There are laws in Rhode Island and many other states that require all drivers with registered vehicles to have insurance. So do you really need to purchase Uninsured or Underinsured Motorist Insurance? When you are already paying for liability insurance, it can seem hard to justify paying more month to month. The truth is, UMI offers extra protection that could save you some major headaches down the road.
Car accidents are one of the last things you really want to think about. However, the amount of time we spend in cars, going to and from work, running errands, traveling, or meeting up with friends, means we have to think about it. Americans spend over 17,000 minutes in a car per year on average. Accidents occur, and once you know everyone is okay, the next question can make you feel dizzy. How much is this going to cost? You have to have your car repaired, or in some cases, replaced, and you might have to pay medical bills. Generally, if you are found at-fault, your liability insurance should cover any damages done to the other party, and if the other party is found at-fault, their insurance should cover your damages. But what if it doesn’t?
There are four main situations when having UMI could save you major stress:
- Hit and run. If you’ve been in an accident and the other driver leaves the scene, UMI may have you covered.
- Not enough insurance. In an accident where the other driver’s coverage is not enough to pay for the damages to your car, or your medical bills, UMI will relieve the additional financial burden.
- Passenger coverage. If you are the passenger of an accident in another vehicle, UMI will still cover your medical expenses. Likewise, if you have passengers in your car when you get into an accident, UMI will cover those passengers.
- Illegally uninsured driver. Just because drivers are required to have insurance, doesn’t mean that all of them do. In the event of this kind, UMI will ensure that you are still protected.
Imagine- you just bought a brand new, shiny vehicle. You’re taking it for a drive on a nice day, and from the opposite direction, another driver is distracted, changing the radio station. That driver veers into your lane and hits your vehicle. Now, your arm needs medical attention and your car needs serious body work. In fact, your car needs $40,000 in body work and your medical bills amount to about $65,000. However, the other driver only has $25,000 in liability insurance. This leaves you with the bill for the other $80,000. If you have underinsured motorist insurance, your insurance company will absorb those costs.
The sad truth is, not everyone is as responsible as we’d like them to be. There are many cases where other motorists can cause you undue financial burden and having uninsured or underinsured motorist insurance can prevent you from having to pay the price.