The answer to this question depends in large part on the type of risk taker you are. Most people associate an automobile accident with settlements and monetary awards. What happens if the person who causes the accident either doesn’t have insurance or simply doesn’t have enough insurance to cover your damages and or pain and suffering as a result of a collision? It may be a harsh reality but there may not be a road to compensation if either of these two scenarios are present.
Uninsured motorist coverage provides protection for a driver that gets struck by another driver with no automobile coverage. Underinsured motorist coverage provides protection for a driver involved in a collision with another driver that has insurance coverage but not enough to cover the damages in the new accident. Depending on the severity of the damages and injuries in the accident there may not be much difference in the effect of being struck by either driver (the uninsured or underinsured). This is due to the significant medical costs associated with automobile collisions. This combined with the fact that Georgia only requires a minimum of $25,000 of insurance makes it easy to see how a serious accident could bring medical bills and other collision-related expenses well in excess of Georgia’s minimum coverage amount.
Also known as (UM) and (UIM) coverage, uninsured motorist and underinsured motorist coverage may cover expenses such as vehicle damage, medical treatment for you and your passengers, lost wages and funeral expenses. In the event a driver is struck by an uninsured motorist their policy would kick in to cover the above-mentioned expenses up to the policy amount. Underinsured motorist coverage is different in that it would kick in after the at fault party’s insurance policy is exhausted.
Uninsured Motorist Statistics:
- About 1 in 8 drivers did not have car insurance in 2019
- 12.6% of all U.S. drivers are driving uninsured
- The IRC estimates that uninsured/underinsured motorist coverage costs insured drivers about $13 billion in the U.S.
Buying uninsured or underinsured motorist coverage is a lot like purchasing any other form of insurance, you don’t need it until you do. For most, the prospect of being injured by one of the 12.6% of uninsured drivers on Georgia roadways is far too great of a risk to take. Auto accidents can be very expensive. The cost associated with damage to a vehicle is considerable. However, nothing compares to the costs associated with bodily injuries. This cost can become even more considerable if surgery or an extensive period of physical therapy is needed. It is a far better position to be in when an injured individual has an adequate source for compensation, whether it is from the at fault party or your own UM/UIM coverage.
The Faucette Law Firm, LLC represents clients injured through the negligence of others. Our law firm will work to ensure that you receive the proper medical treatment and all of the financial compensation you are entitled to. We serve Atlanta, Fulton, DeKalb, Douglas, Cobb, Fayette, Carroll, Coweta, Henry, Gwinnett, Paulding and Clayton. Contact our law firm today for a consultation.