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Are you sure you understand what uninsured/underinsured motorist coverage (UM) really means?
In previous newsletters, I discussed the importance of having sufficient amount of uninsured/underinsured (UM) coverage under your automobile insurance policy. Because of the tremendous number of calls I received regarding UM coverage; I felt the topic should be addressed in even greater detail.
Let’s say you’re driving down the road and another driver runs a stop sign, striking your automobile and severely injuring you. Supposed your medical bills total $40,000.00 (not uncommon with today’s rising health care costs) and your loss of wages currently total $15,000.00.
Now, let’s also suppose that the person who hit you owns no personal assets and has NO automobile liability coverage (statistics show about 25% of all drivers in Georgia are driving illegally with no insurance).
UM coverage is very inexpensive. This coverage protects you! When you purchase what is call liability coverage (the coverage required by law), liability coverage protects everyone else in the world in case you cause a wreck. In contrast, UM coverage protects you for your injuries caused by the negligence of another driver.
I recommend a minimum of $100,000.00 of UM coverage because there are simply very few activities in today’s society more dangerous than driving. YOU MUST insist that your insurance agent give you the same amount of UM coverage as liability coverage provided in the policy.
Compare this hypothetical policy:
Person A - Liability Coverage $100,000 with premium cost at $124 per pay period
- UM Coverage $25,000/$5,000 with a premium of $17 per pay period
The policy described above should have the UM coverage raised to $100,000.00 as well costing Person A only a few extra dollars per pay period. Check your auto insurance declaration page now and be sure YOU have the coverage to protect you and your loved ones.
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