We've all seen it happen, or worse, had it happen to us: a case of hit-and-run.
Most of us take extra care when we are behind the wheels. Sometimes, however, accidents happen out of nowhere. Even when you are just walking or biking down the street you can get involved in an accident. A car can come crashing into you.
For the lucky who only had a few bruises and scrapes, by the time your head has cleared, the guilty party is nowhere to be seen.
You are left alone scrambling to get yourself to the hospital. After that, you'd be scrambling to pay for unexpected medical bills. That's not even taking into account the damage done to your vehicle.
Today, most states now require drivers to have an underinsured or uninsured motorist insurance. This is good news because now, you can be really fully covered for any unpleasant and untoward events.
If you look at the declarations page of your auto insurance policy – the page that breaks your premium out by line-items, you'll see this listed, along with other categories like "medical expenses," "collision," or "comprehensive." You should have both, and if you don't, call your insurer to add them.
As the name implies, this type of insurance covers you when you get hit by a driver who has no insurance or in their insurance is insufficient.
If they were at-fault, this part of your insurance will cover damages to your car, pay your medical bills, and cover most pain and suffering or other out of pocket expenses caused by the accident, up to the level of your coverage limits.
In an even when the driver who hit you has auto insurance, but only has the legal minimum amount of coverage mandated by state law, your underinsured motorist coverage will bridge the gap between what the other driver's insurance company will pay, and what your expenses actually are.
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Nearly every state across the country have laws mandating motorists to carry car insurance. Even so, many drivers still take their chances and drive without any coverage. If you get into an accident caused by an uninsured motorist, you'd be left holding the bag.
15-25% of drivers on the road are driving without insurance. In the states of those California, Arizona, and Mississippi the numbers of uninsured drives are even higher.
Moreso, those who have an auto insurance, about a quarter of them have only the minimum coverage required. What this means, there is a high probability that the driver driving next to you on the expressway does not have enough insurance to cover a significant accident.
In addition, your un/underinsured motorist coverage does not limit itself to just protecting you when you are inside your vehicle. It can even cover any accidents and protect you while you are on the road running, jogging, biking or just waiting for a cab.
If you're hit by an uninsured driver, while walking across the street, your insurance coverage extends to those situations. This is especially important, since pedestrians, joggers, and cyclists are more likely to sustain severe injuries if involved in a car crash.
Essentially, you are protecting your life with uninsured motorist insurance.
Do not wait for the time when you get into a hit-and-run incident before you learn the importance of having this insurance. Study your situation and how you can get yourself insured, whether you are on or off the road.