For decades, insurance companies have tried to commoditize automobile insurance. And for the most part, they have done a pretty good job at doing so. Today, automobile insurance is being sold by lizards, cartoon characters, and even emus.
The insurance companies themselves are indeed reputable. However, when marketing efforts continue to focus more on price than coverage, consumers lose sight of the many valuable (and affordable) coverages auto insurance provides.
Case in point – uninsured and underinsured motorist coverage. In the event of an accident, this coverage will pay your medical bills and auto repairs if the at-fault party is uninsured or does not have adequate limits of insurance. But did you know uninsured and underinsured motorist coverage will respond even when you or a family member isn’t in your vehicle?
Some of the most catastrophic vehicular accidents are those involving pedestrians or cyclists. Without the same protection an automobile provides, the injuries suffered in a pedestrian accident are often severe. Even when the accident occurs at slow speed.
While anyone can become the victim of a hit and run accident as a walker, jogger, or cyclist, children are at an increased risk. Children frequently act on impulse and have yet to develop the same level of anticipation adults have. This combination can lead a child to chase a ball into the street and in front of an unsuspecting driver.
If the driver were to continue on and not stop, your family would be left to pick up the pieces – and the financial cost. Health insurance alone may pay for only a portion of the bills incurred. Therapies, rehabilitative services, and other non-medical expenses would come out of your pocket.
By maintaining uninsured and underinsured motorist coverage, you and your family will have funds made available to relieve the financial burden. Uninsured and underinsured motorist coverage shouldn’t be an option. Unfortunately, coverage is not required in all states. And in those where the coverage is required, the minimum limits are exceptionally low.
If your insurance agent or company is not offering you uninsured and underinsured motorist coverage, fire them immediately and find a new agent. Contact our office anytime to learn more.