Transcription Slide 1: Hello! I’m Dan Lyles with Lyles Insurance. In this video, we’re going to go over Uninsured Motorist coverage. Slide 2: Uninsured Motorist and Under-insured Motorist coverages are one of the more important components of your auto insurance policy. Yet, it is also the most overlooked part. There are states where it’s optional, and drivers may reject coverage. There’s also states where it’s required, but drivers only choose to take out the state minimum liability coverage that they can get by with. Slide 3: Now to quickly cover statistics, about 13% of all drivers on the road are uninsured. Now that’s the national average. In some states, it can be a lot higher, as many as 1 in 4 drivers. And also, another thing to keep in mind is that while most drivers are driving legally with liability coverage, many of them are only carrying the lowest level of coverage that their state requires. So that’s why both Uninsured and Under-insured motorist coverages are important. Slide 4: There are three parts to Uninsured Motorist coverage. Number one is Uninsured Motorist Bodily Injury coverage. And you see the abbreviations I have for each of these. For the first one, UMBI, represents Uninsured Motorist Bodily Injury coverage. You’ll often see those abbreviations on your Declaration Page of an auto insurance application. Number two: Under-insured Motorist Bodily Injury coverage. And that’s abbreviated UIMBI on your policy. And the third, Uninsured Motorist Property Damage coverage, which is abbreviated UMPD. Now let’s go over what each of these three are and what they mean. Slide 5: The first part: Uninsured Motorist Bodily Injury coverage. If you get hit by a driver and it’s their fault, and they’re not carrying liability coverage like they should, and you have injuries, uninsured motorist bodily injury coverage would kick in on your policy. Slide 6: The second part: Under-Insured Motorist Bodily Injury coverage. In this situation, if you get hit by a driver and it’s their fault, and the driver is carrying liability coverage, but the level of liability coverage that they’re carrying is not enough to cover all of your injury expenses. Under-Insured Motorist Bodily Injury coverage on your policy will kick in. Slide 7: And the third part: Uninsured Motorist Property Damage coverage. This is where, again, you get hit by a driver and it’s their fault and they’re not carrying liability coverage. This will pay towards your own vehicle’s property damage. Slide 8: Before we finish, there’s two more key points you need to know about. Number one, when you choose your level of uninsured motorist coverage you are limited to the amount of coverage you have chosen as your level of liability coverage. So keep that in mind because if you only chose state minimum liability coverage, then that’s all they’re going to allow you to have with uninsured motorist coverage. You can’t go any higher. And second, this is a loophole in the law that I do not like, but it is what it is. Uninsured motorist coverage will not apply if you get hit by an unidentified hit-and-run driver. So if somebody hits you and it’s their fault, but they take off and you don’t know who they are, you can’t apply that to uninsured motorist coverage. To have coverage for that, you need to have medical coverage on your auto policy and also Collision coverage to cover the property damage. Slide 9: For those of you who live in the six states that I sell auto insurance in, if you live in Ohio, Indiana, Michigan, Pennsylvania, Virginia or West Virginia, and you would like for me to personally run you an auto insurance quote, I will be very happy to do so. I have put a link here on my website to where you can go and fill out an auto quote form. And I will get back with you with rates. Or, if you’d just like to get a quote by phone, I’ve also listed my phone number. Thank you for watching and have a great day! Get an Auto Insurance quote with Lyles Insurance Call me for a quote
0 Comments
Leave a Reply. |
Author
Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia.. Archives
March 2021
Categories
All
|