A lot of people ask me if they should purchase uninsured motorists coverage and my answer is always a resounding yes. Sure it covers you if someone who has no insurance hits you and tends to only have a $250 deductible, but what they don't understand is that it is also Underinsured Motorists coverage.
Say you live in New Mexico where the state minimum limits are; $25,000 in Bodily Injury per person, $50,000 in Bodily Injury per accident, and $10,000 and Property Damage and say you drive a vehicle worth $20,000 and your vehicle was totaled and you were hurt in the accident. The Insurance Company that covers the person that hit you would only pay out up to these policy limits. Their insurance would be exhausted and you wouldnt be reimbursed to the total of your loss.
So, is it worth it for you to have this coverage? Is it worth it for you to not have this coverage? For both personal auto policies and commercial auto insurance policies, this coverage isn't expensive but is worth the extra expense. Its usually not much more to add.
No comments:
Post a Comment