Is Uninsured/Underinsured Motorist (UM) Coverage Worth it?

You’ve probably seen the option to add “uninsured” or “underinsured” coverage to your car insurance plan. Have you ever wondered if it’s worth it to add the additional coverage – or wondered when you would need it?

Uninsured/underinsured coverage is needed when you’re in an accident and the person at fault doesn’t have insurance, or you’ve been in a hit-and-run. Uninsured or underinsured car insurance keeps you from getting stuck with bills from an accident you didn’t cause.

The Difference Between Uninsured and Underinsured

Uninsured motorist coverage is used when you’re in a crash caused by an uninsured driver or a hit-and-run. The coverage will pay for injuries you or your passengers suffer.

Underinsured motorist coverage is used when a driver hits you and has some insurance, but not enough to cover your medical costs. Like uninsured coverage, it pays for injuries you or your passengers suffer.

If you don’t have uninsured or underinsured insurance, you can also see if health insurance will pay for medical expenses after a car wreck. Your existing collision coverage will pay for damage to your car but you will still need to pay your collision deductible.

 Uninsured Drivers in Arkansas

In Arkansas, 16 percent of drivers are uninsured. That means, if you’re in a car accident in Arkansas, there’s a 16 percent chance that the person at fault is uninsured.

The cost of adding the additional coverage varies depending on your age, vehicle and location. The average cost of damage in a car accident is $7,500 – not counting medical bills.

The decision to add uninsured/underinsured coverage to your plan comes down to how comfortable you feel taking on the risk of having to pay for damage from an accident you didn’t cause.

If you’ve been in an accident in Arkansas caused by an uninsured or underinsured driver, talk to a Fayetteville personal injury attorney about your options for coverage of medical bills and property damage.

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