The insurance industry expects that an increasing number of drivers, for various reasons including the economy, will be driving on the road without insurance.  In the event you or a loved one is involved in an accident with one of these insured motoritsts, it is essential that you are protected and insured to cover any medical costs as well as damage done to your vehicle.  There is an equal balance that must be struck to protect yourselves, without paying necessary fees and expenses to your insurance company.

1. Carry uninsured motorist coverage

If you are involved in an accident with an uninsured motorist, and you didn't have uninsured motorist coverage, you may go after the individual personally to recover, but if they don't carry insurance, then it is likely that they don't have much money or investments to begin with.

If you are involved in an accident with an uninsured motorist, and you have uninsured motorist coverage, your insurance company will pay damages directly resulting from your car accident for you, your passengers, and your car.  This insurance further covers hit-and-run accidents as well as if the other party leaves the scene of the accident.   Although it is possible for your insurance company to raise your rates as much as 10% for having to pay for your injuries, it is better that you are fully covered rather than having to pay all of these expenses out of pocket.

2. Uninsured Motorist Coverage too High or too Low

Typical uninsured motorist coverage is approximately $100,000 per person/accident and $300,000 for any singular accident.  The correct amount of uninsured coverage is subjective, and one should carry enough to recoup for personal injuries as well as lost-wages and car, motorcycle, or truck repair.  If your car alone is worth $60,000, then you may wish to increase your uninsured motorist coverage.

3. Insurance Costs When Shopping for a Motorcycle, Car, Automobile, Truck or Big-Rig

Depending on the type of car, motorcycle or truck you purchase, your insurance company will charge you insurance premiums which directly correspond to crash data for this type of vehicle, your demographics, and your previous driving record.  They will further consider the safety and reliabilty, likelihood of this model of vehicle being stolen, as well as safety equipment such as anti-lock brakes, air-bags, alarm-systems, etc.  All of these may affect insurance premiums which may make a reasonably priced car too expensive when making insurance payments.

4. Insurance Discounts

Many insurance companies offer significant discounts if you insure multiple vehicles, or have multiple insurance policies with them.  For example, if you have a motorcycle insurance, car insurance, truck insurance, homeowners insurance, boat insurance, umbrella policy insurance and renters insurance with the same insurance company, they will give you a favorable client discount.  Also, depending on your profession, some insurance companies will offer further discounts, so be sure to inquire if they offer profession insurance discounts.

5. Paying a Low Deductible vs. Lower Monthly Insurance Payments

By increasing your deductible from $500 to $1,000, you may decrease your monthly insurance policy premiums.  However, if you would be unable to make an out-of-pocket payment of $1,000 in the event you are involved in an accident, then it may be better to pay slightly higher monthly payments to make sure you can pay the $500 deductible and have all of your expenses covered.

6. Review and Update Your Insurance Policies

As your vehicle depreciates in value, you may begin to lower your collision coverage.  Your initial insurance payments were on the full market value of the vehicle you were driving, and the insurance company is not going to inform you that your vehicle is now worth less, as they always want to recover the maximum from you.  Therefore, it is essential to continually examine your insurance policy, as well as informing them of anything that make reduce payments (see insurance discounts, above).

If you or a loved one has been injured in an accident with or without an uninsured motorist in Fresno, please contact one of our skilled and knowledgable Fresno Personal Injury Lawyers for a free confidential initial consultation.