Posted on March 23rd, 2015 by Zane Cagle
What is Underinsured Motorist Coverage?
Underinsured motorist coverage is just a contractual agreement you make with your insurance carrier, so that if someone hits you or hurts you in a motor vehicle accident then there is going to be “x” amount of money available to you.
If you are in Missouri, the minimum car insurance required by law is $25,000 and in Illinois, the minimum is $20,00 per person. So, if you are out and about going to the grocery store on a beautiful day and someone T-bones you and seriously hurts you, you have to consider “How far will $25,000 or $20,000 really take you in medical bills if you are seriously hurt? ………………………..Not too far.
How many people do you think are tooling about town with no auto insurance or with liability only, and is that a risk you want to take? By having underinsured coverage, you are making sure there is coverage in case you are injured even if it is someone else’s fault. So, it does not seem fair that you have to buy more coverage because others don’t carry the state minimum? You’re right, however, if you are injured, you are injured without coverage that seems even more unfair.
You can buy what we call “underinsured motorist coverage” for $100,000, $200,000 or $250,000 etc. For instance, if I had $100,000 underinsured motorist coverage in the same scenario above where I was t-boned on the way to the grocery store because someone runs a red light, then I would have an additional 0,000 available to me regardless of what the other person had for insurance of if they only had the state minimum.
A Way to Avoid Having to Depend on Others
I’m not an insurance salesman and I won’t even go into my long list of complaints about the insurance industry in general. As a car accident attorney, I know that you are absolutely upside down and inside out if you don’t have insurance coverage and are in a car accident. Since I work daily with injured car accident victims, I know the importance of taking care of yourself and being sure that you are covered. Since you cannot control the actions of others, uninsured motorist coverage is a way to look out for you and your family.
Having underinsured coverage is a way that you don’t have to depend on others to do to the right thing. Depending on your policy, driving record, where you live and your age, chances are you can pick up this coverage for $100-$250 a year. Having that additional coverage is a small monthly investment for peace of mind in case someone else is not paying attention, makes a mistake and hurts you seriously. It’s coverage to help you and your family. For that reason alone, I recommend to all of my clients and potential clients to look into underinsured motorist coverage and to find out what your policy limits are on your insurance policy.
If you’ve been hurt in a car accident, contact our attorneys toll free 1-800-685-3302 or 314-276-1681