Uninsured-Underinsured Motorist Coverage
Car insurance provides drivers protection in the event of an accident. The importance of having insurance is not realized until the unfortunate event of an accident. Laws in most states require drivers to have insurance policies that include liability coverage. While some drivers do not have the required coverage there are those who do have liability yet they have insufficient limits to cover damages when they are at fault. For this reason, it is very important to have coverage that will protect you in case of an accident involving you and such drivers to be a provision in the insurance policy. In the industry this type of coverage is known as uninsured-underinsured motorist coverage.
Uninsured and underinsured coverage is not a separate policy. It can be included in your regular car insurance for additional fees. You might look at these additional monies and decide it’s not worth the price, but you have to think about the cost of NOT holding this sort of policy. Are you prepared to pay for damages to your car when an accident is not your fault? Even the most careful drivers are at risk. You wouldn’t want to regret your decision later.
Ideally, every motorist should have uninsured motorist coverage, even though it is not required. This coverage not only protects you the driver, but your passengers and anyone listed on the policy are covered if involved in an accident and the other driver is uninsured or is underinsured against damages. Your insurance under the uninsured motorist coverage will cover expenses such as: hospital, treatment, funeral services, car repairs or replacement costs, content damage, disability indemnity, etc. The limit for these expenses will be determined by the amount of your uninsured or under-insured limit in your automobile insurance policy.
?I already have that coverage?, you think. ?My policy covers hospitalization, property damage, funeral costs, and more?. Your regular auto insurance policy usually covers these things for accidents that are your fault. But if you aren’t at fault, the person who caused the accident is in charge of paying the bills. If that person has no insurance, they have to pay for it all outright. Unfortunately, people who can’t afford insurance can’t afford your hospital bills, either. This means you’ll have to pay those costs yourself, and can you really afford that?
The other driver should be responsible for the expenses incurred as a result of the accident; however, in the event the other driver lacks coverage or is insufficiently covered, you will be left to pay the costs.
The uninsured-underinsured coverage includes provisions to protect you from the financial devastation that would result from having to bear the costs relative to an accident involving an inadequately insured driver and is a valuable stress reliever.
When buying new insurance or renewing your old policy, be sure to ask about optional coverage options such as this. There are many studies and statistics which show that the number of deaths from car accidents is quite high, and it would be unfair to you and your family not to protect yourself against the possibility of this kind of devastating financial burden. Look into uninsured motorist coverage and find out what it takes to add it to your policy.
Susan Reynolds is the webmaster for a leading South African Insurance Provider who specialises in Car Insurance Policies.
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