The Consequences of Waiving Uninsured Motorist Coverage

No one likes overpaying for insurance, we get it. However, there are some corners you should not cut in order to save some money on your premiums. You may have been tempted to waive uninsured motorist coverage, as it seems like unnecessary coverage; after all, who doesn’t have insurance?

Well, you may be surprised to learn that in Florida, 1 in 5 drivers has no insurance. That’s right. 20% of all Florida drivers on the road are uninsured or underinsured. Because of this alarming statistic, it’s clear that you should be paying for uninsured motorist insurance, or risk rolling the dice every day you’re on the road. 

In this article, we’ll explain how UM insurance works, and the consequences of waiving it. 

What is Uninsured Motorist Coverage? 

Simply put, uninsured motorist coverage is a type of car insurance that provides protection in case you are in an accident with an uninsured driver.  

If you are hit by someone who does not have insurance, your uninsured motorist coverage can help pay for medical expenses, lost wages, and other damages that you would normally recover from the at-fault driver’s insurance company. 

Why is Uninsured Motorist Coverage Necessary in Florida? 

In Florida, it is estimated that 20% of drivers are uninsured. This is one of the highest rates in the country, and it means that if you are in an accident, there is a one-in-five chance that the other driver will not have insurance. 

If you do not have uninsured motorist coverage, you will have to pay for your own damages out of pocket or rely on the other driver to pay for them. Unfortunately, if the driver you got into an accident with is uninsured, it is highly unlikely they would be able to pay out of pocket for these expenses. 

The Consequences of Waiving Uninsured Motorist Coverage 

If you choose to waive uninsured motorist coverage, you are essentially gambling that you will never be in an accident with an uninsured driver. When it comes to taking a gamble, Florida drivers may not be the best thing to gamble on. 

 1 in 5 Florida drivers are uninsured. Make sure you have proper UM coverage. 

Plus, if you do not have uninsured motorist coverage, you will not be able to recover damages for pain and suffering; which can be a significant amount of money. 

The Average Cost of Adding Uninsured Motorist Coverage 

In general, uninsured motorist coverage is relatively inexpensive, and the peace of mind it provides is well worth the cost.  

The specific cost of adding uninsured motorist coverage to your car insurance policy will depend on a number of factors, including your driving history, the type of car you drive, and the level of coverage you choose. 

What to Do if You Get in an Accident with an Uninsured Driver 

If you are involved in an accident with an uninsured driver, there are several steps you should take. 

Ensure the Safety of Everyone Involved 

First and foremost, make sure that everyone involved in the accident is safe while calling 911. Accidents can of course be incredibly stressful, but you must make sure 911 is called to provide both medical attention and help clean up the accident. 

Exchange Information with the Other Driver 

Then, exchange information with the other driver, including their name, phone number, and license plate number. If the other driver has no insurance, they may not be too inclined to provide their personal information, which can make the situation even more difficult. However, 911 should already be called so the police can make sure the proper information is gathered. 

No matter how the other driver acts, it is important to remain calm and try to gather as much information as possible without escalating the situation.  

Document the Scene and Damages 

Documenting the scene and damages is essential in case you need to file an insurance claim or pursue legal action. Take pictures of the damage to both vehicles, the accident scene, and any injuries sustained. 

Including taking a photo of the other driver’s license plate.  

Contact Your Insurance Company 

As long as you have uninsured motorist coverage, your insurance company will work with you to pay for your damages. Contact your insurance company and report the accident as usual. 

After reporting the incident, you should always seek medical attention or risk losing your personal injury protection (PIP) coverage not applying later on. It’s also a good idea to speak with a legal representative to have the best protection for your unique circumstances. 

Injured in an Accident with an Uninsured Motorist?  

Waiving uninsured motorist coverage may seem like a good way to save money on your car insurance premiums, but it can have serious consequences if you are involved in an accident with an uninsured driver.  

With 20% of drivers in Florida uninsured, the risk is high. The cost of adding uninsured motorist coverage to your policy is relatively low, and it can provide you with the peace of mind you need to drive safely on Florida’s roads. 

If you’ve been injured in a car accident, whether uninsured or not, Mickey Keenan PA can help make you whole again. Give us a call today.