Pros and Cons of Uninsured Motorist Coverage
Nobody ever imagines that they might be in a car crash. It is a good idea to plan for one. Many drivers don't have insurance and continue to drive without it. You should consider uninsured motorist coverage to protect yourself.
Are you familiar with the pros and cons associated with uninsured motorist coverage
Uninsured motorist insurance covers damages caused by negligent drivers. You can get compensation for damages caused by an auto accident, including medical expenses and lost wages. Uninsured motorist coverage may not be for everyone. It is important to understand the pros and cons associated with uninsured motorist coverage.
How do I prepare for a car accident with uninsured motorists?
Accidents can happen. This is why you may be eligible for coverage from the uninsured or underinsured motorist. The National Highway Traffic Safety Administration reports that in 2019, there were nearly seven million reported crashes by police in the United States.
A driver can expect to be involved in three to four accidents over the course of their driving life. It is easy to believe that it will never happen to me, even with such statistics. As the old saying goes, you should expect the best but be prepared for the worst. NY's uninsured motorist coverage is a great way to do this.
A driver can prepare for an accident by planning ahead, being safe while driving and staying alert. Despite all the precautions taken, an accident can still happen. It is impossible to control the behavior of another driver or determine if they have insurance that will cover for any damage they may cause.
How many NY drivers are uninsured?
NY law requires drivers to carry minimum auto insurance. However, NY does not require them to have liability insurance. NY has some coverage requirements, but NY is number 2 in the country for drivers who are uninsured. This is approximately 24%.
"1 out of 4 NY drivers don't have car insurance."
These factors are beyond the driver's control. The best way to prepare yourself for an accident is to purchase underinsured motorist or uninsur ed coverage. This coverage can make the difference between financial security or financial ruin following an accident.
What is Uninsured Motorist Insurance?
Uninsured motorist coverage (UM) and underinsured motorist coverage (UIM), function in the same way as Bodily Injuries Automobile Insurance coverage. UM coverage covers the policyholder for injuries caused by negligence of a driver who does not have insurance. UIM coverage covers the driver who is negligent and provides insurance coverage in the event that their insurance policy does not cover all the damages they caused.
Different types of Uninsured Motorist Insurance Policies
There are many types of uninsured motorist coverage. Each category covers different damages. Different types of coverage can be included for different kinds of damages. To determine which policy is best for you, it would be a good idea to read through the details.
These are the two types of UM/UIM insurance that you can purchase in NY.
Uninsured motorcyclist bodily injury (UM) or UMBI:This insurance covers a driver who is involved in an accident that was caused by negligence of another driver. It covers your medical expenses and damages related to your injuries.
Uninsured motorist bodily Injury (UIM/UIMBI):This type of insurance, similar to UM and UMBI can cover bodily injury damages. This insurance is for drivers who have enough insurance to cover the damages.
Certain policies cannot be purchased in certain states. You cannot buy UM/UIM policy insurance in NY. You can however purchase UM/UIM in other states such as Ohio, Illinois, and Colorado. To determine the damages you would like covered by your policy, consult a personal injury lawyer.
NY Uninsured Motorist Statute
Each state's statutes set out rules for its population. They can also include uninsured motorist coverage. NY Statute 627.727 covers motor vehicle insurance including coverage for uninsured or underinsured motorists.
These are some of the guidelines regarding uninsured motorist coverage that this statute outlines:
Uninsured motorist coverage is required in order to receive money from an insurance policy that covers a car accident victim.
Uninsured motorist policies should not have a lower limit than the limits for bodily injury liability.
Uninsured motorists are motorists who have been involved in an accident and cannot pay a settlement equal to their legal liability. They also have limits on bodily injury liability that are less than the damages suffered by the victim.
Uninsured drivers who cannot afford to pay for the damage caused by their negligence have 30 days to notify the insurance company in writing.
Uninsured motorist insurance doesn't cover pain and suffering damages, unless it covers loss of bodily functions, permanent scarring, an injury that has a reasonable degree or medical probability, or even death.
NY doesn't require uninsured motorist coverage. However, insurance companies must offer it as an option when you choose your insurance plan.
The benefits of uninsured motorist coverage
UM coverage covers you in an accident with an uninsured person. The main advantage of uninsured motorist coverage, is that you can get the money you need no matter who the other driver is. NY is a state that does not have a fault system. However, you might need additional funds to cover medical expenses and lost wages. UM coverage can help you do exactly that. You will not be subject to unnecessary financial burdens due to the negligence of another driver.
