Should I Have Underinsured Motorist Coverage In Kentucky?
What Is Underinsured Motorist Coverage (UIM)?
The purpose of Underinsured Motorist Coverage (UIM) is to protect yourself in case you are injured in an auto-accident by someone who has insurance coverage that is insufficient to cover the cost of your losses.
When most people think of losses in a car wreck the first thing that comes to mind is the damage to their car, but this is often just the tip of the ice berg. Modern medicine is a wonderful thing that can save lives and cure injuries in ways once not thought possible, but if you are seriously hurt in a car wreck you will find the costs of your medical treatment quickly surpass the cost of replacing your vehicle; in addition to lost wages.
Why Should I Have Underinsured Motorist (UIM) Coverage In KY?
Understanding Car Insurance Policies
What is Car Insurance?
Generally, when you ask someone about their car insurance policy they will simply tell you if they have full coverage or liability insurance. Unfortunately, for someone injured in an auto accident this is the least important part of the policy.
If you ask the same question of most attorneys, they answer with a set of numbers. The numbers they are referring to are their insurance policy limits This means the maximum amount their insurance company will pay if they are involved in an accident. They might give an answer like $300,000/$500,000 for bodily injury and $300,000 for property damage.
The reason they give two numbers is insurance companies’ cap how much they will pay for the injuries of a single person and how much they will pay for the entire accident. Continue reading
Who Actually Pays for Injuries Sustained in an Auto Accident?
In most cases the compensation for a driver injured in an auto accident is actually going to be paid by an insurance company. Insurance law comprises an entire semester long course in most law schools and can be very confusing, but the most important thing to know about insurance in Kentucky is the state minimum car insurance standard.