I just heard a story on NPR this morning about the growing number of uninsured drivers in America. I highly recommend that you examine your own insurance policy and make sure you have enough uninsured motorist coverage. It might keep you from going bankrupt if you get put in the hospital from an accident caused by somebody driving without insurance.
I increased my uninsured motorist coverage a few months ago and was surprised at how cheap it is. For around $9 a month I increased the coverage immensely. I now feel that if anyone in my family gets in a bad car accident or truck wreck there will be enough money to cover even the worst hospital bills.
Insurance companies don’t like you to have increased uninsured motorist coverage because it means more money they have to pay out and that cuts into their profit margin.
Another thing to remember is that your uninsured motorist coverage also covers you if the driver that hits you doesn’t have enough insurance to cover your hospital bills. In this case it is sometimes called underinsured motorist coverage.
You can read more about this and other topics in my Richmond Virginia car accident lawyer book.
The Wall Street Journal reports that more drivers are letting their car insurance lapse. This puts themselves and other drivers at risk.
“A good proportion of people on the road are either uninsured or underinsured, and so you have to protect yourself,” said Robert Hartwig, president of the Insurance Information Institute, a nonprofit group. “Your odds of being in an accident with an uninsured driver are substantial.”
It is important to make sure your insurance policy contains uninsured motorist or UM coverage. About 20 states require UM coverage, which compensates policy owners for injuries as pedestrians, in hit-and-run accidents and in wrecks caused by drivers without insurance.
Without UM coverage you may have to sue to recover costs for medical bills and damages and many uninsured drivers have few assets.
Uninsured Motorist coverage might make your insurance premium go up a small amount, but it is not worth the risk of a car or truck accident with a driver who carries no insurance. Drivers who are uninsured are more likely to get into accidents.