March 17, 2015

A Guide to UM/UIM Coverage

Filed under: General,Personal Injury — Casper & Casper @ 2:39 pm

Here are a few facts from the Ohio Insurance Institute about Uninsured Motorist Insurance and how you can protect yourself from a driver who is uninsured.

While the Ohio Insurance Institute provides some useful information, it’s important to understand that even if you have purchased UM for your personal vehicle(s), you may not be covered in the event of an accident if you are driving a company truck or auto. Check with your insurance company for details.

Of course, if you have been injured in an automobile or motorcycle accident, please feel free to contact the attorneys of Casper & Casper for assistance.

Rhys Richards, Attorney at Law

Q. What is Uninsured Motorist Insurance? Uninsured Motorist Insurance provides injury coverage to a driver that has been involved in an accident caused by the owner or operator of an uninsured vehicle or a “hit-skip.” The named insured and family members are also covered if they are pedestrians and struck by an uninsured vehicle.

Q. Are uninsured drivers a big problem in Ohio?  Because Ohio has a financial responsibility (FR) law, not a pure compulsory insurance law, it’s difficult to truly gauge the number of Ohioans who are uninsured. However, based on Ohio’s random verification program, 11.4% of Ohio motorists have been found in noncompliance with the law.

Q. Is UM/UIM insurance coverage required to operate a vehicle in Ohio? If you choose to comply with Ohio’s Financial Responsibility law the only coverage requirement is auto liability. Since some irresponsible drivers may choose to ignore the FR law, the inclusion of UM/UIM auto insurance is strongly recommended.

Q. Is UM/UIM coverage expensive? Since hundreds of companies write auto insurance in Ohio, the premium for this coverage is fairly competitive. The range is usually 5-10% of the auto policy premium, averaging around $50 a year. This will depend on such factors as the number and types of vehicle(s), driver(s) insured and the levels of coverage selected.

Q. What if I don’t want to purchase UM/UIM coverage?  This is an optional coverage. You have a choice as to whether or not it’s a coverage that you need. As with all insurance, it’s important to discuss the pros and cons of UM/UIM coverage with an attorney and an insurance professional before making a decision.