Expensive Assumptions: Uninsured Drivers at Fault and How to Protect Yourself from Them

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Expensive Assumptions: Uninsured Drivers at Fault and How to Protect Yourself from Them on avanteinsurance.com

Making sure you’re fully covered can save you serious time and money

If you’re at fault for a car accident, you know that you and your insurance company will likely have to pay for it, no matter what. However, if the other person is at fault, and doesn’t have enough (or any) insurance, you could also be forced to open your wallet to pay for part of the damages. Despite the financial risks that uninsured and underinsured drivers cause to other drivers, there is a solution: uninsured motorist coverage– an insurance policy which can bail you out when you’re hit by a less-than-fully insured driver.

Many drivers are uninsured or underinsured, especially in Florida

While you might think that nearly every driver has insurance, the truth is that many don’t– and a study conducted by the Insurance Research Council suggests that approximately one in eight, or 12.6%, of American drivers are completely uninsured when it comes to their vehicle. Unfortunately, Florida ranks among the worst states when it comes to auto insurance, with a whopping 23.8% of Florida drivers, or 3.2 million individuals, lacking all car insurance. That makes it only second to Oklahoma, where nearly 26% go uninsured; compare that to states like Massachusetts and New York, where 95% of drivers are insured, and you’ll start to understand why it’s so important to be fully insured against uninsured or underinsured drivers in a state like Florida.

Not only does the fact that so many Floridians are uninsured increase car rates for those of us who do purchase car insurance, but it greatly increases the chance that if you get into a car accident, it might be with a driver who is completely uninsured. And, even if a driver does have some form of auto insurance, it may not be enough to pay for the damage done to your vehicle.

Uninsured driver coverage can be an easy, cost-effective solution for concerned Florida drivers

To protect yourself against the financial risk of getting into an accident with an uninsured or underinsured motorist, uninsured motorist coverage, sometimes known as “UM” coverage, can help keep you safe. There are two common types of uninsured motorist coverage; bodily injury coverage and property damage coverage. As most people would suspect, bodily injury coverage can help pay your hospital bills if you’re in an accident with an uninsured or underinsured motorist, while property damage coverage can help pay for repairs to your car caused by an accident with an uninsured or underinsured driver.

Despite the importance of having both kinds of uninsured motorist policies, you still could be leaving a major gap in your coverage. If a driver who hits your vehicle is insured, but not enough to cover the costs of your accident, regular uninsured driver insurance may not cover the difference. Instead, you might also need to add two more policies, underinsured motorist bodily injury coverage and underinsured motorist property damage coverage. These policies can help make up any gaps between the amount of the other driver’s coverage and the cost of your accident, making sure you don’t have to cover the difference.

Uninsured and underinsured driver insurance is essential, especially in Florida

If you live in a highly insured state such as Massachusetts or New York, you might be able to get away with not purchasing uninsured and underinsured motorist coverage— but in a state like Florida, where nearly a quarter of drivers have no auto insurance at all, getting additional coverage is a necessary step to protect yourself against a costly accident.

To learn more about how to protect you, your family, and your vehicle from auto accident costs (whether you’re at fault, or not), contact Avante Insurance today for a free consultation.