According to the Insurance Research Council (IRC) report issued in 2011, one in seven drivers in the United States is uninsured. When you take this into consideration, it is understandable why it is now mandatory in North Carolina to carry uninsured motorist (UM) and underinsured motorist (UIM) coverage. What many people do not realize is how affordable UM/UIM insurance is for the amount you pay. Your liability insurance only covers damages to someone else’s car, and you need protection if your car is damaged by an uninsured motorist.
UM insurance in North Carolina covers both bodily injury and car property damage. UIM only covers bodily injury. The price of UM/UIM coverage for $100,000 UM and $300,000 UIM generally runs around $35.00 per vehicle for a year. The highest legal limit for UM/UIM is $1 million and the premium for that typically costs under $200 a year. Considering that bodily injury covers all hospital, medical and wage loss costs, this is very affordable and less expensive than health insurance.
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