Uninsured Motorist Coverage – Why It’s Essential for Protecting Yourself on the Road
Uninsured motorist coverage (UM), also known as UIM coverage, provides payment for medical bills, pain and suffering claims, lost wages and damage to your car if hit by someone who doesn’t carry enough insurance or has only minimum required coverage. It can even cover accidents involving hit-and-run drivers.
1. It’s Required by Law
Nearly every state mandates motorists carry at least minimum liability insurance. Unfortunately, however, one out of eight drivers remain uninsured according to the Insurance Research Council – leaving you exposed if an uninsured driver causes an accident and leaves medical costs or repairs out of pocket.
Why get Uninsured/Underinsured Motorist (UM) Coverage? In other words, uninsured/underinsured motorist bodily injury coverage offers protection in case of an accident with someone without car or liability insurance, or someone who doesn’t carry enough coverage for your damages. Some states offer lost wage compensation as part of the benefits package while car repairs could also be covered depending on state specific legislation if an at-fault driver didn’t carry enough liability coverage to pay your costs; costs vary per state so it would be best suited speaking with an UM lawyer from New York City about available solutions before making any final decisions regarding coverage options and available protection options available to you before making your decisions regarding potential options that exist in terms of cost savings when choosing between options available from such policies available options available from various states!
2. It Can Save You Money
In states that allow tort liability, you have the ability to recover damages from those at fault in your accident. Unfortunately, they may either lack insurance altogether or only carry minimum coverage that won’t cover all your expenses.
With uninsured/underinsured motorist coverage (UM/UIM), you can file a claim against an uninsured motorist responsible for an accident and get medical costs, lost wages and pain and suffering covered. Most policies provide coverage for both you and your passengers while some also include property damage protection.
If you want to get the most out of UM coverage, choose limits that correspond with your liability coverage. If you own multiple vehicles on your policy, consider stacking UM coverage on each one; your insurance agent can advise on available options and may even allow it to be added onto existing policies for an affordable additional cost – saving both time and hassle when applying for new policies!
3. It Can Help You Recover from an Accident
Uninsured motorist coverage provides compensation in the event that you are injured by a driver without insurance, who does not carry their own policies. While required in some states and available as an option in others, having this protection ensures you do not incur expensive medical bills and repairs from out of pocket expenses.
If the other driver lacks insurance altogether or only possesses minimal coverage, your own insurer will step in to cover costs – they then attempt to recover these from them through subrogation.
Always opt for uninsured motorist coverage when purchasing car insurance, as it is both affordable and provides peace of mind should an accident with an uninsured driver occur. When speaking with your agent about this option, discuss options regarding coverage amounts such as $5,000 increments so that your family is best protected in case an uninsured driver collides with them.
4. It’s a Good Idea for Everyone
Uninsured motorist coverage can be invaluable for drivers. It can help cover medical costs and other expenses should an accident happen where another party doesn’t carry car insurance or has low limits that won’t cover everything that might arise, saving both time and money on medical bills and expenses in such an instance.
Insurance policies can help pay for vehicle repairs or expenses caused by uninsured drivers if they hit your car, so choosing higher policy limits than what is legally mandated can provide greater peace of mind and protection.
Some states mandate uninsured/underinsured motorist coverage (UM/UIM), while others offer it as an optional or part of their basic car insurance coverage. No matter where you reside, it would be prudent to add this form of protection into your policy; most will consider it worth their while as the average claim payout for UM/UIM stands at $35,546, giving plenty of cash that could help pay hospital bills, car repair or any expenses following an accident with an uninsured driver.