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Uninsured Motorist Coverage

I have written about this before, and I realize people only have so much money to budget for car insurance. However, a car collision in which you are injured can be an extremely life altering situation even beyond the injury you sustain. I say that because a lot of people only have $15,000.00 for what is called Personal Injury Protection (PIP) coverage for medical bills and/or lost wages for two years from the date of  the accident in which PIP pays. If you end up in the emergency room, then $15,000.00 may almost already be gone. If you have some type of short term or long term disability through work, that can be helpful. However, if you do not, you may end up being unable to work for an extended period of time, and there is no money coming in.

Also, for what they call Uninsured Motorist Coverage (UM) the same thing can happen. The person that strikes you may have no insurance. Generally, people with no insurance have no assets for you to go after to sue them.

Underinsured Motorist Coverage (UIM) means the amount of coverage the other person has is not sufficient enough to compensate you for your injuries. As I wrote in my last blog, in Delaware, minimum limits have increased to $25,000.00 per person/$50,000.00 for everyone in the car. However, that may not be sufficient at all.

There are all too many cases where the injuries are much in excess of the $25,000.00 the other person may have in insurance coverage and the underinsured  motorist coverage you may have. It just makes good sense to contact your insurance agent and find out how much additional insurance will cost. If you cannot afford it, then you just cannot afford it.

However, if you can afford the amount, it makes sense to have the additional security. I have seen too many horror stories and just hope it never happens to you. It may not, but there are millions of collisions in the United States per year. It can happen.

I think you will also find that if you have $15,000.00 for medical bills and lost wages, and you want to increase that to $50,000.00, it will not be three and a half times the amount. The reason for that is insurance companies tend to rate their amount of insurance based on what they end up paying for most people. More cases than not do not go beyond the $15,000.00.  Therefore, they are not going to charge you three and a half times the amount from the $15,000.00 to the $50,000.00. However, all too many cases go past the $15,000.00.

If you can afford it, it can save you and your family a lot of problems down the line.

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