Every year, uninsured and underinsured drivers cost other motorists a fortune. Every state has adopted a slightly different approach to mitigating the costs and risks created by these underinsured and uninsured motorists, but generally speaking, the state’s minimum coverage requirements are designed to set a baseline, and they don’t always represent the right choice for an individual driver. If you’re unsure what to do about uninsured motorists, you need a trustworthy partner who can make recommendations based on your driving patterns and location.
Do You Have Enough Uninsured Motorists Insurance?
If you’re only carrying the minimum, consider these facts about uninsured and underinsured drivers:
- In 2016, over 13 percent of all drivers nationally were uninsured
- While this number has decreased from 16.8 percent 20 years ago, the increase is gradual and overall risk is not much different
- The states with the most uninsured people driving were Florida, Mississippi, Michigan, New Mexico, and Tennessee
- The states with the least uninsured people driving were Maine, New York, Massachusetts, and North Carolina
- States with the highest levels of uninsured drivers were all well over 20 percent uninsured, meaning 1 in 5 vehicles is being driven by someone without coverage
- Many of the states with the most drivers uninsured also have the highest requirements for PIP and liability coverage due to the increased risks
- Michigan and many other states with high numbers of uninsured drivers have also adopted no-fault insurance laws that complicate insurance policies
How to Protect Your Investment
If you’re living in a high-underinsurance state, the best thing you can do to protect yourself, your family, and your investment in your vehicle is by increasing your insurance coverage beyond the minimum coverage allowances required by your state. How much you should increase your coverage depends on the value of your vehicle and its age. For the best results, you’ll want to use a tool like our free customized quote generator to compare different levels of coverage for your vehicle, so you understand the best way to have everything you need without overpaying. It will help you identify the features, coverage levels, and other perks you qualify for and compare results in plain language to make your choice easier.
What Happens If You Don’t Have Enough Coverage?
If you don’t have the coverage you need when you get into an accident and the other driver is uninsured or underinsured, you could wind up footing the bill for some of the damage to your own vehicle. You could also wind up with additional costs from damages to surrounding properties in some jurisdictions. To find out more about the specific consequences of inadequate coverage where you live, you’ll want to talk to one of our representatives about your needs and your location.
Don’t Forget to Compare Quotes
While we always hope to be your best choice for car insurance, don’t forget the importance of comparing quotes in detail. Not only can it help you make the right decision about coverage, it can provide you with a way of incentivizing your insurance company of choice by informing them of your policy options on the marketplace. For more information about how to compare quotes and how BOLT Insurance can help, check out our page on comparing auto quotes.