Don’t Take A Risk By Not Being Informed
There are other clauses in your insurance policy that are imperative to include so that you are properly insured. Many of our clients have asked themselves what is uninsured motorist insurance in Fenton Missouri? An uninsured motorist clause is an additional clause in an auto insurance policy that provides for a driver to receive damages for any injury he or she receives from another uninsured driver who fails to maintain the proper insurance coverage by not having insurance or carrying inadequate insurance coverage.
So, if you get into an accident and the other driver does not have insurance, your policy will pay for damages for you and your passengers up to the limits outlined in the contract. You will also be covered if you are the victim of a hit and run accident. In the event of an auto accident, uninsured motorist (UM) coverage – also called uninsured motorist bodily injury (UMBI) insurance – will cover you and your passengers for medical expenses pain and suffering or lost wages.
Missouri law requires every driver to have uninsured motorist coverage of at least $25,000 per person for bodily injury, $50,000 per accident for bodily injury and $10,000 per accident for property. If you do not have enough insurance to protect you and your family, you could suffer financial loss caused by the other driver who does not have insurance. Although the state requires minimum coverage, it may not be enough. This is how it works: the owner of the policy pays a premium to the insurance company to include this clause. In the event of a qualifying accident, the insurance company pays the difference between what the uninsured driver can pay and what the injured driver would be entitled to as if the uninsured motorist had proper insurance.
In most cases, your UM coverage will come in a split limit, meaning your insurance coverage will differ if there is one person injured versus if there are multiple people injured. For example, a split limit might be $15,000 for bodily injury or death, per person. $30,000 for total bodily injury or death, per accident. You may instead be able to purchase a combined single limit policy, which is one amount that your insurance company will pay out for all bodily injury in an accident (e.g., $30,000 for all injuries).
If your insurance company pays a claim under your policy, they will go after the other driver to collect the damages that were paid to you. However, because many people who do not have insurance coverage have no collectible assets, recovery may not be possible. In addition to paying for damages to your vehicle, uninsured motorist property damage coverage may also cover damage to other personal property. Examples of personal property that may be covered when damaged include your house, your fence, or other personal items, such as your laptop or cell phone. MJM Insurance® of Fenton can offer personal advice about product availability in Missouri and how much coverage is right for you.
Keep in mind, making a claim under this policy causes you to become a third party to your own insurance company. You will be reimbursed for your accident claim as if you were a third party and this could put you in opposition to your insurance provider. Some carriers increase insurance rates at the end of your policy term and the agents of MJM Insurance® of Fenton can shop many insurance carriers to find the best option for you to avoid substantial increases in your auto insurance premiums.
The Insurance Research Council estimates that 1 driver out of every 7 drivers in the United States is currently uninsured. This statistic could cause a driver with insurance a significant financial loss because their liability coverage may not be enough to protect them in case of a tragic accident.
If you decide to purchase UM coverage, you’ll need to select the limits that are right for you. The agents of MJM Insurance® of Fenton can help you review your assets and determine what coverages will best meet your needs. When you consider your desired coverage amounts for uninsured motorist bodily injury coverage, we can help you understand how these limits work. Contact us today – don’t take the risk by not being informed.