I have been practicing injury law for almost 20 years. To this day, I still receive calls from people involved in car accidents who did not carry full coverage i.e. liability only coverage. Even if you were not at fault for the accident, you are completely at the whim of the other driver’s insurance company.
That could mean that your car will sit inoperable at your home for an extended period of time. You see the insurance company of the other driver is allowed to conduct their own investigation into the accident. They do not have a specific time limit to initiate or complete that investigation. This means you have to sit idly by sans transportation racking up Uber charges.
Worse yet, if the other driver did not even report the accident to their insurance company, the insurance company can wait to hear from their own driver before taking any action, at all.
Beyond being car-less, another problem could arise if the other driver’s insurance is paying less than you believe is fair for your repairs or the value of your car. What can you do in that instance? I suppose you could file a lawsuit just to prove the “true” repair or replacement cost of your car. But that would mean court costs and possibly attorneys’ fees.
If you had your own property damage coverage, you could just elect to file the claim with your own insurance, and their team of lawyers could pursue the damage against the other insurance.
So ask yourself….what am I really saving by carrying liability only coverage vs. what complications and issues am I exposing myself to by not buying full coverage?