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What Is Uninsured Motorist Insurance And Why Do I Need It?

uninsured-motorist-car-accidentIn the United States alone, 1 in every 7 drivers on the road is known to be uninsured or underinsured. Despite being a legal obligation in several states, these drivers tend to throw caution to the air as they drive on roads, unsecured in case of an accident. While they face a massive risk themselves, they pose an equivalent threat to others as well.

Uninsured or Underinsured Motorist Risk

If you get into an accident with an uninsured or underinsured motorist, you will not be able to receive adequate compensation for your losses. The uninsured motorist will most probably lack the funds required to clear your dues. Even litigation may prove to be unfruitful in acquiring adequate compensation for your personal injuries and losses.

So, even though you’ve been a responsible and law-abiding citizen, you’ll lose terribly at the hands of uninsured motorists. It is therefore recommended for you to get the uninsured or underinsured motorist insurance along with your conventional car insurance coverage.

Benefits of UM/UIM Insurance

In the event of an accident with an uninsured or underinsured motorist, this insurance plan allows you to receive adequate compensation for your medical bills, property damage, income losses, and emotional trauma. These expenses will be paid by your insurance company, depending upon the kind of coverage you seek. In some cases, drivers opt for minimal uninsured motorist insurance. Accordingly, you’ll be covered for minimal expenses in case of an accident. It nevertheless keeps you safe from substantial losses.

Alternatively, insurance companies may choose to compensate you based on how much you were at fault. This takes into account contributory negligence on behalf of both parties involved to reach a mutually acceptable and well-deserved decision. In either case, you’ll be able to get the peace of mind that your property is adequately covered against all potential damages.