Underinsured motorist coverage
As a driver, in some states annual inspections are required to keep a car legally on the road. At that time, the owner is also required to show valid insurance. However, this is not true in all of the lower 48 states. Even in states that require valid insurance and a yearly inspection, drivers feel they cannot afford the insurance and take to the roads to chance an accident with no way to pay for the damages that could be caused.
In Oklahoma, for example, a recent study by the Insurance Research Council showed that 24-percent of drivers in the state do not carry insurance. In Mississippi and New Mexico, uninsured drivers are 28-percent and 29-percent of the drivers sharing the road with the adequately insured motorists. Meanwhile, in New Hampshire and Ohio the rates are 13-percent and 16-percent respectively. While lower than other areas, this still means there are plenty of cases for a car accident lawyer or injury lawyer to keep busy with.
Car accident lawyers and injury lawyers are good at what they do. They have plenty of experience and are highly capable to help after the fact of an accident with an underinsured motorist. However, some judges will rule in favor of the underinsured motorist. This means that the victim of the accident is left with bills and the after-effects of the accident, all without financial compensation.
Having uninsured or underinsured motorist coverage can mean savings of a significant amount of money in the event of a serious accident. If the other motorist is at fault and is not adequately covered, injuries that result in an extended period where work is not an option can mean loss of wages and bills that pile up. However, with uninsured/underinsured motorist coverage, there is financial help to address those financial burdens.
Accidents are a very real part of driving, and driving has become essential with the vast numbers of people who live in rural areas and some distance from their work or retail areas. Having coverage to account for those who do not feel it is necessary or find insurance too expensive is a way to avoid their ignorance becoming your problem.
Another consideration for uninsured or underinsured motorist coverage is that this insurance covers instances where your vehicle is involved in a hit-and-run accident. In this case, obviously, it is unknown who the culprit was, so it is hard to bill their insurance. Also, in cases where a member of the household is in an accident as a pedestrian, this coverage comes into play. This provides peace of mind for situations that may seem unlikely but still could unfortunately occur.
Being over-prepared in a world filled with strange occurrences is not a bad idea. Having coverage that accounts for the fact that others may not be adequately covered for accidents that can be expected is just great forethought on your part. Keep these factors in mind when considering a new insurance policy or debating how much to spend per month to be properly covered.