While you may have a reasonable and responsible amount of liability coverage, that doesn’t necessarily mean you have everything you need to be protected on the road. In addition to your own personal liability coverage, you should also consider uninsured motorist coverage (UI/UM) and underinsured motorist coverage (UIM). What is UI and UIM? It’s coverage that protects you if you experience property damage or physical injury associated with a driver who is uninsured or underinsured.
As Many As 14.3% of WI Motorists Are Uninsured
And a more significant number of motorists are underinsured. So, what happens when an uninsured or underinsured motorist hits you? If you have UM/UIM, you’re covered up to your own coverage limits. Your own insurance company will pay for your injuries and damage, and you won’t need to take additional steps.
If you don’t have UM/UIM, on the other hand, you’re going to need to pursue the motorist in court. If they aren’t able or willing to pay, you may find yourself covering your own medical bills and physical damages. Remember: It’s difficult to get money that someone doesn’t have. Even if you’re able to settle in court for the amount that you deserve, you may not be able to collect upon it for many years.
The Number of Uninjured/Underinsured Drivers Is Only Going Up
Currently, the unemployment rate is nearing 20 percent, and it’s estimated that as many as 40 percent of the jobs that have been lost this year will remain lost forever. People aren’t going to be working, which means they’re going to be discontinuing insurance policies. And that doesn’t mean that they’re going to stop driving.
During the pandemic, many insurance companies deferred payments or created payment plans, with an eye on helping people through temporary misfortune. But these payments do become due, and many motorists are going to deal with this by either canceling their insurance or reducing their coverage.
You can protect yourself from an increase in uninsured and under-insured motorists by increasing your own insurance coverage. If you do get into an accident, you don’t have to worry about whether or not the other person was prepared for it.
Finding the Right UI/UIM/UMPDB Coverage for You
The easiest way to find uninsured/under-insured motorist coverage is to go through an independent insurance agent. An independent agent will be able to review several third-party providers to find the most affordable option. Automobile insurance can be complicated, and many factors go into finding the most affordable, most reliable option.
Just like any other type of coverage, you can select certain types of coverage limits based on your risk assessment and your options. Most insurance will have coverage caps based on the person and based on the incident. You can choose your UM based on how much risk you feel you have, and what you want to protect.
An insurance agent will be able to advise you on your auto insurance needs and often even additional services such as umbrella insurance, to make sure that you, your family, and your property are financially protected.
Do you have UI/UIM coverage? Do you want to learn more about it, or increase your coverage limits? Set an appointment today with Stauffer-Klug Insurance.