Why Do I Need Underinsured and Uninsured Motorist Coverage in Utah in 2024?

When speaking about road safety, especially in the heavy winters of our state, staying protected against an unexpected event such as an auto accident is the key. We have discussed basic automobile insurance in past blogs, however, I want to reiterate the important of uninsured and underinsured motorist coverage today.

 

Car Insurance Statistics in 2024

Most individuals don’t give to much thought to changing insurance policies when it comes time to renew their auto insurance. However, let’s look deeper into the statistical numbers regarding this billion dollar industry.

According to Forbes Advisor, there are several aspects of insurance statistics that gives us a better underrating of the industry.

1. Cost:

   1. Over the past, 10 years car insurance cost have risen by an alarming 45.4%. This is largely due to inflation, supply chain  and expensive auto accidents.
   2. This is a major reason why some drivers opt out of underinsured and uninsured motorist coverage.

2. Location:

   1. The top 5 cheapest states of full coverage auto insurance include: Vermont, Idaho, New Hampshire, Maine and Ohio.
   2. The top 5 most expensive states include: New York, Florida, Louisiana, California and Michigan.
   3. Utah lies in the middle with average insurance costs, which if you can afford it, we highly recommend underinsured and uninsured motorist coverage.

3. Coverage:

   1. 1/8 drivers have NO insurance nationally, thats almost 13%.
   2. This means the vast majority of individuals do have coverage, however, we don’t want you to be the driver who gets accidentally hit by an uninsured driver and then have to cover the financial burden as a result.

4. Types of Vehicles

   1. The cheapest vehicles to insure include the Honda CR-V, the Subaru Outback, and minivans in general; which are also among the top 20 selling vehicles in the nation.
   2. The more luxurious your vehicle is, the highest collision losses you may experience.

For more detailed information on these statistics, please visit Forbes Advisor.

 

So Why do I Need Underinsured and Uninsured Motorist Coverage?

Now that you’ve seen some alarming statistics across our nation, let’s shed light onto why we should all try to have underinsured and uninsured motorist coverage. See reasons below:

1. Statistics:

   1. Like mentioned above, there are many drivers on the road that do NOT have insurance coverage. This as a result leaves you, the innocent victim, at risk of financial hardship if you are involved in an unfortunate accident that is not your fault.

2. Legal State Minimums versus Reality

   1. While the state of Utah requires minimum liability coverage, the truth of the matter is not all drivers follow these requirements. This is where underinsured and uninsured motorist coverage becomes a safety net for the drivers who are victims of car crashes caused by uninsured motorists.

3. Hit-and-Run Accidents

   1. Like we discussed in our previous blog, hit-and-runs occur most often than one would expect, and victims often deal with challenges in finding and holding the responsible party accountable. Underinsured and Uninsured motorist coverage in these types of cases can help cover your medical bills and property damage costs when the at-fault driver is never found, which sadly is quite often.

4. Total Financial Protection

   1. If you are an unfortunate victim of an auto accident, you sometimes see property damage costs, medical bills, wage losses and other expenses pile up. If you have underinsured and uninsured motorist coverage, you can have peace of mind in knowing that you have a safety net to cover the cost associated with a personal injury car accident case.

After reviewing these compelling reasons as to why you should try to have underinsured and uninsured motorist coverage, we, at Symco Injury Law, highly recommend it. It serves as a proactive measure to safeguard against unforeseen circumstances. Additionally, by  investing in underinsured and uninsured motorist coverage, you are taking a positive step towards ensuring your financial well-being in the event of an accident with an uninsured or underinsured motorist. Prioritize your safety and financial security – make underinsured and uninsured motorist coverage an integral part of your insurance portfolio today.

Contact us at Symco Injury Law!

We know all car accidents can be very stressful and traumatic, especially in situations where the at-fault part has minimal or no coverage. If you suffer any injuries from these types of car accident, please don’t hesitate to call or text us. We, at Symco Injury Law, have years of extensive experience and are here to help you 24/7. Contact Us.