As a licensed driver in Tennessee, you are required to carry automobile insurance. According to a report from the Chattanooga Times Free Press, about 1.1 million vehicles across the state are registered with the government but are not covered by an insurance policy.

However, even if you have insurance, it is important to know if you have enough insurance. For example, the state minimums for coverage are as follows:

  • $15,000 for property damage
  • $25,000 for bodily injury
  • $50,000 for bodily injury in the event that two or more people are injured

In a simple fender-bender, these minimums should suffice for any damages that occur. However, in a major accident, the medical bills alone could easily exceed these limits. Or, should you hit and total a very expensive car, a $15,000 policy would not cover the damage. In these situations, you are considered underinsured, and you will likely be responsible for making up the difference.

So how do you know how much insurance to carry? Bankrate.com reports that minimum limits are not advisable, because following an accident, a victim could sue you and come after your assets, such as your home. Experts suggest choosing limits that are equal to the amount of your total assets. If your home is worth $100,000, you might want to consider having $100,000 in a policy.

If you find yourself the victim of a car accident with an uninsured or underinsured driver, you should be aware of the steps you can take to recoup your losses. In many cases, filing a lawsuit may be the only way to recover compensation.

While this information may be useful, it should not be taken as legal advice.


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