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Tuesday, July 7, 2009
Uninsured Motorists Are Not the Only Ones Who Can Hurt You
As an intelligent and sophisticated adult, you probably already realize that not everyone is as responsible as you. Even though the law may require you to do something, that doesn't guarantee that everyone will do it.
This could refer to a lot of things, but in this case I'm talking specifically about auto insurance. You see, most of us know that we are supposed to have car insurance, at least the minimum liability insurance, according to state law. However, many people simply ignore this because they don't care or they don't think they can afford it.
You may have even been involved in an accident with such a person, and since then you resolved to carry adequate insurance coverage to protect yourself in these circumstances.
If so, good for you. You took a big step towards protecting yourself from future financial hardships. I hate to burst your bubble, though, as there's something else you might have to consider. Uninsured motorists aren't the only ones you should be afraid of. Whom I talking about? I'm talking about underinsured motorists.
You see, a driver could be obeying the law by carrying the minimum liability insurance, but this may not be enough in a serious accident. If that driver crashes into you and causes you, let's say, $300,000 in damage, he may not have enough to pay for it. (In case you think that number was exaggerated, let me ask you one question - are you serious? Think about the possible medical bills, lost wages, pain and suffering... well, you get the picture.)
Anyway, a typical liability insurance might have $100,000 in coverage, which is obviously a lot less than the $300,000 we mentioned above. Guess who has to pay for that? You'll be left with the difference in cost for medical bills and your good old-fashioned pain and suffering. Suing the driver, by the way, is a real chore and may not get you anything if the driver doesn't have a lot of money.
So what's the solution? Well, you can go a long way towards protecting yourself by purchasing some additional coverage. Ask your insurance company about coverage for accidents involving underinsured drivers. Protect yourself and advance in case the worst happens.
This could refer to a lot of things, but in this case I'm talking specifically about auto insurance. You see, most of us know that we are supposed to have car insurance, at least the minimum liability insurance, according to state law. However, many people simply ignore this because they don't care or they don't think they can afford it.
You may have even been involved in an accident with such a person, and since then you resolved to carry adequate insurance coverage to protect yourself in these circumstances.
If so, good for you. You took a big step towards protecting yourself from future financial hardships. I hate to burst your bubble, though, as there's something else you might have to consider. Uninsured motorists aren't the only ones you should be afraid of. Whom I talking about? I'm talking about underinsured motorists.
You see, a driver could be obeying the law by carrying the minimum liability insurance, but this may not be enough in a serious accident. If that driver crashes into you and causes you, let's say, $300,000 in damage, he may not have enough to pay for it. (In case you think that number was exaggerated, let me ask you one question - are you serious? Think about the possible medical bills, lost wages, pain and suffering... well, you get the picture.)
Anyway, a typical liability insurance might have $100,000 in coverage, which is obviously a lot less than the $300,000 we mentioned above. Guess who has to pay for that? You'll be left with the difference in cost for medical bills and your good old-fashioned pain and suffering. Suing the driver, by the way, is a real chore and may not get you anything if the driver doesn't have a lot of money.
So what's the solution? Well, you can go a long way towards protecting yourself by purchasing some additional coverage. Ask your insurance company about coverage for accidents involving underinsured drivers. Protect yourself and advance in case the worst happens.
# posted by gopi @ 6:25 AM 
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