Uninsured motorist protection a good policy add-on

Buying car insurance is usually expensive, and many people do everything they can to spend as little money as possible. That’s fine; it pays to be frugal and it pays to shop around when buying car insurance. Some people, however, try to take a shortcut - they forego insurance altogether, putting other drivers at risk.

Nearly all states require that drivers have car insurance; the ones that don’t have requirements that drivers be able to demonstrate that they have financial responsibility. The world just works better when everyone is insured. Accidents are inevitable, so when all parties are insured, things go much more smoothly for everyone.

Despite the requirements that drivers be insured, tens of thousands of them are not. In fact, a recent study shows that as of 2004, nearly 15% of all drivers lacked even basic liability coverage. That means that if you are in an accident, there is a one in seven chance that the other driver has no insurance. It’s probably worse, actually, since drivers who chose to drive without insurance are probably more likely to be in an accident than insured drivers. These things are hard to prove, as uninsured drivers aren’t too eager to make themselves known.

The best protection against being involved in an accident with an uninsured or underinsured driver is to add coverage for uninsured motorists to your policy. Some states require it, but it’s a good thing to have even if you live in a state that does not. The price is minimal; it adds perhaps 5-10% more to the cost of your policy. For the vast majority of drivers, that peace of mind amounts to no more than $50 per year. 

With uninsured motorist coverage, you can rest assured that your car, and perhaps your body, will be repaired in the event that you are in a collision with a driver who has decided to drive without financial protection.

No one likes to pay for their policy, and drivers like paying to protect themselves from drivers who elect not to cover themselves even less. In an ideal world, uninsured motorist coverage wouldn’t even be necessary. If everyone were covered, no one would need it. But you never know when an accident will strike, and you never know when the other driver will be negligent, careless, or even criminal. A wreck with the driver of a stolen car is, from a coverage perspective, no different than a wreck with a driver who has let his or her policy lapse.

If you aren’t sure whether or not you are covered against such situations, you may wish to consult with your insurance agent. It will only take a minute or two to find out if you are covered against uninsured drivers and the time will be well spent. The alternative is to do nothing; that could leave you vulnerable should you have an accident with someone who has no coverage. That can be a nightmare that you don’t need.

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