Money doesn't come easy, so making informed decisions about purchasing insurance in Richmond is a must.  The following will give you a better understanding of the various types of insurance.  It also provides advice to you on the amount of money you should invest in these insurances as a Richmond resident.

Liability Insurance - Virginia state law requires that you have this insurance.  Each state sets a different amount on the legal minimum. So, should you settle for just the minimum?  No, you shouldn't.  For example, in California, the required physical injury insurance limit is $15,000 (for one claimant) and $30,000 (for all claimants) and this just isn't enough.  This requirement has been implemented for a long time, and to this day, it remains unaltered even though medical costs have increased tenfold.  Also, considering possible missed wages due to the accident, the $15,000 minimum is just too small to accommodate all the possible expenses you may incur.  What is recommend is for you to get the highest possible liability insurance you can afford if you don't have much to invest.  It's ideal if you can purchase an insurance that is priced at a good ratio when compared to your total personal assets.

Uninsured and Underinsured Motorist Insurance Coverage - A lot of people don't like the idea of having to pay for injuries or damages that other Richmond drivers caused.  But this isn't necessarily the case.  The negligent party isn't let off the hook that easy.  This type of insurance will enable your insurance company to take legal action against the negligent party.  They can and will sue them for the costs for which they are responsible.  That's why this often overlooked insurance is recommended - to protect you from the huge population of the Richmond uninsured and underinsured.  It's also quite affordable compared to other insurances, so it's better to have a reasonable amount of it.

Medical Payments Coverage (Med Pay) - Why do you need Med Pay when you already have health insurance?  They may have overlapping coverage but there's still a difference between the two.  Med Pay will cover co-pays and deductibles that regular health insurance requires.  Med Pay will also take care of most procedures that your health insurance doesn't allow - dental treatment, chiropractic therapy, and prescription medications, to name a few.  It's a good second line of defense and it will eliminate any possible out-of-pocket medical expenditures caused by an accident. 
Bob Battle
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100% of my practice is devoted to serious traffic defense and criminal litigation in state and federal courts