As the saying goes, “hindsight is 20/20,” and this is certainly true regarding auto insurance. After a serious car accident, people wish they had carried more insurance coverage.
Aside from basic liability insurance, there is additional coverage certainly worth considering. For one, when an uninsured motorist crashes into your vehicle and you suffer injury, typically you must rely on your own insurance to cover damages through uninsured motorist (UM) coverage. Anyone without auto insurance typically does not have substantial assets either, and therefore pursuing a third-party claim would not be viable.
As a note, the Department of Motor Vehicles in Virginia allows a driver to pay a $500 uninsured motor vehicle (UMV) fee that permits drivers to drive the uninsured vehicle at their own risk. Virginia also requires drivers to carry UM coverage but it is optional in North Carolina. Underinsured motorist (UIM) insurance covers damages that the at-fault driver’s policy limits do not cover. Both UM and UIM insurance covers bodily injury damages. With collision coverage the insurance company must pay for any damages to your vehicle up to the policy limits of your collision insurance.
Unfortunately, when damages are extensive or serious injuries occur such as brain injury or spinal cord injury, people often have trouble recovering adequate compensation.
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