Friday News Flash: SUV drives through the side of The Abbey
Thankfully, no one was hurt! The restaurant worked quickly to make repairs to prevent delays in service to customers.
I talked to the driver of the vehicle and asked him several questions about his auto coverage. He was not entirely certain what type of coverage he might have for the incident. He knew the name of his insurance company, but not much else.
How exactly does your auto policy respond to an incident like this?
First, check your auto policy bodily injury and property damage limits.
These are the amounts that pay for damage to the building and injury to others. For example, if your auto policy says you have limits of $100,000/$300,000/$100,000 – it means that you have $100,000 to pay to each injured person up to a maximum of $300,000. You have $100,000 to pay for damage to the building.
Second, look at your medical payments limit.
This is the amount that pays for your medical bills if you have injuries. For example, if your policy has a limit of $5,o00 for medical payments, it means that each person in your car has $5,000 to use for medical visits.
Third, check to see if you have collision coverage on your policy.
This is the part that pays for repairs to your car. If you see collision coverage listed with a deductible of $500, it means that you pay the first $500 for repairs and the insurance company covers the rest.
Lastly, check to see if you have rental car coverage.
If your car is going to be in the shop for repairs for any length of time, you’ll probably need a loaner to drive. The rental car coverage will pay a certain amount per day towards your cost to rent a vehicle while yours is repaired.
One other thing to consider is purchasing an umbrella liability policy.
An umbrella policy provides extra liability coverage above and beyond your auto policy limits. It also protects your assets in the event of a lawsuit for injuries to others. If customers had been inside, serious injuries would have ensued! And, the auto policy liability limits would have been exhausted very quickly. An umbrella would pick up when the auto liability limits are exhausted, so that personal assets are not at risk to pay for injuries to others.
Thankfully, there were no people inside The Abbey at the time this accident happened! Buildings can be repaired! Take some time to review your auto policy to make sure your limits are high enough!