Car insurance salesmen get a bad rap. This is because the average customer thinks that the salesman gets an increased paycheck if they sell you additional forms of insurance coverage. This thought process results in the average consumer viewing all additional insurance coverage with suspicion. While you should approach any financial transaction with caution, uninsured motorist coverage may not be as suspicious as it seems.
Should You Consider Purchasing Uninsured Motorist Insurance?
You may ask, why should I buy this coverage? I have insurance. Will it not cover the repair of my car regardless of whether the other driver is uninsured? The answer is both Yes and No. If the uninsured driver is at fault, you could suddenly find yourself in a precarious financial situation. In this scenario, a typical insurance policy will cover some of your medical benefits and some of the repair bill for your car; but not all expenses, medical and automotive, will be covered.
It Pays Medical Bills.
If you or your passengers are seriously injured in an automobile accident by an uninsured motorist, a typical insurance policy may fall well short of providing for you or your passengers’ medical expenses. Uninsured motorist coverage functions as a stop gap, this additional coverage could provide adequate money for extra medical bills, physical rehabilitation, and medical supplies. Additionally, the policy can provide for short or long term disability payments, if you or your passengers are unable to return to work.
It Will Help Cover the Costs of Automobile Replacement or Repair.
If your car is damaged or totaled in an automobile accident by an uninsured motorist, your insurance company may require you to pay your policy’s deductible before it will pay for repair or replacement. Uninsured motorist coverage will cover the deductible. Additionally, an insurance policy may not give you the full value for repairs or, in the case of a totaled automobile, a replacement. Once again, uninsured motorist insurance functions as a stop gap, it will help cover these additional expenses.
The Bottom Line.
Coverage is not available in all states. If available for purchase, remember that research shows approximately one driver out of seven is uninsured. Typically, the policy cost is 10% or less of the amount of your premium. Divide this price over the course of twelve months and uninsured motorist coverage can be quite affordable, especially considering the potential benefits it conveys. If you or a loved one has been in an accident involving an uninsured motorist contact Bryan Caulfield today!