An old college friend of mine (that happens to be an attorney) recently brought this to my attention:
The Importance of Uninsured and Underinsured Motorist Coverage
Trust me on this. You need at least $250,000 in Uninsured and Underinsured Motorist Coverage. Ideally, you have $1,000,000 in Uninsured and Underinsured Motorist Coverage. Hopefully you never make a claim for uninsured or underinsured motorist coverage, but if you do, you will be sadly disappointed if you do not have insufficient limits.
The only way to protect yourself from irresponsible drivers is to load up on this coverage. Insist that your agent provide a price quote to jack up your coverage if it is too low. You will likely be surprised at how nominal the cost is to increase your coverage.
You must protect yourself and your family by having significant uninsured and underinsured motorist coverage limits of at least $250,000 and ideally $1,000,000 in limits. If you or a family member is seriously injured, your medical costs can easily exceed $100,000. If you are seriously injured, income loss will result. And, if your settlement is eaten up by medical costs and income loss, there is no compensation for your pain or for your disability.
The Consumer Federation of America issued a 2013 report entitled: Uninsured Drivers: A Societal Dilemma in Need of a Solution. It can be viewed here: http://www.consumerfed.org/pdfs/140310_uninsureddriversasocialdilemma_cfa.pdf. The report described the stubborn incidence of uninsured motorists and their propensity to cause collisions. The percentage of drivers without insurance in Illinois is estimated at 15%. And, not surprisingly, it follows that an uninsured driver is more likely to drive carelessly and cause a collision.
The percentage of drivers who are “underinsured” with minimal liability limits is high. I would define “underinsured” driver as one with limits less than $100,000. With that definition, the percentage of underinsured drivers is probably 75% or more.
For you and your family, the most important coverage in your auto policy is Uninsured and Underinsured Coverage. Please take 15 minutes to call your insurer and get your uninsured and underinsured motorist coverage increased. You will be glad you did if the need arises.
For legal assistance please contact Scott Blumenshine, a founding partner at Law Offices of Meyer and Blumenshine. He can be reached at email@example.com or by calling (312) 263-1000 x 223.