You are currently viewing What Is Uninsured Motorist Insurance?

What Is Uninsured Motorist Insurance?

Uninsured/underinsured motorist insurance is a type of insurance that provides you coverage if you are in a motor vehicle accident and the other vehicle does not have insurance or does not have enough insurance to pay for your damages. According to a motorcycle accident lawyer, this type of insurance provides coverage for things such as your medical expenses, lost wages, and property damage that was caused by the uninsured/underinsured driver.  Without this coverage, you would have to cover the costs of your medical treatment and property damage yourself, and you would not be reimbursed for your lost wages if you had to take off of work due to the accident.

Why Should I Have Uninsured/Underinsured Motorist Insurance?

There are several reasons why you should purchase uninsured/underinsured motorist insurance.  As our friends at Kiefer & Kiefer can share:

  1. It provides coverage for uninsured drivers.

Although most states legally require that one carries motor vehicle insurance on their vehicle, some still choose to drive without it.  If you did not have uninsured motorist insurance and you are in an accident with an uninsured vehicle, you would have to pay all of your out-of-pocket expenses, which could include your medical expenses, the cost to repair your vehicle (or, to get a new vehicle), and/or a rental car.  You would also not be able to recover your lost wages from having to take off work due to the accident. Uninsured motorist insurance helps to ensure that you are not financially depleted due to someone else’s negligence.

  1. It provides coverage for underinsured drivers.

Even in states that legally require one to carry motor vehicle insurance, some drivers will choose to only have the minimum amount of coverage required by law.  In some states, that minimum amount can be very low.  Because of this, even if the other driver has insurance, that driver might not have enough insurance coverage to compensate you for all of your losses due to the accident.  Underinsured motorist insurance covers your expenses that are above and beyond the underinsured driver’s coverage.  Like uninsured motorist insurance, it covers things such as medical bills, lost wages, and property damage due to the accident that you would otherwise have to pay out of pocket.

  1. It provides coverage for hit-and-run accidents.

A hit-and-run accident is when the other driver flees the scene of the accident, and unfortunately, this happens all the time.  Although sometimes you can identify or locate the responsible party, more often than not you will not find them.  Without uninsured motorist insurance, you will be out of pocket for your medical expenses, property damages (car repairs or a new car), a rental car, and any lost wages from having to take off work.  If you have uninsured motorist insurance, your policy will protect you in this situation and pay these costs for you.

  1. It provides coverage for not just car accidents, but also for accidents involving other motor vehicles.

Let’s say you were walking down the street on foot and you got hit by a car.  Or you were riding in a motor boat on a lake and the boat hit another boat.  Or you were riding your bicycle and you were hit by a four-wheeler.  You could potentially use your uninsured/uninsured motorist insurance to cover any medical expenses, property damage, or lost wages due to accidents such as these.

  1. It is affordable.

It is a common misconception that uninsured/underinsured motorist coverage is crazy expensive.  Truth be told, it is relatively affordable when compared with other types of motor vehicle coverage. The financial protection it provides certainly should outweigh its minimal cost.  It should be mentioned that “full coverage” does NOT include uninsured/underinsured motorists.

In conclusion, one should absolutely purchase uninsured/underinsured motorist insurance, as the benefits far outweigh the minimal cost in premium.  By purchasing this coverage, it protects you and your loved ones from the potential financial devastation caused by someone else’s negligence. If you are involved in an accident where there are insurance issues, contact an attorney near you for help.