Six Things You Should Know Regarding Uninsured And Underinsured Motorist Coverage

When you've been shopping for auto insurance in the past, you may have noticed the option to buy uninsured motorist coverage and wondered if you should add this option to your policy.

Adding uninsured and underinsured motorist coverage to your auto policy is always a good idea. You should learn a bit about this coverage type. When you learn more about it, you may decide to purchase it for the added peace of mind it provides.

The following are six things you should know regarding uninsured and underinsured motorist coverage:

There are many more uninsured drivers out there than you think.

A lot of people have a misconception that uninsured drivers are rare because the police are so effective at catching them. However, studies have shown that the number of uninsured drivers out there is actually very high.

In fact, an estimated one in five drivers was uninsured as of 2015. This means that roughly 13 percent of drivers out on the roads have no insurance. 

A driver without insurance is not likely to be able to compensate you out of pocket for any damages he or she causes.

Although you might try to pursue uninsured drivers for accident damages they cause, the fact of the matter is that uninsured motorists are not likely to have any money to compensate you with.

The vast majority of uninsured drivers are struggling with poverty, so they certainly will not have the money to pay out of pocket for your vehicle repair or medical bills. 

Accident damages can quickly max out the maximums on your own insurance policy when it comes to medical bills.

You might assume that uninsured motorists are no problem because your own insurance should cover you for any injuries that result from an accident with an uninsured driver. However, it's important to realize that your insurance policy has maximums on it and won't compensate you over these amounts.

Medical bills can add up quickly and max out your own insurance coverage, leaving you with thousands of dollars in medical bill debt. 

Without collision coverage, you get no insurance on damages to your vehicle if an uninsured driver hits you.

A lot of drivers out there only carry liability insurance and have no collision coverage. If this is your situation, you will have to pay entirely out of pocket for vehicle repairs if someone without insurance hits you.

Adding uninsured motorist coverage to your policy should only increase your premiums slightly.

The most convincing thing when it comes to choosing whether or not to get uninsured motorist coverage is how inexpensive this type of coverage is. You can often add uninsured motorist coverage to your policy for only a few more dollars a month. 

Many states require certain types of uninsured motorist coverage.

Some states require some uninsured motorist coverage- especially uninsured motorist bodily damage coverage- as part of their basic auto insurance requirements. These states include Connecticut, Illinois, Kansas, Massachusetts, and many more. A few states also require uninsured motorist property damage coverage.

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