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.
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