Understanding Uninsured Motorist And Underinsured Motorist Insurance Coverage

[Quinton Becker]

A Free-Reprint Article Written by: Quinton Becker

Article Title:
Understanding Uninsured Motorist And Underinsured Motorist Insurance Coverage

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Article Description:
Uninsured Motorist (UM) and Underinsured Motorist Insurance
(UIM) are often the most under-appreciated and misunderstood
forms of insurance available to consumers. This article will
explain both...


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740 Words; formatted to 65 Characters per Line
Distribution Date and Time: 2010-04-16 10:00:00

Written By: Quinton Becker
Copyright: 2010
Contact Email: mailto:quinton...@thephantomwriters.com



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Understanding Uninsured Motorist And Underinsured Motorist Insurance Coverage
Copyright (c) 2010 Quinton Becker
Maxroo
http://maxroo.com/updates/



Uninsured Motorist (UM) and Underinsured Motorist Insurance (UIM)
are often the most under-appreciated and misunderstood forms of
insurance available to consumers.

I recall as a child, an uncle who had worked for an insurance
agency declared to my parents that Uninsured Motorist (UM) and
Underinsured Motorist (UIM) insurance coverage were a complete
waste of money. I know that we are supposed respect our elders,
but I must respectfully disagree with my uncle. Let me explain
why.

An Uninsured Motorist is defined as any driver who did not have
any insurance at all, had insurance that did not meet the
state-mandated minimum liability requirements, or whose insurance
company denied the claim to the insured motorist, and the driver
was financially unable to pay for medical expenses or damages on
their own.

According to the Insurance Research Council, the estimated number
of uninsured drivers may reach as high as 25% of the drivers on
the road today, across the United States.

Underinsured Motorist refers to a motorist, who had the state
mandated minimum liability insurance and was at fault, but their
insurance policy will not provide enough coverage to cover the
full bodily injury costs or property damages of everyone involved
in the accident.

Under the umbrella of UM and UIM insurance, you will find two
different options: Uninsured Motorist Bodily Injury (UMBI) and
Uninsured Motorist Property Damage (UMPD). While it is possible
to purchase UMBI insurance separate from UMPD insurance, you will
not be able to purchase UMPD insurance without also purchasing
UMBI insurance.

UMBI insurance will pay for injuries to you or your passengers,
when there is an accident that is the other person's fault and
the person-at-fault is either uninsured or underinsured. A
hit-and-run driver is also considered to be an uninsured
motorist, as it relates to bodily injury and UMBI insurance.

UMPD insurance will pay for property damages to your vehicle,
when the party-at-fault has no insurance or not enough insurance
to cover your property damage repair or replacement expenses.

When purchasing Uninsured Motorist (UM) and Underinsured Motorist
(UIM) insurance coverage, be sure to verify whether it also
covers UMPD expenses and the level of coverage offered with the
plan. The standard uninsured motorist insurance package will vary
from company to company. So ask for specifics about the uninsured
motorist insurance package that is being offered to you.

Insurance agents, with most auto insurance companies, are
required to make a consumer sign documentation that affirms the
consumer's rejection of Uninsured Motorist Insurance Coverage.
This provides a measure of protection to the insurance company,
when the consumer realizes that his or her normal insurance
policy will not cover bodily injury or property damage, when the
fault for the accident is the result of the uninsured or
underinsured motorist.

With up to 25% of the motorists on our roads being either
uninsured or underinsured, the chances of being involved in a
collision with an uninsured or underinsured motorist is 1-in-4.

Consumer advocates suggest that the average person will be
involved in at least one traffic accident during the course of
his or her lifetime. So the day will likely come that you will be
involved in a traffic accident.

According to the National Highway Traffic Safety Administration,
there were more than 6 million auto accidents on American roads
during 2009. For those of you who have not really thought about
it, that means that there was one traffic accident in the U.S.
during 2009, for every 50 residents of the United States.

Another statistic worth noting is that nearly 34,000 people were
killed in traffic accidents during 2009, in the United States.

I don't know about you, but I would prefer to do my gambling in
a casino, where I can have absolute control over how much money I
am willing to lose. I certainly don't want to gamble with my
personal finances, while I am behind the wheel of my car, by
assuming that the guy in the next car has the liability insurance
that he is required to have. With a 1-in-4 chance of coming out
on the short end of the stick in a traffic accident, personally I
think that those kinds of odds are just too high to risk saving a
few dollars by rejecting Uninsured Motorist Insurance Coverage.

As for you, that is your choice... You can choose to reject
Uninsured Motorist Insurance Coverage to save a few bucks on your
insurance premium or not...




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When comparing auto insurance quotes, be certain that you are
always comparing apples-to-apples. When you understand what your
auto insurance quote covers, you can make an educated decision
about which auto insurance company is offering you the best value
for your money. You can get auto insurance quotes from several
local agents at: http://maxroo.com/updates/auto-insurance-quotes/
Oklahoma residents can get quotes and find insurance agent phone
numbers at: http://CheapOklahomaAutoInsurance.com/
Written by Quinton Becker.


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