In the realm of auto insurance, we often hear about comprehensive coverage, liability protection, and collision insurance. However, there is an aspect of coverage that deserves far more attention: underinsured and uninsured motorist coverage. This often-overlooked coverage can be the difference between financial stability and turmoil in the event of an accident involving a driver who lacks adequate insurance, or is entirely uninsured.
Uninsured motorist coverage is a relatively inexpensive type of coverage that protects you and your family if you’re involved in an accident caused by a driver who doesn’t have insurance. On the other hand, underinsured motorist coverage comes into play when the at-fault driver’s insurance coverage is insufficient to cover your losses. While your insurance company must offer both types of insurance, they rarely explain the nominal cost and significance of each.
Uninsured/underinsured coverage is normally offered together and, on average, only costs Texas drivers $50 – $75 per year, or $4 to $6.25 per month. The importance of these coverages cannot be overstated. Despite the legal requirement for drivers to have insurance, a significant number of motorists drive without it. Moreover, many drivers carry only the minimum required insurance, which often falls short in covering the costs associated with serious accidents, including medical bills, lost wages, and property damage. For example, the minimum liability coverage for Texas drivers is 30/60/25. That means that minimally insured drivers carry $30,000 to protect 1 person injured, $60,000 per accident (regardless of the number of injured occupants), and $25,000 for property damage.
Consider a scenario where you are involved in a collision with an uninsured or underinsured driver who is at fault. Without adequate coverage, you could be left with mounting expenses that you have to pay out-of-pocket. This could potentially lead to financial strain, especially if you are faced with medical bills or vehicle repairs that far exceed what the other driver’s insurance can cover. Underinsured and uninsured motorist coverage acts as a safety net in such situations, providing you and your family with the necessary financial protection. It ensures that you are not left bearing the burden of someone else’s negligence or financial responsibility. With roughly 15% of Texas drivers being uninsured, and even more being underinsured, it is all the more important to have adequate protection in place.
If you or a loved one has been injured in a motor vehicle accident, contact an experienced attorney at Abraham, Watkins, Nichols, Agosto, Aziz & Stogner to begin investigating your claim immediately. The law firm of Abraham, Watkins, Nichols, Agosto, Aziz, & Stogner is the longest-standing personal injury firm in Texas, and our attorneys have the knowledge, experience, and resources necessary to obtain just compensation for our clients. For more information, call us today at 713-222-7211 or 1-800-870-9584.