Hugh M. Robert Automobile Accidents Law Blog on Lawyers.com

Uninsured/Underinsured Motorist Coverage- Is It Really Necessary?

Thursday, February 9, 2012 by Hugh M. Robert

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A new study shows that one in four drivers in Oklahoma
are on the road and carry no liability insurance (the fourth highest number of
uninsured in the Country.)  Over half the
drivers in Oklahoma either have no insurance or the bare minimum coverage.  While the legislature is passing laws that
have stiff penalties for not carrying insurance, it is not going to help get
your medical bills or lost wages. 



If a driver carries the minimum coverage, $25,000, that
could be eaten up in the first day or two of a hospital stay.  As health care costs are rising, it is a big
factor to consider when decided whether or not to carry Uninsured/Underinsured
Motorist Coverage.  Many friends of mine
have responded to this by saying, well I already have health insurance so I am
not worried about it.  UM also can apply
to lost wages and pay for deductibles that otherwise would have been out of
your pocket.

A hit-and-run driver also counts as uninsured as it
relates to bodily injury (UMBI).  UM pays
for your injuries when someone with no insurance causes an accident or when
you're hit by a hit-and-run driver. UIM kicks in when someone else causes an
accident but doesn't have enough insurance to cover all your costs.



I know for many years I used to reject the UM coverage
when offered by my insurance carrier, now that I have seen the cases where
someone is seriously injured and has no recovery, it made me think twice.  I have since added UM coverage to my policy
and was very surprised at how reasonable the premiums were. 



 
Posted at 13:11 PM
Topic: Automobile Accidents
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