There are more than six million car accidents every year on roads and highways.
It takes a split second for something to go wrong. And there's more than physical injury at risk, a bad accident can wipe you out financially.
Consumer Reports says you could lose everything you own.
Kathy Sommerich Handel had a car accident last year. Her two children were in the back seat.
Fortunately no one was hurt. Kathy's also lucky that she had enough insurance to cover the damage, so there was no financial impact either. How can you keep a collision from becoming a financial disaster?
Consumer Reports money adviser's Laura Washington says be aware, the state insurance requirements may leave you vulnerable.
If you own your own home, or if you have assets, they could be at risk if you're underinsured."
So what's sufficient auto insurance coverage for homeowners? For both bodily injury and uninsured motorist coverage., you should be covered for 250-thousand dollars per person and 500 thousand dollars per accident.
Consumer Reports money adviser says another area where people are often underinsured in property damage coverage.
States typically recommend between 10 and 25 thousand dollars worth of coverage. But we recommend a hundred thousand dollars worth of coverage just in case you hit a really expensive car.
And in the chaos that follows an accident, people often forget what information they need. Ask to see the driver's license and insurance card as well as the vehicle registration.
Also, be sure to note the make, model, and license plate of the car. Kathy says she made a point of staying calm after her accident, and that helped ensure that she got the information she needed.
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