June 29, 2012
Summer 2012 Currency Affairs Article Correction
Austin, TEXAS — June 29, 2012 — The printed version of UFCU's Summer 2012 Currency Affairs contained an error in the "Are You Carrying Minimum Liability Coverage On Your Auto Policy?" article (page 8). The correction is noted below in red. The online newsletter has been corrected. We apologize for this error.
Are You Carrying Minimum Liability Coverage On Your Auto Policy?
Texas law requires people who drive in Texas to carry liability insurance. Liability coverage pays to repair or replace the other driver's vehicle and also pays for other people's medical expenses when you are at fault in an accident. It does not pay to repair or replace your vehicle or to treat your injuries. The current minimum liability limits in Texas are $30,000 for bodily injury for each injured person, up to a total of $60,000 for bodily injury per accident, and $25,000 for property damage per accident. This basic coverage is called 30/60/25 coverage. Due to high car prices and the rising cost of medical care, the minimum amounts might not be enough if you are deemed at fault in an accident. The U.S. Department of Transportation estimates the typical driver will have a near auto accident one to two times per month and will be in a collision every six years. If your liability limits are too low to pay for all of the other driver's costs, the other driver may sue you to collect the difference. To protect yourself financially, we recommend that you purchase more than the minimum limits.
UFCU Insurance Services can assist you with making proper choices for auto coverage and make certain that you are protected properly. Call us today at (512) 421-8100 or visit us online at ufcu.org.