Uninsured/Underinsured Motorist Coverage
What Is Underinsured Motorist Coverage?
If you go out driving, you encounter an accident with an underinsured motorist. Underinsured motorist coverage would seek to cover you when you are involved in an accident with a motorist with inadequate insurance. This coverage helps cover medical bills and losses in your car.
What Is Uninsured Motorist Coverage?
An uninsured motorist coverage is a safety net that protects you financially if you collide with a driver who does not have insurance. Imagine this: You are on the road and get involved in an accident with a driver without insurance coverage. This coverage will cover medical bills or car repairs in such a situation.
Some Quick Facts About Uninsured/Underinsured Motorist Coverage
According to the Insurance Research Council, approximately one in eight drivers in the US is uninsured.
Underinsured motorist coverage bridges the gap between the other driver's insurance limits and your expenses, with no hefty bills.
Hit-and-run accidents are common. Your coverage can protect you if the at-fault driver flees the scene.
Insured individuals can "stack" their uninsured/underinsured motorist coverage benefits in certain states legally.
Uninsured/underinsured motorist coverage may also include options for legal expenses in case you need to sue the at-fault driver.
What Does Uninsured/Underinsured Motorist Coverage Include?
Uninsured/Underinsured
Motorist Bodily Injury
Uninsured/Underinsured motorist bodily injury coverage protects you if an uninsured or underinsured motorist injures you. It helps you cover medical expenses.
Uninsured/Underinsured
Motorist Property Damage
Uninsured/Underinsured motorist property damage coverage pays for repairs if an uninsured or underinsured motorist damages your vehicle. It’s an essential part of UIM/UM insurance.
Why Do I Need Uninsured/Underinsured Motorist Coverage?
If you are a victim of an uninsured or underinsured driver, you are bound to be left with heavy medical and automobile bills. Underinsured or uninsured motorist coverage is needed to shield an individual from financial risk from an accident resulting in bodily injury or property damage.
How Much Uninsured/Underinsured Motorist Coverage Do I Need?
Choosing the right amount of bodily injury coverage for uninsured/underinsured motorists involves considering state minimum requirements, risk tolerance, and current medical coverage. Insurance experts suggest limits of at least $100,000 per person and $300,000 per accident for adequate protection, ensuring sufficient coverage in serious accidents.
How Much Does Uninsured/Underinsured Motorist Coverage Cost?
The cost of uninsured/underinsured motorist coverage typically ranges from $50 to $200 annually, depending on various factors. This optional coverage is generally affordable and can provide critical protection if you're in an accident with a driver who lacks sufficient insurance. The following are several factors that affect the coverage costs of uninsured/underinsured motorists:
How Is Uninsured Motorist Coverage Different From Underinsured Motorist Coverage?
Uninsured Motorist Coverage
Underinsured Motorist Coverage
This applies when the at-fault driver has no insurance.
It comes into play when the other driver's insurance limits are insufficient.
Usually, it involves an entirely at-fault uninsured driver.
It may involve a partially at-fault driver with inadequate insurance.
Compensates up to your policy limits.
Supplements the at-fault driver's insurance up to the limits of your policy.
It may involve pursuing legal action against the uninsured driver.
Often focuses on 'negotiating' with the at-fault driver's insurance company.
Premiums may depend on risk factors associated with uninsured drivers.
Premiums may be different due to varying risks associated with underinsured drivers.
Get a Free Uninsured/Underinsured Motorist Coverage Quote
Are you looking for protection against uninsured or underinsured drivers? Choose CINCO Auto Insurance for competitive rates and trustworthy service. Our auto insurance agents provide affordable quotes and easily guide you. Get your free quote today and drive confidently, knowing a reliable team covers you!
Frequently Asked Questions Regarding Uninsured/Underinsured Motorist Coverage
Ans) This depends on the state, but minimum requirements for uninsured/underinsured motorist coverage have been set.
Ans) Yes, the coverage for uninsured/underinsured motorists includes hit-and-run accidents. It offers cover when the driver who caused the accident is unknown.
Ans) Yes, uninsured/underinsured motorist coverage can pay for damages even if the at-fault driver is unknown.
Ans) Yes, usually, uninsured/underinsured motorist coverage applies whenever a family member of the policyholder uses your vehicle with the latter’s permission.
Ans) Uninsured/underinsured motorist coverage typically covers bodily injury but not damage to your vehicle.
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