June 13, 2017
While the minimum limits may provide the cheapest rate in the short term, they don't provide ample protection for what you value most.
What to consider when choosing your limits:
Real Safeco® claims examples
1. Customer thought he was in drive, but was in reverse and ran into his friend as he moved his vehicle. His friend sustained a serious fracture to her leg, requiring surgery. Her hospital stay, surgery and all treatment resulted in over $135,000 inmedical expenses. Our customer's limits were $100,000, leaving him with a potential of over $35,000 in out-of-pocket expenses.
2. Customer struck a 53-year-old pedestrian. The pedestrian was taken straight to the hospital with multiple breaks and fractures and a bruised intestine. He spent multiple weeks in the hospital, including emergency surgery, a chemically induced coma and now has multiple plates and rods supporting his limbs. He’s also struggling with memory. His medical bills have totaled $408,000 so far, not including recovery time. Our customer's limits were $100,000, leaving him with a potential of hundreds of thousands in out-of-pocket expenses.
If these customers had higher limits and a Safeco Umbrella policy, they wouldn’t have been left with these massive out-of-pocket expenses.
© 2016 Liberty Mutual Insurance
Sources: *U.S. Department of Transportation, NationalHighway Traffic Safety Administration: 2014 Crash Data Key Findings **Centers for Disease Control, InjuryPrevention & Control: Data & Statistics