Investing in Underinsured Motorist Insurance
Despite numerous enhancements to safety technology, car crashes are always a possibility on the road. Normally, the medical costs associated with car accidents are offset by insurance. During the COVID-19 pandemic, however, many individuals have decreased the amount of auto insurance they carry. This leaves them open to serious financial liability, especially when getting into an accident with underinsured motorists. Let’s take a look.
What Is Underinsured Motorist Coverage?
Insurance companies offer a type of coverage specifically for underinsured motorists. It provides additional funding if the policyholder is injured by a motorist whose liability insurance cannot cover the damages in full. However, underinsured motorist coverage is only valid if purchased before a car accident. If you become injured and the other driver’s insurance is not sufficient to cover your damages, you could be left with exorbitant medical expenses.
Example: The Risk of No Coverage
Last year, our attorneys took on a case in which our client was the victim of a terrible car accident. She suffered devastating injuries that we estimate will exceed $1 million in total costs and her full recovery will take years.
Individual liability coverage generally ranges from $50,000 – $100,000 and very rarely exceeds $300,000. However, it’s all too easy for medical expenses to surpass those numbers. In this particular example, our client had zero coverage for underinsured motorists, leaving her responsible for navigating these expenses.
These situations are completely avoidable.
Coverage Provides Peace of Mind
We know that thousands of Americans are facing financial hardships caused by the COVID-19 pandemic. Although we can’t speak to everyone’s unique financial situation, we strongly advise individuals not to cut back on their auto insurance. Car crashes happen every day and each one could leave you with serious financial liability without the right coverage.
In most cases, you can purchase underinsured motorist coverage form your existing insurance carrier for a very reasonable rate. Contact your carrier and ask for a quote. If you have the option to purchase more coverage, consider doing so. Depending on the case, you may not be eligible to receive the full amount of your coverage, so it does not hurt to carry the maximum amount.
Contact Our Attorneys
Finally, never hesitate to seek legal advice after a car crash, especially if you believe the other motorist is underinsured. Insurance policies are contracts and most policies require the victim to meet certain requirements to make a successful claim. The team at Casey & Devoti has the expertise to lead you through the process, facilitate your claim and resolve the damages. Call our office today for a free consultation with one of our attorneys.