Most people do not realize that someone is fully legal with a very small amount of coverage. Every time I have a case where my client sustained damages in excess of $25,000 and find out that the other driver only had $25,000 in coverage, they learn a heartbreaking and costly lesson. They normally ask, “Isn’t there any action we can take against them? What can you do since they only have $25,000 in insurance?” In response, I say, “They’re fully legal. They’re in compliance with the law.” We can attempt to recover more than that if they have personal assets available to cover the damages. However, in reality, few people are actually collectible in that situation. In all the years I’ve been doing this, I’ve only found one person that had assets in excess of their policy. The reason why people get the cheapest policy is because they’re trying to save money. They can’t afford more. Therefore, to assume that someone who buys the minimum coverage is going to have more than that in assets, doesn’t frequently happen. In any event, that’s a process that I don’t recommend attempting. You can get a $1 million judgment against someone, and still have a problem collecting. Even if they own a home, for instance, you’re behind the mortgage carrier if they have a mortgage. Getting to someone’s personal assets, 1) they have to have them; and 2) until you get a judgment against that person, you have to stand in line.
I have seen uninsured motorist coverage in Ohio that costs about $50 a year. For $50 a year, I am not going to risk not having uninsured motorist coverage.
The other misconception people have is that uninsured motorist coverage only covers the driver. In reality, uninsured motorist insurance covers you and your family members. For instance, if I’m in a vehicle with young children and get into an uninsured accident, everyone in my car will be covered. Additionally, if your children are in someone else’s car and they are injured in a car accident with an uninsured driver, your uninsured motorist could cover them. For the amount of protection you get as an insured, it is worth adding to your policy.
Lastly, one other concern that most people worry about is that it will be marked against them on their insurance policy. They don’t want to use their coverage because they don’t want to be penalized by their insurance company. Since it is not an at-fault accident, you don’t have to worry about getting penalized. The insurance company is paying because someone else was at fault.
