Check your coverage: Accident proves the short-comings of low-cost car insurance

Most consumers want to save money where they can, so low-cost insurance policies can seem like a simple adjustment until you need the coverage.

It was an expensive lesson that Chris Godley learned the hard way.

His car was totaled and his back was broken in the accident.

"For 12 years now ... the best rate's been great, but when it came down to it, the best rate didn't cover it," says Godley, who needed an ambulance, surgery and therapy after the crash.

He said his medical bills topped $100,000, and with his car totaled, he needed a new one.

Godley said the other driver's policy maxed out at $32,000.

"That was a huge shock to us," he said. "$50,000 seems like a tidy sum that should cover most anything, which is not even remotely the case."

Godley's story raises the question: Does your policy provide enough coverage if you're in an accident?

Industry experts say if you have your state's minimum financial liability requirements then probably not.

That's why vehicle owners should ensure that their coverage limits will cover potential damages and injuries, both of which can get expensive, quickly.

He said he hopes his experience serves as a teaching moment for other drivers."

"If anybody watches this and says, 'Wait a minute, if that happened to me with what I've got, I'd be screwed,' it helped somebody," he said.