Why You Need Underinsured Motorist Coverage (UIM) Today!
POSTED BY Scott O’Sullivan
September 14, 2016
Auto InsuranceMotorcycle Insurance
I want you to take action today. Literally, today. Call your auto or motorcycle insurance agent and ask him/her the following questions:
Do I have Underinsured Motorist Coverage?
Do I have Medical Payments Coverage?
If the answer to either of those is, “No,” tell him/her to add it TODAY. I will tell you why in a second. First, be aware that they may tell you that you don’t need that coverage but you need to INSIST on it.
Insurance agents aren’t bad or dumb people, but I often (very often) hear that they tell their clients not to purchase Underinsured Motorist Coverage (UIM) or MedPay and that makes no sense. I sincerely believe that they don’t understand the interplay between your health insurance and your auto or motorcycle insurance.
A good friend of mine recently called her agent to add UIM and he told her she didn’t need it. This is typical, except that this agent was her good friend! He truly didn’t know why she would absolutely need UIM in the event of an accident. He said, “Do you have good health insurance? Well, then you don’t need UIM!”
So, now, let me explain why you need Underinsured Motorist Coverage and MedPay.
Why Buy Underinsured Motorist Coverage (UIM)
If you are like most people, you probably have a health insurance plan with an annual deductible and co-pays. Imagine that you’re in a catastrophic accident (or even a fender bender with moderate injuries): those expenses will be your own burden to pay. Now, what if you can’t work? And what if the other person was driving uninsured or underinsured, providing very little (or nothing) to help you cover those expenses?
Your Underinsured Motorist Coverage coverage can cover your medical deductibles, lost wages, unpaid medical bills, co-pays, and help compensate you for your pain and suffering, plus more.
If you DON’T have UIM, and the other driver only has $25,000 (the minimum required by the law), you will only get $25,000, which won’t even come close to covering your medical and other expenses.
Keep in mind: UIM helps you only if you are injured by a driver who has no insurance or insufficient insurance; it will not help if you are more than 50% at fault. To protect yourself in nearly any kind of accident, you also need Medical Payments Coverage. Read on!
Why Buy Medical Payments Coverage?
Medical Payment Coverage, also called MedPay, is a premium that your car insurance company must offer you. In fact, in order to forfeit the coverage, you must sign a waiver. The value of the coverage can range from $5,000 to $25,000.
MedPay is also known as “no fault” insurance. It will pay medical bills up to the policy limits regardless of how the accident happened, with the caveat that it may not pay if you intentionally caused the accident (which arguably is not an accident).
Your MedPay coverage can be used to pay for first responders, such as ambulance companies. It also covers emergency room bills or any other medical bills related to your injury as a result of your car accident, whether or not you were at fault. (Liability coverage only helps if you were at fault.) MedPay can cover co-pays, deductibles, doctor visits and therapeutic treatments such as chiropractors, massage therapy and physical therapy. In essence, it may cover a lot of things that your health insurance may not!
If you have any questions about your coverage, or about something you learned from your insurance agent, please don’t hesitate to call us at (303) 388-5304! We live and breathe this stuff, so we will likely have a quick answer for you.
Beware of Fred Loya Insurance – You need the right kind of insurance from a company that will be there when you need them. Fred Loya has proven time and time again, they will disappear when you file a claim.
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