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Can I Drop My Uninsured & Underinsured Motorist Coverage?

Can I Drop My Uninsured & Underinsured Motorist Coverage?

Since March, many Americans have had to tighten their budgets as the pandemic has tilted us toward a recession. For those who have lost jobs or had their hours cut, reducing monthly spending may be necessary. Many of our discretionary budgets have already decreased with restaurants and other entertainment venues closed, but that may not be enough to meet your new economic reality. If you are in this situation, you might be looking for other expenses to cut—and, like drivers during the recession that started in 2008, may be considering the merits of reducing your auto insurance coverage.

Though it seems like a good place to save, cutting down on your insurance coverage now can be especially harmful. When you make a call to your auto insurance agent or go online to see who you an save, please do not let your agent talk you into eliminating uninsured motorist coverage. Many of our clients have told us their agents advise them to eliminate this coverage, stating they do not need it if they have health insurance. THAT IS NOT TRUE! DO NOT FALL FOR THIS BAD ADVICE! Florida law does not protect you if you are injured by an uninsured driver. Medical bills, wage loss, the cost of future medical treatment, and the value of pain and suffering associated with serious injury are all very serious quantifiable damages. Many people are injured by uninsured drivers on Florida roads and the way to protect yourself against the harm caused by these uninsured drivers is to purchase UNINSURED MOTORIST COVERAGE. There are different limits of coverage, typically $10,000, $25,000, $50,000, $100,000, $250,000 and more. We recommend getting quotes for each increment and purchasing as much as you can afford each month, and make sure your coverage is “STACKED.” That means your coverage will multiply by the number of vehicles in your household. For example, if you purchase $25,000 in coverage but have 3 vehicles in your household, you actually have $75,000 in coverage. The stacking feature is a very economical one and should only cost a small percentage more for that protection.

Why Uninsured and Underinsured Motorist Coverage Matters More than Ever

Even during a strong economy, some drivers, for whatever reason, choose not to buy insurance. Though nationwide statistics for the last few years are unavailable, uninsured rates, which had been dropping since 2003, began to increase again in 2010 as families tried to stay afloat during the recession. It’s possible, come 2021, even more uninsured drivers will be on our roads. One moment of distraction on their part could lead to an accident, and the victim would not be able to have damages covered. That is why you must protect yourself with UNINSURED MOTORIST COVERAGE.

Floridians should also know our state had the highest rate of uninsured motorists of any in the nation. Nearly 27% of Florida drivers—that’s more than 1 in 4—are on the road with no financial protection should they cause an accident. It’s unfair to those of us who diligently maintain the insurance coverage we need. However, this only makes it more important to maintain uninsured and underinsured motorist policies.

Ways to Save While Keeping Your Insurance

Given the high percentage of drivers who do not have any insurance coverage of their own, canceling additional policies may not save you money overall. However, some consumers are able to find better prices just by speaking to other carriers. If you’ve been with the same insurer for a while, they may bump your rates bit by bit each year until you’re paying more than you need to be. Rather than reducing the amount of insurance you have, it may be worth it to speak to agents at a few different companies to see if you can find a better deal for the same coverage.

Roman & Gaynor has been helping car accident victims in Clearwater and New Port Richey for nearly 25 years. Our team is committed to doing whatever we can to help our clients recover compensation after a car accident. When we encounter a case where there is no insurance to make a claim against, we unfortunately cannot do anything to help the victim recover their losses. There is nothing we hate more than seeing someone end up in this position—so please, do not let it happen to you.

If you’ve been injured in a car accident and need help recovering fair compensation, call our expert trial attorneys for help. We’re available 24/7 at (727) 877-1212.

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