Uninsured and underinsured motorist coverage (UM/UIM) is an often-overlooked but extremely important type of auto insurance. This coverage is designed to protect you in the event that you are in an accident with someone who does not have insurance or does not have enough insurance to fully cover your damages. Unfortunately, not everyone who drives on the road is insured, and even those who are may not have enough coverage to pay for all of your expenses if you are involved in an accident. That’s why it’s important to purchase as much UM/UIM coverage as you can afford.
When you purchase UM/UIM coverage, you are essentially buying insurance for yourself, in case you are in an accident with someone who doesn’t have insurance or doesn’t have enough insurance to cover your damages. This coverage can help to pay for things like medical expenses, lost wages, and even pain and suffering. Without it, you may be left to pay for these expenses out of your own pocket, which can be a financial burden, especially if you are dealing with a serious injury.
One of the main reasons to purchase UM/UIM coverage is that it can help to protect you in the event of a hit-and-run accident. Unfortunately, hit-and-run accidents happen more often than many people realize, and in many cases, the driver who caused the accident is never found. If you are involved in a hit-and-run accident and the other driver is never caught, your UM/UIM coverage will help to pay for your damages.
Another reason to purchase UM/UIM coverage is that it can help to protect you in the event that the other driver doesn’t have enough insurance to cover your damages. Even if the other driver is insured, they may not have enough coverage to pay for all of your expenses. For example, if you are involved in an accident and the other driver only has the minimum amount of liability coverage required by law, it may not be enough to cover your medical expenses if you are injured in the accident. With UM/UIM coverage, you will have additional protection in case the other driver’s insurance is not enough to cover your damages.
It’s also important to note that in Kentucky, you have the option to “stack” your UM/UIM coverage, but only if you pay a separate premium for each vehicle. This means that you can add together the UM/UIM coverage you have on all of your vehicles, but only if you have purchased separate coverage for each one. This can be especially beneficial if you have multiple cars and want to make sure that you have enough coverage in case of an accident.
Another advantage of having UM/UIM coverage is that it can help to protect you in case the other driver is underinsured. In some cases, the other driver’s insurance company may deny your claim or only offer you a small settlement. With UM/UIM coverage, you will have additional protection and can be sure that you will receive the full amount of compensation that you are entitled to.
In conclusion, purchasing as much UM/UIM coverage as you can afford is extremely important for protecting yourself and your finances in case of an accident. It can help to pay for things like medical expenses, lost wages, and even pain and suffering. It can also protect you in case of a hit-and-run accident or if the other driver doesn’t have enough insurance to cover your damages, or any insurance at all. Keep in mind that in Kentucky, you have the option to “stack” your UM/UIM coverage, but only if you pay a separate premium for each vehicle. It’s important to consult with a personal injury attorney to understand your rights and obligations, and to ensure that you have the necessary coverage to protect yourself in case of an accident. If you have been involved in an accident, don’t hesitate to contact a personal injury attorney for help in navigating the claims process and seeking the compensation you deserve.
