Written by Joseph Dunn, attorney at GDH Law.
Is Uninsured/Underinsured Motorist Coverage Worth the Cost?
In short, YES! Underinsured/Uninsured or “UIM” coverage, is absolutely worth the cost in the State of Maryland, Virginia or Washington, D.C. Far too many drivers in the DMV area are either completely uninsured or possess the minimum policy required by law. In the event you are unlucky enough to be struck by one of these drivers your UIM coverage may be the only thing standing between you being fairly compensated for your injuries or you taking home ZERO dollars.
What Situations Would Your UIM Policy Cover?
1. Uninsured At-Fault Driver
If you are in a car accident and the at-fault driver does not have Bodily Injury coverage you are out of luck and will be paying for your medical bills and lost wages yourself. However, if you have a UIM coverage policy you can recoup for your costs, pain and suffering, and expenses from your insurer just like you would have had the at-fault driver been insured.
2. Hit-and-Run Accident
When an at-fault driver flees the scene of an accident and law enforcement is unable to track him or her down and get their insurance information, again UIM coverage can make sure you are not paying for everything out-of-pocket.
3. Under-insured At-Fault Driver
Far too often clients come to GDH Law with significant injuries from a car accident only to learn that the amount of the damages they have suffered far exceed the amount the at-fault driver possesses in their bodily injury coverage policy. Those clients who have UIM coverage are typically able to recover the full amount of their damages. Those clients without UIM coverage are usually upset to find that the maximum amount of money they can recover from the at-fault driver is not nearly enough to properly compensate them for their injuries. Clients in this unfortunate scenario typically run to add UIM coverage to their policy so this never happens to them or their family again.
How Much UIM Coverage is Necessary?
UIM coverage can typically be purchased through your auto-insurance carrier. The amount of UIM coverage you buy usually must be at least the amount of coverage you have to cover the bodily injury of others. However, the attorneys at GDH Law recommend you protect yourself by purchasing a plan that is well in excess of the $30,000 per person / $60,000 per occurrence minimum. This is recommended because the at-fault driver’s policy limits and your UIM coverage cannot be “stacked.” In other words, this 30/60 policy would only protect you against uninsured motorists, or a hit-and-run collision. For example, if you sustained an injury where you suffered $100,000 in medical bills, lost wages, and pain and suffering, but the at-fault driver had $30,000 in coverage and you only had $30,000 in UIM coverage, you would only be able to recover $30,000 for your $100,000 claim. However, if you had a $100,000 UIM policy (the minimum we recommend) you would then be able to potentially recover the full amount of your injury claim.
When Should You Make Sure You Have UIM Coverage?
Today! Since these policies cannot be retroactively placed on your account, you want to make sure you take care of this important matter as soon as possible. If you find yourself involved in an auto-accident, call GDH Law at (301) 769-6835 immediately for a free consultation. We will never ask you for a single dollar and will not get paid until you do!
