Uninsured motorist insurance is an extremely important insurance option to have. To drive on the roads, you are supposed to have insurance in the case of an accident. Consider these two facts: There are accidents happening every couple of seconds on average, meaning that the likelihood of an accident is much greater than many think. The other frightening stat is that about one in every five drivers are driving without car insurance. This is very scary, because in the event that you are in an accident with an uninsured driver, you will be footing the bill.
What Is Uninsured Motorist Insurance?
Uninsured motorist coverage is insurance just in case you get into an accident with an uninsured driver. This coverage will pay for your car repair bills and medical bills for any passengers involved. This type of insurance is needed in the event of not only an uninsured driver, but those who are also underinsured. There are minimum requirements on auto insurance, usually just to have enough liability coverage to cover an accident. Some drivers don't have even that little bit of insurance. The key in an accident is that the fault must be on the uninsured driver. If they were negligent, you are entitled to your damages.
Do I Need Uninsured Motorist Coverage?
This is probably the next question you're asking yourself. It depends on your state. Some states, such as New York, have passed legislation that you must have uninsured motorist coverage. Many states, however, do not require that you have this coverage. You're only required to purchase the amount of insurance that is equal to your current liability limits.
Should You Have It?
There is a difference from being required by law and to actually needing uninsured motorist coverage. If you can afford it, having too much insurance is never a bad thing. Out of the insurance types, liability is a must, but uninsured motorist coverage is also right up there with liability protection. The sad fact is that many people out there don't have insurance. In the event of an accident with an uninsured motorist, if you don't have this insurance, you will be responsible for any damages and bills on your end. It may not be fair, but that's how it goes. Because of this, it's always better to protect yourself. Accidents can be extremely costly for any of the people involved. If you are in a major accident and have to pay the bill, it could be very detrimental to your current and future economic well being. It is better to pay a little every month to have this coverage, than to have a multi-thousand dollar bill that is due in order for you to get your car fixed. Not to mention, if you are injured in a crash, you will have to take care of your own medical bills. Hospital stays are extremely expensive and can put people into serious debt.
Do yourself a favor if you can, and be covered with uninsured motorist coverage. 20% of drivers are uninsured, and they pose a serious threat to your physical and financial well being.