Over the past several months, I’ve met with several potential clients who tell me the story of their serious automobile accident, serious injuries, and the defendant’s lack of insurance to cover their claim. I then ask them “what’s your coverage?” Their response is always “I’m fully insured.” Unfortunately, in most instances, they didn’t have enough coverage to help cover their claim. And I have to be the bearer of bad news.
Under-Insured Motorist (UIM) Coverage
When you buy automobile insurance, there are usually many components to your policy. Once component is liability coverage, or the amount that insures you in the event that you hurt someone else in an accident. Another type of (and often times just as important) coverage is UIM. UIM coverage is a policy that you can look to if you are seriously injured and the person that caused your injuries is either under insured or not insured at all.
What people don’t realize is Virginia only requires drivers to maintain $25,000.00 in coverage. In an effort to save money, most drivers will get this amount because it’s cheaper and (of course) the insurance companies don’t publicize how important it is to have more coverage than the bear minimum. For minor accidents, sure $25,000.00 can be plenty of insurance to cover a claim. But if you are involved in an accident, for instance, where you are admitted to the hospital over night, $25,000.00 is not nearly enough.
While you can’t control how much insurance a person that may hit you has, you certainly have a choice to maximize your UIM coverage. So even if a person hits you only has $25,000.00 in coverage, if you have $1,000,000.00 in coverage, you now have a large pool of money to potentially compensate you for your injuries. And the truth is that $1,000,000.00 UIM policy isn’t all that much more monthly than a $25,000.00 policy.
So long store story – buy UIM coverage – it’s worth it! For questions, feel free to contact me at BenGlassLaw at (703)584-7277.