$25,000.00 per person, up to $50,000.00 per accident, and up to
$10,000.00 in property damage ($60,000.00 single limit).
Many people carry only the minimum required insurance,
which in today’s economy is often not enough. Injuries from a
serious car accident can easily and often do result in medical
expenses exceeding the $25,000.00 minimum liability coverage.
Replacement of a car often exceeds the $10,000.00 minimum coverage
for property damage.
To guard against the risk of being involved in an
accident with a party who has no liability insurance or an
inadequate amount of liability insurance to pay your medical bills,
lost wages, and/or property damages, we recommend the purchase of
uninsured coverage and underinsured coverage. Your uninsured
coverage pays you, or your family, if the party who caused the
accident has no insurance. Your underinsured coverage pays you if
the party who caused the accident does not have adequate insurance
to cover your losses and damages.
You
Must Tell Your Agent You Want This Insurance
We recommend that you purchase uninsured and
underinsured motorist coverage in an amount equal to the liability
coverage that you purchased. You want to offer your family at least
as much protection as someone you don’t know. Make sure that when
you receive your policy that uninsured and under insurance are
specifically included. The premium for each is only a few dollars
more each year.
Reject
the Limitation on Your Rights
Kentucky adopted “no – fault” insurance in 1975. The no
– fault law is complex and the subject of much litigation in the
courts. Its basic feature takes away your right to sue someone who
– through their fault – causes injury to you and your family.
This limitation on your right to sue may be avoided by
signing and filing a waiver with the Kentucky Commissioner of
Insurance. Most experienced trial lawyers recommend that you and
each member of your family sign and file such a waiver rejecting no
– fault. The form may be obtained from the Commissioner of
Insurance (229 West Main Street, Frankfort, KY 40601 – Phone Number
(502) 564-6027), from your insurance agent, or from the Robert Abell
Law Office.
It is important that you explain to your insurance agent
that you are rejecting no – fault and that you wish to “buy back” to
coverage. This gives you a double advantage. You may sue and, at
the same time, collect the no – fault insurance benefits. No –
fault benefits, also referred to as Personal Injury Protection (PIP)
benefits, or just that. The premium you pay is to provide coverage
for yourself and your family to pay medical expenses and lost wages
regardless of who was at fault. There will be a small premium
increase to “buy back” this coverage, but the cost is slight when
compared to the benefits received.
It is not our purpose now to give comprehensive advice
on all insurance needs. Our concern is to make you aware of your
rights in regard to automobile insurance coverage and some basic
facts about these rights.
For a small cost you can secure a great deal of
additional protection. Please check your insurance policy today.
Reject no – fault. Buy back no – fault coverage. Make
sure your coverage is adequate. Check your uninsured and
underinsured motorist coverages.
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ROBERT L.
ABELL
271 West Short Street
Suite 200
Lexington, KY 40507
866-578-5302 TOLL FREE
859-254-7076 Phone
859-231-0691 Fax
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Robert L. Abell is a
Personal Injury and Accident lawyer for Lexington, Winchester, Paris,
Georgetown, Frankfort, Versailles, Nicholasville, Richmond, Lancaster, Stanton,
London, Corbin, Shelbyville, Danville, Lawrenceburg, Williamstown,
Jeffersontown, Louisville, Harrodsburg, Campbellsville, Liberty, Bardstown,
Covington, Columbia, Elizabethtown, Newport, Pikeville, Ashland, Morehead,
Jackson, Cynthiana and other communities located in central and eastern Kentucky
and Fayette County, Scott County, Clark County, Madison County,
Laurel County, Powell County, Morgan County, Breathitt County,
Harrison County, Woodford County, Bourbon County, Jessamine County,
Mercer County, Boyle County, Anderson County, Shelby County,
Jefferson County, Owen County, Franklin County, Grant County, Boone
County, Kenton County and elsewhere in Kentucky.
This website does not constitute
and is not intended to be legal advice. You should consult with a lawyer
regarding your own situation.
KENTUCKY SUPREME COURT RULE 3.130 (7.09) REQUIRES THE FOLLOWING LANGUAGE: THIS
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© Robert L. Abell, 2008, All Rights Reserved |
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