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Why Uninsured/Underinsured Motorist Coverage is a MUST for 2023

By December 21, 2022No Comments
Classic Car Insurance

Why Uninsured Underinsured Coverage is a must have coverage for 2023



According to a study done by the Insurance Research Council, almost 1 in 8 drivers are uninsured. To add some perspective, for every 100 cars you see in a day (highway, residential street, parking lot) about 13 of those vehicles do not have insurance. That alarming statistic does not account for insureds who do not purchase adequate policy limits, which is also known as being “underinsured”.  For example, if somebody causes $30,000 worth of property damage to your vehicle and their policy limit is $15,000, without this endorsement, you would be stuck with that remaining $15,000 in repairs. Litigation is always an option but oftentimes that can be an arduous and lengthy process with no guaranteed outcomes. That also wouldn’t get your vehicle repaired quickly. That is why underinsured/underinsured motorist coverage is of utmost importance. Without this endorsement, you could be responsible for your own medical bills, property replacement and in some cases lost wages or restitution for other inconveniences. That is why in 2023 underinsured/uninsured motorist coverage provides peace of mind. The last thing you want to deal with after having unexpected damage to your vehicle is to not have proper coverage to fix it. Some states and the District of Columbia have already made underinsured motorist coverage mandatory statewide. Ask your agent about adding the underinsured motorist liability and property damage endorsement to your auto policy because if you are ever rear ended by an uninsured or underinsured motorist, you’ll really wish you had this coverage.