You have insurance. You feel confident that if you are involved in an accident that you will be protected. But beware, chances are high that if you are involved in an accident with an uninsured motorist, you may not be covered, especially if you carry liability coverage only.
Make sure you are protected if you were to be involved in an accident with an uninsured driver.
First, check your existing policy to see if this coverage is included. Some states require this coverage, but only a very few. If you do not have this coverage, request it immediately. You should purchase policy for uninsured / underinsured motorist coverage. Usually this policy will provide coverage on medical bills for you and any passengers in your vehicle, damages to your vehicle even if you have no collision policy, and pain and suffering claims. While it will reflect an increase in your insurance premiums to obtain this coverage, the cost is very low and the protection you get is more than worth the small investment in protecting yourself, your passengers and your property.
When looking to obtain coverage to protect against uninsured motorists be sure to consider the following recommendations:
- Check with your existing insurance carrier to see if they offer this coverage, what the coverage limits are, and how much it will cost you. Then compare this with other insurance companies and what they offer.
- Shop around! The insurance market is huge, and highly competitive. Get the best company you can at the best rates possible. There are many resources on the internet for getting multiple quotes to enable you to compare and save.
- Be sure to thoroughly review the coverage details offered by each insurance company you get a quote from, to make sure you are getting the most for your money.
- Always choose a reputable insurer.
- You can always change your vehicle insurance provider if you find more value elsewhere. If you are in the middle of your policy with another company, they will usually issue a refund of any unused premiums.
- The uninsured / underinsured motorist coverage also assists with costs above and beyond the coverage limits of an underinsured driver’s policy.
Do yourself a favor and take a few moments today to make sure you are indeed protected against uninsured motorists, and if you are not I strongly encourage you to explore obtaining this coverage right away. Just think of the protection and savings this will afford you, should you ever be involved in accident in which the other driver is not covered by insurance.
Sources: carinsurance.com, e-how.com, personal finance editor