Uninsured and Underinsured Motorist Coverage: How Much Do You Need?

According to a study in 2017 by the Insurance Research Council (IRC), 13% of motorists, or 1 in every 8 drivers, went without insurance in 2015. Since the record low of 12.3% in 2010, the percentage of uninsured motorists has been rising across the country. The state of North Carolina is on the lower end of the spectrum at 6.5%. This may be due to laws and limitations of insurance by the North Carolina Division of Motor Vehicles. 
There is no way to determine the amount of damages for a loss that has not happened, however, if you were to have an accident with an uninsured or underinsured driver, how do you know if you have enough coverage? Here are a few items to consider when determining the amount of uninsured / underinsured motorist coverage to purchase:

• The amount of money needed for car repairs / replacement
• The amount of money to be spent on medical bills and money that will be needed for future medical bills
• Lost wages because of serious injuries such as back or brain injuries

It is recommended not to carry less than $100,000 per person for bodily injury, $300,000 per accident for bodily injury, and $100,000 per accident for property damage. In addition, adding $1,000,000 in uninsured / underinsured motorist coverage on your personal umbrella will add extra protection to your automobile insurance policy. 
Taking into consideration the increasing costs of healthcare, medications, car parts, etc., the minimum limits for uninsured / underinsured motorist coverage may not be enough. All it takes is for someone to hit you while your family of four is in the car and the hospital bills can skyrocket. To ensure you have enough coverage and to learn more about protecting your vehicles and other personal assets, visit AssuredPartners Personal Insurance. 
Sources: Insurance Resource Council (IRC) and Insurance Information Institute