Suppose you are traveling in a car with some friends. You reach a traffic signal. The light is green so you keep going. Suddenly, a car jumps the red signal from your right side. Before you realize what is happening and can take evasive action, that car hits you at a high speed. Luckily, you are wearing seat belts. Still you and your friends sustain some injuries.
After the accident, you are taken to a hospital for treatment. Later, you find out that the driver of the other car does not have car insurance coverage. It has been confirmed that the accident was not your mistake. What do you do now?
You can sue him in court for compensation, but there is no guarantee that the court will find the driver guilty (what if he gets off on some technical clause). This process will also take a lot of time. Meanwhile, you and your friends are stuck with your medical bills. If you had uninsured motorist coverage, you wouldn’t have had to pay these bills from your pocket.
What is uninsured motorist coverage?
Uninsured motorist coverage protects law abiding drivers who are involved in accidents from paying their medical bills (in the event the other driver is uninsured). You can also purchase additional cover for the damages sustained to your car. Note that uninsured motorist coverage is not a separate insurance policy; it is a clause in an existing policy and you will have to pay extra for it.
In some instances, the other driver has accident insurance but it may not be enough. If that is the case, your uninsured motorist coverage will bridge the gap between your bills and the other driver’s coverage to the extent of the limit provided on your policy.
Do you need uninsured motorist coverage?
You need to understand that people do not get into accidents voluntarily, yet they happen. Why should you pay for the fault of someone else?
According to the Insurance Research Council, one out of every seven driver in the US is uninsured. This is startling, considering the fact that accidents lead to significant expenses, which may not be all covered in basic policies. In many states, uninsured motorist coverage is mandatory (motor insurance companies must provide this coverage). Unfortunately, Florida is not one of those states. So, if you are in Florida, we recommend that you add this coverage to your accident insurance policy.
Here are some more statistics to help you make up your mind. There are more than 200,000 crashes which occur in Florida each year. In 2014, these crashes costed the state approximately $3.16 billion in medical expenses and lost wages. This means, no matter what precautions you take, you are not 100% safe when you are driving on the road. More reason why you should buy uninsured motorist coverage.
