Don’t Wait Until an Accident to Find Out! What Is Uninsured Motorist Coverage, and Why Do You Need It?

Imagine you’ve just been hit by another car on the road. It’s a shocking and potentially terrifying moment. As your mind reels and you assess your injuries, the last concern you’ll ever want racing through your head is, “how will I pay for this?”

You’re not cited in this instance, but what happens when the negligent driver doesn’t have insurance? The ramifications are bleak: even if you’ve complied with all state mandated coverage requirements, you’ll still be at risk of financial turmoil if you’re in an accident with an uninsured party.

The numbers are surprising. According to the Insurance Information Institute, 12.6%, or one in eight, U.S drivers were uninsured in 2012 (the latest year of available data). In Florida, that statistic is even more staggering at 23.8%, the second highest in the country. This percentage risk is further compounded when we take into account those drivers who are underinsured, and equally unable to pay for damages.

Why PIP Isn’t Enough:

While personal injury protection, or PIP for short, is useful, it will not protect you in the event of a serious crash. Regardless of fault, PIP (which is required in the state of Florida), only pays up to $10,00 in medical expenses and lost wages and only up to $2,000 in funeral expenses. In the event of a serious accident, PIP will just barely skim the surface in covering your associated costs, leaving you and your loved ones responsible for a hefty set of remaining damages.

 What Can You Do?

Being a careful, competent, law-abiding driver is only a part of the equation when it comes to securing your safety. Though we cannot be responsible for the reckless actions of others, we can find a means of financially guarding ourselves in the event of a collision.

By adding Uninsured Motorist Coverage, also known as “UM,” to your plan, you’ll rest easy with the knowledge that you’re covered in the event of an accident. UM will pay for your medical expenses, death and funeral fees, lost wages, and pain and suffering costs. Depending on your plan, some policies may also cover vehicle damages, passenger injuries, and on-going therapy.

Uninsured Motorist coverage is affordable, and it is well worth the investment in your future. We encourage all our readers to talk to your insurance providers and find a plan that works for your budget. While buying the bare minimum insurance policy may seem like an appealing option, the potential future costs and emotional trauma is not worth the risk. By saving money today, you could be destroying your financial security of tomorrow.

If you or someone you know is injured in an auto accident, call The Law Firm of Hoskins, Turco, Lloyd & Lloyd at 866-460-1990. We’re located along the Treasure Coast and interior Lake Okeechobee areas, and you’ll receive a free consultation from one of our experienced personal injury attorneys upon calling, where we’ll answer your questions, address your concerns, and explain your rights. There is no risk in calling and there are no fees associated unless we win your case.