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Moving? Update your insurance! One in Seven Drivers on the Road do not Have Insurance

September 27, 2011

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General
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John D’Ambrogio

This informative piece just in from a trusted colleague – Elizabeth Soley, managing partner of  Jacob Street Partners.

“A recent article by USA Today* stated that one in seven drivers on the road in the US do not have auto insurance.  Even scarier, in 5 states, nearly one in four drivers did not have auto insurance despite being mandatory in every state except New Hampshire.  As a foreign national, what can you do to protect yourself in case of an auto accident?

Although it is not required, most insurance policies include coverage for uninsured/underinsured (UI/UIM) motor vehicle coverage but the coverage varies by policy.  UI/UIM coverage pays for the injuries to you and your passengers as well as the damage to your property from an accident where the other party is legally at fault but does not have insurance or enough insurance.

As you can see from the data in the USA Today article, it is critical to have ample coverage against uninsured motorists!Having UI/UMI coverage could pay the cost of medical bills, lost wages, repair of personal belongs and pain and suffering.  It is usually inexpensive to add UI/UIM coverage to your policy but just having some protection isn’t enough.   It is critical when selecting an auto policy to make sure that your policy has the maximum amount of uninsured/Underinsured motor vehicle coverage. ”

The cost for increasing your protection is minimal compared to the risk of not having the protection you need.  Thanks for the info, Elizabeth – As we know, you can be reached at 203-210-7257 or elizabeth.soley@jacobstreet.com .