Most drivers believe that if they have full coverage insurance, they are really fully covered. With full coverage, you only have coverage for liability and property. These do little to protect you from others. What follows are descriptions of three types of car insurance coverage that few drivers know about, but they all need.
Uninsured Motorist Coverage (UM)
Ok, you don't really have to add uninsured motorist coverage - you already have it.
In Missouri, for example, every insurance company has to give you (for a price) a minimum of
$25,000 coverage. The problem is $25,000 is not enough!
This type of coverage kicks in when you are injured in an accident caused by an uninsured driver. A common scenario is that an insured driver suffers devastating injuries because an uninsured driver hit him. As a result, the insured driver may run up substantial medical bills and miss substantial time from work. To collect in this situation, you would go to your insurance company, which takes the place of the guilty driver. The good thing about this scenario is that your insurance company will not increase your policy rates.
UM coverage provides strong coverage for you and your family. But you have
to raise the policy limits of the coverage. Tell your agent you want at least $100,000 in UM coverage. It will only add a few dollars to your premium.
Underinsured Motorist Coverage (UIM)
Another common situation is being injured in an accident with another driver who has only the minimum coverage required by your state. Although the other driver is insured, his policy limits are not sufficient to cover your medical expenses and lost wages. That's where UIM coverage comes in.
UIM insurance provides coverage in those cases where the other driver�s insurance does not compensate you enough for your expenses. So your insurance company pays the rest.
But here's the trick - if you really want to make sure this coverage is not worthless, you have to buy a lot of coverage - at least $100,000. Like additional UM coverage, UIM coverage will only add a few dollars to your insurance bill.
Medical Payments Coverage (MPC)
The above discussed types of coverage, UM and UIM, are only relevant in instances when the other driver is at fault. With MPC, who caused the accident is irrelevant. This type of coverage is reimbursement for medical bills resulting from injuries sustained while in your car. Obtain at least $5,000 in MPC. It's low cost, and it allows you to �double dip� when another driver is at fault. In other words, when someone else hits you, you can collect from their insurance company for your medical bills, but you are also entitled to be reimbursed under your MPC from your insurance company for those same medical bills!
Take advantage of UM, UIM and MPC insurance coverage to make sure you are well-covered in the event of a car accident.
Josh Myers Law is a Missouri law firm that specializes in personal injury and workers compensation. Insurance companies will try to convince injury victims to accept less than their case is worth. Don�t sign anything until you speak to a
St. Louis injury lawyer. Visit
www.joshmyerslaw.com to arrange a free consultation.
