About 13 percent of all motorists, or one-in-eight drivers, do not have automobile insurance.
Having the misfortune of getting into an accident with an uninsured motorist may have serious financial consequences depending upon the state in which you reside and whether it is a “no-fault” or “tort” state.
In no-fault states, the law does not assign blame for an accident. As a result, each driver is reimbursed by their insurance company for any damages. In a “tort” state, insurance companies pay out claims based upon the percentage of fault assigned to each driver.
Any accident with an uninsured driver means no insurance reimbursement payment for their apportioned share of the damage. This can leave you holding the financial bag.
Some states require drivers to take out insurance for uninsured (and underinsured) motorists. Where not required, it makes good sense to add that coverage to your auto policy.
You can buy protection against uninsured (and underinsured) drivers for both bodily injury and property damage. This coverage may also be valuable in cases where an insured motorist flees the scene of an accident without trading insurance information.
The first step to protect yourself against this potential financial risk is to contact your insurance agent to discuss your current coverage, applicable state insurance laws, and what you need to do to obtain protection against uninsured motorists.
To learn more about this topic, contact us, at by phone email or in person.
What is a 1099 form? This is a record of payment from an individual or entity, showing a payment, generated for your records. The individual/entity sends a copy to both the payee as well as the I.R.S.1 Who might be sending 1099s? Clients send their contractors 1099s, recording work performed. Banks send 1099s to reflect … Continue reading “1099 Form Help”
When you think about your estate, you may think about your personal property, real estate, or investments. You also have other, less-tangible assets – and they deserve your attention as well. We consider these your digital assets. A digital footprint of your life – and you need to consider them within your estate planning.
Pursuing your retirement dreams is challenging enough without making some common, and very avoidable, mistakes. Here are eight big mistakes to steer clear of, if possible. No Strategy. Yes, the biggest mistake is having no strategy at all. Without a strategy, you may have no goals, leaving you no way of knowing how you’ll get … Continue reading “Eight Retirement Mistakes to Avoid”
When you lose a spouse, partner, or parent, the grief can be overwhelming. In the midst of that grief, life goes on. There are arrangements to be made, things to be taken care of – and in recognition of this reality, here is a checklist that you may find useful at such a time. If … Continue reading “Estate Planning Checklist for When a Spouse or Parent Passes”
The first week of 2021 has already had many ups and downs. Just because it’s a new year doesn’t mean that the 2020 issues go away, and so far, 2021 has been no exception to this rule. The markets opened on January 4 and traded lower out of the gate, with the S&P 500 dropping … Continue reading “2021 Opens With a Bang”
Epic Capital provides the following comprehensive financial planning and investment management services: Learn More >