There are dozens of different factors and components you have to look at when getting auto insurance. Because of how many additional riders and factors there are, it can be confusing trying to find the perfect policy to fit your needs. In this article, we will look at the advantages and disadvantages of uninsured motorist coverage and if these plans are right for you.
One part of auto insurance that is often confused or misunderstood is uninsured/under insured motorist coverage. This is one of aspect coverage that most consumers will skip over without fully understanding what it provides. Around 1 in 8 drivers in America is driving their car without car insurance according to the Insurance Research Council.That means that there is a good chance that you could have a collision with a drive that doesn’t have any auto insurance.
At Longevity Brokers, we not only help you get affordable and quality auto insurance, but we help you make the best decisions for insurance coverage. We want to ensure that you have the coverage that is going to fit your needs at an affordable price.
What Is Uninsured Motorist Coverage?
Let’s say that you’re in an accident, it’s never a fun experience, but one thing that could make it worse is that if the other driver doesn’t have auto insurance, or doesn’t have adequate coverage. This is what uninsured/under insured motorist coverage comes in and can save you massive bills and plenty of headaches.
Before looking at the nuts and bolts of these types of coverage, there are a few important notes that you should be aware of that can impact your insurance. The first thing is that not every state has this type of coverage that you can you add to your insurance policy. Additionally, not every state looks at this coverage the same.
This additional coverage protects against two types of liability, both bodily injury and property damage. But, what does that mean if you are in an accident with someone without insurance? Well, it depends on what state you are in and how they handle non-insured drivers. There are two types of ways that states will look at the accident, either as “no-fault” or tort.” There are specific differences between these two types of states.
With a no-fault state, the driver will go to their own insurance company for payment after they are in an accident. The matter of which driver was at fault during the crash doesn’t matter.
With a tort state, the process is very different than a no-fault state. In tort states, the insurance company will pay for repairs based on which driver was deemed at fault for the accident. If you’re in an accident with an under insured driver, their insurance company will pay for both your repairs and their repairs.
If you’re in an accident with a driver that doesn’t have any auto insurance, it’s going to depend greatly on what kind of state you are in. About half the states in the U.S. require that you have some uninsured or under insured coverage for liability, but other states leave the coverage optional for you.
There is one law that could come into play depending on what state you live in. Some states have a “contributory negligence” law, which could impact how much the insurance company pays you for damages. With this law in place, insurance companies payout depending on how the ruling of the accident. In these states, each driver will be given a degree of fault for the accident. For example, let’s you are deemed to be 15% at fault, which means the company will pay 15% of the damages.
Why you Need Uninsured Motorist Coverage
There is an obvious reason that you would need this additional coverage because so many drivers are on the road without insurance. If you’re in an accident, it’s never fun, but if the other person is uninsured, it could make the situation a thousand times worst.
Regardless of which type of state that you live in, this can be a long and complicated process. Depending on the situation you could be forced to sue for reimbursement from the other drive, which can drag out the process even longer. Having adequate auto insurance can prevent all of this and guarantee that you have the insurance protection that you need, regardless of the other driver’s insurance.
Uninsured Motorist Coverage – what you need to know
Every state requires that you have basic auto insurance, but there are a lot of people that don’t obey that rule, which could leave you with massive debts and problems. Having adequate auto insurance can prevent all of this, but it’s vital that you understand the coverage that you’re getting or that is available to you.
At Longevity Brokers, we are proud to provide quality insurance, not only for your auto, but for your homeowners insurance in the Denver, Colorado area. Not only do we give our clients affordable coverage, but we also help them make well-informed decisions about their insurance needs.
If you have any questions about uninsured motorist coverage or about any of the other insurance products that we offer, please contact one of our agents today. We know that understanding and navigating all of the different kinds of insurance can difficult, but we are here to help you. We would be happy to answer those questions and ensure that you’re getting the coverage that you need. You can use our contact form or call us at (702)209-4598, and we will love to connect you with the perfect insurance plan.