People often think, they are “fully covered” when they have liability car insurance. Full coverage is not clearly defined, but it certainly should include coverage known as uninsured / underinsured motorist coverage. A lot of drivers think they have it, but do not. We explain more here so you can ask your insurance agent to make sure you are covered.
Uninsured/Underinsured Motorists Coverage can protect you and your family in the event you have an accident with someone who has either inadequate insurance or no insurance at all. Your insurance company will essentially stand in the shoes of the at-fault driver and compensate you for damages not coverage by the other driver. Your insurance company will be responsible for medical bills, lost wages, pain, suffering, etc. Of course, there is a limit on the amount of coverage, so you should make sure you have at least $250,000 in coverage. We recommend $1 million. You can purchase as much Uninsured/Underinsured Motorist Coverage as you desire and can afford.
Most states require drivers are covered by a minimal level of automobile liability insurance. In Ohio, for example, Ohio Revised Code 4509 mandates that all drivers are covered with sufficient liability insurance to cover damages they cause to others in the amount of $25,000.00 per person with an aggregate cap of $50,000.00 per accident. This is the minimum requirement in Ohio. Too frequently, people purchase the bare minimum. Even worse, certain insurance companies actively attempt to sell this type of minimum coverage by offering “lowest rate” insurance. Unfortunately, these minimal limits rarely cover the actual loss people suffer after car accidents, especially when significant injury occurs.
If you are injured in an accident by a person who is insured with minimum insurance coverage, there will almost certainly be insufficient insurance to cover your loss. Sadly, minimally insured drivers is not the biggest concern for drivers. According to research by the Insurance Research Council, 12.4% of Ohio drivers are driving with no insurance and Kentucky and Indiana have a similar percentage of uninsured drivers (Kentucky 11.5%; Indiana 16.7%). Taking a family vacation to Florida? The estimate is 26.7% of drivers in the Sunshine State are driving without any insurance coverage.
Very rarely are injured people able to collect money from a person who is uninsured. This is why it is so important to have Uninsured/Underinsured Motorists Insurance Coverage with your own insurance company. Some states actually require that you purchase it. Ohio, Kentucky and Indiana do not. Be sure to request this type of coverage in addition to the liability coverage the law requires.
Be sure to have Uninsured/Underinsured Motorists Coverage to protect you and your family. The roads are filled with drivers who have little or no insurance and cause accidents and hurt people every day. Please check your automobile insurance declarations page today to make sure your family and you is protected.