Trying to save a few cents on insurance could leave you bankrupt; here’s what you need to know
We’ve all heard the horror story; uninsured drunk driver runs into single mom, Sally. After a 3 week stay in the hospital, Sally was devastated both physically with injuries, and financially. She’s facing ongoing physical therapy and just lost her job because her car was totaled and she can’t get to work. Her bills are piling up, she’s worn out from the pain and doctor visits, and she is quickly losing hope.
A law firm experienced in personal injury accident cases can help. We can actually find insurance coverage where most people don’t even realize that it exists. We often discover ‘hidden’ insurance coverage through parents or brothers and sisters that can cover clients, without raising the insurance rates of their parents or relatives.
However, in Sally’s case, her insurance agent didn’t tell her that the very most important auto insurance coverage, uninsured and underinsured motorist coverage was also the cheapest insurance coverage (maybe only $20!) and it was the only insurance coverage that would pay Sally, if she had a wreck. (By the way, sometimes we can sue the insurance agent for not making sure that you had the right kind of insurance and the right amount of insurance!) Here’s what you need to know about Arizona uninsured motorist coverage so you can avoid a situation like Sally’s and make the best decision to protect your assets and your peace of mind.
What is Uninsured Motorist Coverage?
Uninsured motorist coverage is a type of optional car insurance that covers the costs when an uninsured or underinsured motorist causes an accident to you or your passengers in a wreck. Some insurers also allow you to make a claim against your uninsured motorist policy in the case of a hit-and-run.
Uninsured motorist coverage pays for medical expenses for you and your passengers that result from the accident. However, your health insurance company can demand part of that reimbursement for any medical expenses they have already covered.
Uninsured motorist coverage can also be used to reimburse you for lost wages due to time off of work, in addition to pain and suffering caused by the accident. If you have also opted for uninsured motorist property damage coverage, your policy will also reimburse you for the repairs to or replacement of your vehicle and any other property, like a cell phone, that may have been damaged due to the accident.
Why you should have uninsured motorist coverage in Arizona.
- Skipping uninsured motorist coverage will cost you money in the long run.
It might seem tempting to save a few bucks today by skipping uninsured motorist coverage. While this might be an acceptable solution to your financial woes on a very temporary basis, every month that you continue without it increases the odds that you will eventually end up in a wreck with someone who is uninsured or underinsured.
Even if your health insurance covers your medical expenses, with premiums and deductibles on the rise, you could end up with significant out of pocket medical expenses. And don’t forget the paychecks you might have to forego because of missed time from work. Your medical insurance won’t cover the income you lose because you are too injured to work.
Finally, replacement or repair of your vehicle could cost you hundreds or thousands of dollars that you don’t have just sitting around. Most car accident victims can’t afford to lose their transportation overnight, especially when suddenly needing to attend a slew of doctor’s appointments because of injuries sustained from the accident. Carrying uninsured and underinsured motorist insurance will protect you by covering all of these expenses.
- Many insured drivers don’t have enough coverage to pay for all your expenses.
Although all states require drivers to carry some form of auto insurance, the minimum required insurance may not be enough to cover the costs of an accident. For example, in Arizona, the minimum required covered for bodily injury is only $15,000 per person and up to $30,000 per accident; property damage is only $10,000. While these rates will increase to $25,000 and $50,000 on July 1st of this year, these amounts still fall far short of the average total cost for an accident. According to the Centers for Disease Control (CDC), the average lifetime medical expenses for an individual involved in a car accident exceed $60,000.
And while Arizona law permits you to go after an uninsured driver’s personal assets, chances are that if they are skipping on auto insurance, they probably don’t have many assets to begin with. That’s why it’s a better bet to make sure you have uninsured and underinsured motorist coverage to protect you against these risks.
- You can buy Arizona uninsured motorist coverage for less than lunch.
Uninsured motorist coverage is relatively cheap compared to standard bodily injury and property damage insurance. Although rates will be affected by your age, sex, driving habits, and driving record, you can probably obtain a good uninsured/underinsured motorist policy for less than $100 per year. That averages out to one fast food meal or three cups of coffee per month. Given the risks, is it really worth skipping this important coverage?
Don’t wait to be put in danger of bankruptcy like Sally. Talk to your insurance agent TODAY. Get a quote for adding uninsured and underinsured motorist coverage to your auto policy. It is surprisingly cheap. Then tell your agent to add it over the phone immediately; so you are covered if you get hit the next day!
If you are wondering how much auto insurance coverage you need, you can find more information on of our recent articles: [Insert hot link] How much auto insurance coverage do I need to protect myself from financial loss or bankruptcy?
- Have you been in an accident with an uninsured motorist? We can help.
At FreeInjuryAdvice, we specialize in helping you with every aspect of your personal injury claim. Our team has over 60 years of collective experience helping Arizona uninsured motorist accident victims.
From helping you with medical care, physical therapy and getting a rental car, to getting you money for your time off of work, our practice knows the ins and outs of negotiating with insurance companies and other lawyers to get you back to living your normal life as soon as possible.
Call us today for a confidential, no commitment free case evaluation.