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The Insurance Research Council (IRC) estimates that 1 driver out of every 7 drivers in the United States is currently uninsured. This is especially startling considering that an accident with an uninsured or underinsured driver can result in significant costs that aren’t covered by a basic liability insurance policy.
To protect law-abiding drivers, many states are now requiring uninsured motorist coverage in their car insurance policies to help with costs associated with injuries after being involved in a car accident with an uninsured driver.
Additionally, drivers may have the option to purchase uninsured motorist property damage that covers damages to your vehicle and/or other property caused by an uninsured driver in an accident.In the event of an auto accident, uninsured motorist (UM) coverage – also called uninsured motorist bodily injury (UMBI) insurance – will cover you and your passengers for: Medical expenses, Pain and suffering, and Lost wages. Under this car insurance policy, you and your passengers will also be covered if you are the victim of a hit-and-run accident.
If you decide to purchase UM coverage, you’ll need to select the limits that are right for you. In many states, the minimum car insurance coverage amounts are set for you; however, you can always choose higher limits (and it may be wise to do so).
It is always smart to sit down with your insurance professional to see not only what coverages you have when you may be at fault, but also when someone else’s insurance comes up short.