How to Protect Yourself from Uninsured and Under-insured Motorists
This might be the scariest number you see today. According to the Insurance Research Council, ONE out of SEVEN drivers on the road in the United States has no insurance coverage at all. Others who might be carrying insurance are still allowed to carry limits so low that they wouldn’t come close to compensating you or your passengers should there be serious bodily physical harm.
For drivers who are legally insured, this is a truly frightening statistic. When you consider how expensive the fallout from a car accidents can be, taking into account everything: medical, property damage, vehicle damage, time lost from work, final expenses…etc, these costs quickly escalate into amounts even above average earners could never afford out-of-pocket.
What are the options available to protect yourself from uninsured or under insured drivers?
Keep reading, please.
The Problem With Insurance Requirements…
We need to confront reality before it confronts us. Let’s face it. There will always be drivers who will decide not to maintain insurance coverage at all. If you have an accident with one of these folks, and there is bodily injury, then Uninsured and Under insured motorist insurance is the best way to protect you and your passengers financial security. Even if you have excellent health insurance those kind of policies are not designed to compensate you for all that you may lose. While most states require proof of insurance in order to register a car, there are too many ways around this law for you to depend solely on THE LAW to protect you. You need to protect yourself. In order to do this, insurers offer optional limits for uninsured and under insured motorist coverage. Beyond being just a good idea, these optional higher limits should be part of your required auto insurance protection package.
What if you are involved in an accident with a driver who is legally covered but the amount of coverage they carry falls below the cost of the damages they cause? That’s a real problem, unless you’ve taken the proactive step of insuring yourself against Under-insuredmotorists. If you have not, the likely source for covering these additional costs may very well be YOU.
The Bottom Line
It’s unfortunate that we have so many people who choose not to take financial responsibility for their negligent actions on the roads. This is the sad reality of life today but that does not mean you have to go unprotected. You CAN and should protect yourself by making sure you have adequate Uninsured and Underinsured limits on your auto insurance policy. Discuss this very important coverage question with an experienced agent, like those at O’Connor & Co Insurance Agency. On-Line or on the phone we are always available for a one on one conversation.