Uninsured Motorist Insurance Example
You and your wife are seriously injured in a car accident. You are the driver and your wife the passenger. The person that caused the accident did not have automobile insurance, and at the time of the accident, which was his fault, he was drunk and high. He is going to jail now, and you think compensation can be in suit. However, that is not the case. Even if he did not go to jail, he did not have a job or any other assets that you can take.
If you do not have uninsured motorist coverage, you will not recover any money for your injuries. You could wait around the rest of your life and still not get any money from the person that caused the accident. He did not have anything, to begin with and probably is never going to have anything. As my mother used to say, you can’t get blood from a stone.
However, if you did purchase uninsured motorist coverage, your insurance carrier will have to pay you AND your wife for your injuries (up to the limits of your policy). So, if you have $100,000 uninsured motorist coverage, you can get up to $100,000 from your insurance company. That would be $100,000 for you AND $100,000 for your wife as well.
Uninsured Motorist Coverage Is Important
Again, even though uninsured motorist coverage is not that expensive, you can only get what you can afford. Shop around and do the best you can. In my opinion, getting uninsured motorist coverage is one of the most important things you can do for you and your family. The reason I say this is because you have no idea when it will be able to come in handy. Just be sure to keep that in mind.