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Should I Have Uninsured Or Underinsured Motorist Insurance Coverage? - Withered Burns, LLP

Should I Have Uninsured Or Underinsured Motorist Insurance Coverage?

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Most people have uninsured or underinsured motorist (UIM) coverage on their auto insurance policies, but few really know what it’s for. You buy this coverage, and its purpose is to protect you and your passengers.

Many people carry only the minimum amount of auto liability insurance coverage, either $25,000 or $50,000. But, in today’s world, with routine ER visits costing as much as $10-15,000 and hospital and surgery costs skyrocketing, $25,000 or $50,000 doesn’t go very far. This is when you’ll have need of a personal injury lawyer in Lafayette, IN to help ease the burden.

A Sobering Example

This is an example of what can happen with no or low UIM coverage. Grandpa and Grandma were taking their grandson back home to his parents’ house when a truck suddenly turned in front of them. The resulting violent crash left Grandpa with a broken foot, medical bills exceeding $60,000, months of rehab, and a permanent limp. It left Grandma with even worse injuries, several hundred thousand dollars in medical bills, and several months in rehab.

The other driver only had insurance coverage of $100,000 per person. Grandma and Grandpa’s case, however, was worth significantly more. Unfortunately, Grandpa and Grandma had underinsured coverage of only $100,000 per person.  This meant they could recover zero against their own policy (Indiana law limits underinsured coverage to the difference between your coverage and the other driver’s coverage), in this case, zero.

Grandpa and Grandma got $100,000 each for their injuries, which was not close to what they should have received.

If Grandpa and Grandma had had UIM coverage of $250,000 per person, they could have potentially recovered a total of $250,000 each ($100,000 each from the other driver’s insurance and another $150,000 – – – after the offset – – – from their own insurance).

The lesson learned

With the modern cost of medical treatment and the income you could lose from a serious accident, it is important to have plenty of uninsured and underinsured coverage on your own policy.

Your Personal Injury Lawyer in Lafayette, IN

No one should have to worry about money after being in an accident. If you find yourself in a similar predicament, get in touch with Withered Burns, LLP, your personal injury lawyer in Lafayette, IN for a solution. You can call us at (765) 742-1988.

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