Pro: Stacking uninsured motorist coverage
You may be able stack coverage if you have UM or UIM coverage. If you have three vehicles and a $100,000 UM/UIM policy, you can stack the policy to get $300,000. The number of vehicles covered by the policy determines how much coverage you have.
Pro: Protection Against a Hit-and-Run Accident
A hit and run accident occurs when a negligent driver hits your car, causes an injury, then flees the scene. A negligent hit-and run driver cannot usually be sued for compensation because they have no contact information.
Policies that cover hit-and run accidents are generally covered by uninsured motorist property injury (UMPD), and uninsured motorcyclist bodily injury (UMBI). These policies are not available in all states. To protect yourself from damage caused by a hit and run accident, you can purchase a UMBI insurance policy in NY.
The Cons of Uninsured Motorist Insurance
The only problem with uninsured motorist coverage, however, is the monthly premium. This extra cost is usually minimal, and sometimes only a few dollars per month. To keep your monthly premium low, you can always choose lower limits. Talk to your agent to learn more about how buying UM/UIM insurance can affect your monthly premiums.
Even though it comes at an additional cost, UM insurance provides you with the assurance that you are covered in the event of an accident. If another driver isn't insured or doesn't provide adequate coverage, you can draw from your policy to get the financial assistance you need after an accident.
What is the best way to get uninsured and underinsured motorist coverage?
NY drivers are not required to carry either uninsured or underinsured motorist coverage. This coverage is just to make sure a driver is prepared for the financial consequences of an accident. Medical bills can quickly mount up in the hundreds of thousands after an accident.
This is combined with the fact that nearly one-fourth of NY drivers do not have car insurance. The cost of UIM and UM coverage is much less than the potential large bills that can accompany an accident.
Insurance companies must offer uninsured motorist coverage
Uninsured motorist coverage is a requirement of your insurance carrier. You must notify your insurance company in writing if you want to cancel the coverage. Realize that UM and UIM coverage are important, so the broker may not explain why. This policy is a tipping point for the insured, since it exposes the insurer to much greater risks.
"It is in the best interests of insurance carriers that you do not have full coverage."
Accidents are inevitable. It is impossible to control other drivers on the roads, so it is best to take advantage what you can control: your insurance coverage. Adding UM and UIM coverage to your policy can help you deal with the financial consequences that often accompany an auto accident. Do your own research before you decide to opt out of the coverage.
What can a motor vehicle accident lawyer do for you after an uninsured motorist accident?
It is important to contact a respected law firm in order to pursue damages for injuries sustained by the driver of a car that was involved in an accident. A skilled car accident lawyer will help you navigate complex legal procedures while helping you recover from your injuries. You will benefit from their in-depth knowledge about car accident claims that you may not have.
Here are some ways that a motor vehicle accident lawyer may help you in the claim process after an uninsured motorist's accident.
Find out if your uninsured motorist insurance can cover the damages
You may be subject to many damages after a motor vehicle accident. These include medical bills, lost wages, pain and suffering, as well as financial losses. A UM policy may cover some of the damage you sustained in a motor vehicle accident. However, it may not cover all your losses. Two things you should consider about UM coverage and motor vehicle accident damage.
Are the damages greater than your UM coverage policy's limit?
What are the exact types of damages that UM insurance covers?
NY's minimum coverage for UM insurance is 10/20. This means that coverage starts at $10,000 per individual and $20,000 per accident. Although you can add more coverage, it will increase your premium. Your policy may not cover certain damages depending on the coverage you choose. You may exclude property damage from your UM policy. This means that you will not be able to receive insurance money for this type of damage.
Uninsured motorist workers' comp lawyer in NYC can help you assess the extent of your damages and review your insurance coverage to determine if your insurance will cover them. They can also help you seek other remedies if your insurance does not cover you fully.
Talk to your insurance company to ensure you receive compensation
Uninsured motorist accident damage can only be paid by your insurance company if you are aware of it. Your job as a car accident lawyer is to inform your insurance company about the accident and the damages you sustained. You will also need to determine how much compensation you are entitled to.
By keeping in touch with the insurance company, your motor vehicle accident lawyer can speed up the process of obtaining compensation for your damages. They will be able to provide details about the accident and update you on your condition.
Keep records to provide to your insurance company
Your motor vehicle accident lawyer must send the necessary records to the insurance company in order to receive money for uninsured motorist accidents. These records will help you verify that the accident occurred, how many injuries you sustained, and what amount of compensation should be paid.