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How Much Property Damage Insurance Should I Carry?

How Much Property Damage Insurance Should I Carry? David L. Duff of Duff & Kronfeld, P.C. posted in About the Law on Friday, September 6, 2019.

Every policy of automobile insurance issued in the Commonwealth of Virginia provides for coverage in the event you damage someone else’s car through your own fault. Under such circumstances, your insurance company would be responsible to pay for the damage done to the other vehicle – but only up to the extent of your policy limits. The key, therefore, is to make certain that your own policy carries enough property damage coverage to fully protect you, if you happen to cause an accident with another car. But how much property damage is enough?

Virginia requires that every automobile insurance policy provide for a minimum of $10,000 in “Property Damage” coverage. Nowadays, however, it does not require much of a collision to inflict more than $10,000 worth of repair costs to another vehicle. Indeed, throughout Northern Virginia, you are more likely to collide with a Mercedes, a BMW or a Lexus, as you are a Ford or Chevrolet. When that occurs, your $10,000 of property damage coverage will do little more than replace the rear bumper, leaving you personally responsible for payment of all damages over your $10,000 limits of coverage.

With this potentially devastating scenario in mind, I personally recommend that everyone carry $50,000 in property damage coverage. The increase in premium is not overly-significant; and, the resultant peace of mind is well worth it – particularly the next time you rear-end a Jaguar!

If you have been the innocent victim of an automobile accident, and have questions that need to be answered, contact an attorney at Duff & Kronfeld, (703) 591-7475, for a free 30-minute telephone consultation.

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