When deciding what kind of coverage is “necessary” most people look to get the best deal possible. To cut costs they may: raise the deductible, cut property damage coverage, eliminate rental car coverage, take the minimum in no-fault medical coverage, and finally lower their liability coverage. Most people worry about low liability coverage limits because they are afraid that an accident, which is their fault, may ruin them financially. Robert Miner, a top Salt Lake City personal injury lawyer, agrees, this is a worry, but it is at best a remote possibility.
Every day, countless people’s lives are permanently transformed and ruined by motor vehicle accidents. These people don’t simply suffer financial ruin but physical and emotional ruin as well. Ask yourself: what type of at fault driver am I most likely to have an accident with? As an experienced personal injury lawyer, Miner can tell you: it isn’t the person responsibly going over his auto insurance requirements. It is: an uninsured, or minimally insured person with nothing to lose. Sure you can sue this person, but if he doesn’t have anything, nothing is what you are going to get. It is the person with nothing to lose in life that is the most likely person to harm you, and the person you need to insure yourself against.
Getting adequate uninsured and underinsured coverage is vital. What does this insurance provide? This coverage basically insures you against injury from the most likely person to harm you. Your own insurance basically gives you protection from people who may not only be uninsured, but basically uninsurable. These people include those driving on alcohol suspended licenses or with no licenses at all. The catch to getting adequate uninsured and underinsured liability limits is to have high liability limits. Insurance companies are protected, for example, in Utah by statute. §31A-22-305.3 of the Utah Code provides that insurance policies in Utah must provide uninsured and underinsured motorist coverage in amounts equal to or lesser than the insured’s liability limits. It allows for people to opt for lower limits; but why would you knowing the risks?
All other parts of your insurance coverage are based on you, your driving record, your vehicle, your age, your sex, and in some states your credit rating. The fact that you are a responsible person struggling with coverage questions already may make you a relatively low risk to harm someone else. Imagine the cost of trying to insure a drunk or unlicensed driver on your policy; the cost would be prohibitive. That is basically what you are doing by getting high limits on liability and consequently uninsured and underinsured motorist coverage. Don’t miss out on a bargain in your coverage!
For more information, or if you’ve been injured in an accident contact a local personal injury lawyer, today.