Many people sign up for uninsured motorist coverage (UIM) and forget about it. Unfortunately, UIM is not something that you can put on autopilot now and forever. Instead, you need to periodically review your policy to understand what is covered and see if changes are necessary. After the holidays and the start of the New Year is the best time.
The Law Does Not Require UIM, But You Need It
In Georgia, the legal requirement is for auto insurance companies to make uninsured motorist coverage available to drivers in every policy. There is no legal requirement for motorists to purchase this insurance, but they have every reason in the world to want and need it. UIM coverage is one area where people may have an inclination to be penny wise and pound foolish. Our very strong recommendation is not to do it.
Many people cannot tell you how much UIM coverage they have under their policy. They simply select a certain amount when they start their policy and forget about it. UIM is not something that you can put on autopilot and forget. Certain things in your life may change that could require you to have more than a minimal amount of this coverage.
Not Having Enough Coverage Can Be Costly
Accidents with an uninsured motorist can injure you just the same as crashes with insured drivers. Therefore, having enough coverage is a must. You could have a minimal amount because you signed up for a policy many years ago and have made no changes.
However, the costs of medical care and the value of cars have increased since you started your coverage. You could find yourself in a situation where, through no fault of your own, you are injured without sufficient insurance to pay your costs.
In general, you need to review all of your insurance coverage from time to time to ensure that they are sufficient. Your own circumstances change as well as those in the world around you. There is no better time than the New Year to study your coverage. You are already focused on your finances for the coming year, and insurance is an important part of your picture.
2021 is the right time to review your UIM. You never quite know how much coverage someone else has. The recent economic slump has caused people to lose jobs and has impacted earnings. People may try to cut their expenses by reducing the amount of their insurance. If you do not have the right coverage, you will end up paying the price. Those who have the minimum basic amount of UIM should strongly consider increasing it.
Atlanta Accident Attorneys Helping Injured Clients
If you have been injured in a car accident, the Atlanta accident lawyers at Slappey & Sadd could help you get the financial compensation that you legally deserve. Contact us online today or call us at (888) 474-9616 to get the legal process started. Your consultation is free, and you owe us nothing unless you recover financially.