Categorized | Opinion

The other guy wasn’t insured

By David Peel

David PeelMany people feel that if you were injured by a driver that doesn’t have insurance, everything ends there.
Yes, you know that your own insurance will repair your car and you’ll have to pay the deductible. However, that is not the end of the story.
In fact it is just the beginning. Because, if you have uninsured motorist insurance, you have insured everyone on the road who might hit you or your family.
Uninsured motorists coverage protects you and your family, even in the case of being hit while you’re crossing the street.  Your child may be too young to even have a driver’s license, but they still covered.
Now that’s the good news. But the bad news is you’re only covered for the amount of UMI coverage you bought. I speak in clubs, in churches and in meetings quite a bit, and even the more financially savvy of the group tend not to know how much UMI they have selected for their own policy.
They all pull out their insurance cards from their wallet that they dutifully carry. And they look and see the listing UMI. But there are no numbers next to it. There never are. The numbers are only listed on your declarations page that you get from most insurance companies every six months with your bill.
The common amount in Tennessee is the minimum, which is $25,000 per person and $50,000 per accident. The next step up is $50,000 per person and $100,000 per accident.  A few insurance companies do insurance in multiples of $30,000 but most go $25,000, $50,000, $100,000, $250,000 and so on.
You can also buy an umbrella policy usually for 1 million or 2 million that will cover over all your underlying policies.
Many of my clients have an accident and only then for the first time, actually look to see what amount is their uninsured motorist coverage.
Finding it’s too little too late and they buy more just in case the accident ever happens again.
I met with the family the other night that had only $50,000 worth of coverage per person at the time of the accident and now has a $1 million umbrella.  So how about you? Do you know how much your uninsured motorist is?
Peel seeks justice for those injured in car accidents, medical malpractice, and nursing homes. He often addresses churches, clubs and groups without charge. Peel may be reached through wherein other articles may be accessed.
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May 2016
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