Coverage Limits
To know what to expect from your insurance company in the event of an accident, it’s important that you know the limits of your uninsured motorist coverage.
Limits – In most cases, your coverage will adapt to suit how many people were injured in the accident. For example, if your uninsured motorist coverage was 25/50, your coverage may cover up to $25,000 for the driver, your 1st number of the uninsured motorist coverage: 25/50, and the 2nd number: 25/50 covers up to $50,000 for the expenses for all persons in your vehicle for total bodily injury or death.
Once again, it’s essential to note that, like all types of insurance, you are covered only up to your policy limit. If your uninsured motorist coverage is not high enough, and the other guy is at fault, and does not have insurance, this is the point that many “injured” lawsuits happen in which the at-fault person’s assets and future wages become vulnerable.
I Have Health Insurance; Do I Need Underinsured/Uninsured Motorist?
If you have health insurance, you may wonder if there is any benefit to adding uninsured/underinsured motorist to your auto insurance policy. There are a few things to consider. For example, health insurance policies do not cover lost wages, there is no out-of-pocket deductible that must be met; it also pays out until your policy limit is reached. Finally, while you may have health insurance coverage, your passengers may not. Underinsured/uninsured motorist would cover their medical expenses if they were injured at the time of the accident.
Making a Claim: Will My Rates Go Up?
Even policy holders that have uninsured/underinsured motorist may hesitate to file a claim out of fear that doing so could cause their rates to go up. Fortunately, Nevada’s insurance laws prevent insurance companies from cancelling or refusing to renew your policy or raising your rate, unless you were responsible for the accident.
Should I Carry Uninsured/Underinsured Motorist Coverage?
Do I Have Underinsured/Uninsured Motorist?
If you’re in a car accident caused by an uninsured driver, would you have the means to replace your vehicle? Miss days or weeks of work? Pay any resulting medical bills without financial hardship? If not, then it’s likely in your best interest to add this type of coverage to your policy. All car insurance policies are different, and the only way to know whether you have this type of coverage is to check your own policy coverages and levels.
If you need help wading through the legal jargon, please call us for a policy review. We’ll check for coverage and potential serious gaps in your coverage.
