Imagine you’ve just been T-boned by the 16 year old driver in the 1990 Ford pickup. It’s not your fault, the kid ran a stop sign. Its good its not your fault. The bad thing, though, is that the inattentive kid only had the minimum limits ($25,000) of insurance. That is all the State requires. This is not the time to be left wondering whether you purchased extra coverage for yourself!
Now is the time to review your own policy — before you are involved in a wreck. When you purchase insurance you can buy many different coverages. The law requires that you buy liability coverage to pay those you harm. You should also be purchasing Uninsured Motorists as well as Underinsured Motorists coverages to protect you and those who ride in your car (usually your family) in the event you are hit by an un/underinsured motorist as demonstrated by the kid, above. When you purchase underinsured coverage you essentially buy extra coverage that the low-limit insureds don’t have. In a wreck with significant injuries, this coverage is critical to your ability to be compensated for your losses. In the scenario above, if you had purchased UIM coverage of 300/500 you could have access to a potential recovery of up to $300,000.00. If your injuries are severe, this coverage is incredibly important.
Underinsured and Uninsured insurance coverage is relatively inexpensive. Being without such coverage can be devastating.
Now is the time to review your coverages and make certain that you have sufficient coverage in the event of a wreck with an uninsured or underinsured driver. Read this blog post for more information about the various types of insurance coverage available to you