It’s possible to get uninsured motorists coverage for less than you might think. If the other driver isn’t insured, you can still file a claim and get your medical expenses paid. In fact, some states require that drivers carry at least ten thousand dollars in coverage, which can save you from a financial catastrophe. And because the state doesn’t require uninsured motorist coverage, you can choose between bodily injury and property damage liability coverage for your vehicle.
Whether you can afford to pay the premiums for uninsured motorists coverage depends on the state’s laws. In Florida, for example, nearly one-in-four drivers are uninsured. The Insurance Information Institute reports that uninsured motorist coverage costs between six and ninety-five dollars per person in Florida. However, some insurance companies charge extra for uninsured motorist coverage.
In some states, drivers can choose to drop underinsured motorist coverage entirely. For instance, New Hampshire doesn’t require drivers to carry a minimum amount of insurance. Most states, however, have financial responsibility laws that require drivers to carry at least liability insurance. Most uninsured motorist coverage policies cover both property damage and bodily injury expenses. This type of coverage is also beneficial if you’re involved in a hit-and-run or accident with an uninsured driver.
Although uninsured motorist coverage is not mandatory in every state, it’s worth it if the driver who caused the accident doesn’t have insurance. It’s inexpensive and adds about five to ten dollars to your monthly premium, but it will help you get the financial support you need after an accident. It will pay for medical bills, lost wages, pain and suffering, and funeral costs. There are other factors to consider before deciding whether to purchase this coverage for yourself.
In addition to determining whether you’ll receive enough coverage to pay your damages, you should consider contacting the other driver’s insurance company to see how much they’re willing to pay. If you’re lucky enough, the other driver’s insurance will pay their policy limit, but they’ll only pay up to the policy limit. That’s why getting uninsured motorists coverage is essential.
Another type of uninsured motorists coverage is known as uninsured motorist property damage, or UMPD. This type of insurance will cover any damages your car incurs because of an uninsured motorist. It may have a deductible of $300, but you’ll get the money if the uninsured driver doesn’t have insurance. If the other driver has no insurance, a UIMPD policy will pay the damages.
Collision coverage is an important part of a personal auto policy, and you should get it on every vehicle. It’s also necessary in some states, as a low-limit uninsured motorist can easily cause an accident involving three cars. Collision coverage can help you cover any out-of-pocket expenses, including the cost of a rental car. Some states require drivers to carry collision coverage, so if you have multiple vehicles, consider adding it separately.