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It happens all the time—you get hit from behind in a fender-bender and pull over to exchange insurance information—only to be met with an uninsured driver. Suddenly a relatively routine process becomes a huge pain and you may ultimately be responsible for covering the cost of repairs out of your own pocket, even if the uninsured driver was at fault. It’s beyond frustrating!
Consider the following statistics about uninsured motorists in 2021:
- There are 28 million uninsured motorists in America.
- A startling one in eight motorists (12.6%) don't have auto insurance.
- Insured drivers pay an estimated $13 billion each year for costs related to accidents with uninsured motorists.
One of the most thankful-that-you-have-the-protection types of coverage to grace auto insurance policies is uninsured motorist protection. Many people know that it's one of those must-have coverage options but not everyone knows what kind of protection the coverage affords.
In this blog post, we’ll tell you everything you need to know about this type of coverage so you aren’t left to cover the cost of colliding with an uninsured or underinsured driver.
Protecting Yourself Against All Possibilities
Uninsured motorist coverage provides protection if you are hit by an uninsured or underinsured motorist. While carrying the protection on your policy is practically a must-do, the coverage limits aren't necessarily as clean-cut of a decision as merely adding on the coverage.
Will injuries be covered?
Like most other insurance policies, the level of uninsured motorist coverage you carry on your policy is unique. You'll want to make sure that you have enough coverage to pay for you and your passenger's bodily injury and damage to your vehicle if you’re in an accident.
Naturally, you'll want to consider a few things—the value of your vehicle and what type of medical coverage you'd like to secure for you and your family (passengers that frequent your vehicle on a regular basis). Deductibles vary by state; you can check your specific state requirements at your state's department of insurance website.
Not Having Uninsured Motorist Coverage May Cost You More Down the Road
Oftentimes, uninsured motorist coverage is one of the least expensive types of protection that you can have on your policy and, unfortunately, it's the policy line item that is most often used.
But remember, merely having the coverage in place isn't always enough. You need to be sure you have enough coverage in place. Don't wait until it's too late—you don’t want to find yourself digging into your personal savings to cover damages caused by an uninsured motorist.
It's almost impossible to protect yourself from all potential situations, but the roads wouldn't be as dangerous if everyone practiced responsible driving. You aren't throwing away money on something you may never use; you're investing in the chance that a loved one may have to use it.
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