Can you be sued for personal assets and finances because of a wreck?
There’s a reason why you want to talk to a lawyer
If you’re ever involved in a car wreck, you might think it’s easy to prove you weren’t at fault. But rarely is a car wreck case black and white. If you are proven even partially liable for a wreck, some of your finances could be at stake.
Extra liability insurance might not be something that you think about when buying insurance, but the more assets you have, the more liability insurance you will want to have. In the state of Mississippi, drivers are required to have at least a 25/50/25 liability coverage. Breaking that down per category, that means each plan must cover a minimum limit of $25,000 per person for bodily injury, $50,000 per accident for bodily injury and $25,000 for property damage.
That might not sound like too much, and it isn’t, especially when considering how hospital bills and cars have gone up dramatically in price post-Covid. Until Mississippi increases this minimum, you could find your finances and assets at risk after a wreck.
The solution, however, is not complicated. If you do have personal finances, you need to consider those things when you determine the appropriate level of liability insurance that you are going to carry. Any type of personal injury, even unintentional, is subject to bankruptcy. If you have the minimum amount of coverage required by law, chances are that a claim could easily exceed that amount and you would be having to forfeit your finances and other assets in order to pay up. Now there is a bankruptcy backstop that would hit the brakes on the entirety of the proceedings pretty quickly, but, if you do have personal assets, you want coverage to protect those assets and yourself in case the worst happens.
Watch Baskin Jones answer this question on air:
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Have you been injured or know someone who has? Our lawyers at The Jones Law Firm work tirelessly to ensure you get the financial compensation you deserve and are legally entitled to receive under Mississippi state laws.
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