Uninsured and Underinsured Motorist Coverage

Uninsured and Underinsured Motorist Coverage: An Interview with Attorney Trent Shuping

Uninsured and underinsured motorist coverage is a type of insurance that provides coverage for people who are involved in accidents with drivers who either have no insurance or who have insurance coverage that does not fully cover the extent of their losses. In an interview with attorney Trent Shuping, of the Warschauer Law Group in Atlanta, Georgia, the importance of this type of insurance was discussed, as well as its potential benefits and drawbacks.

Uninsured and underinsured motorist coverage is often referred to as UM/UIM coverage, and the terms are used interchangeably. This coverage is purchased by individuals and is designed to provide a source of recovery if they are in an accident with a driver who is uninsured or underinsured. If the other driver is at fault and does not have enough insurance to cover the cost of the damages, the individual's own UM/UIM coverage can provide a source of recovery for them.

In some states, there is a minimum amount of UM/UIM coverage that is required by law. In Georgia, for example, the minimum amount of liability insurance coverage required is $25,000. This means that if an individual causes an accident that results in damages to others, the most their insurance company will pay is $25,000. If the damages exceed this amount, the injured parties may be left to bear the burden of the remaining costs. This is where UM/UIM coverage can come in handy, as it can provide a source of recovery for the injured parties that is beyond the at-fault driver's policy limits.

According to Shuping, UM/UIM coverage is one of the most important types of insurance that an individual can have. This is because it can protect them from drivers on the road who either have no insurance or who have insurance coverage that is insufficient to cover the cost of damages. For this reason, he recommends that individuals purchase as much UM/UIM coverage as they can reasonably afford.

While there is no limit on how much UM/UIM coverage an individual can purchase, the cost of the coverage can increase as the coverage limits increase. Shuping notes that this is an important consideration, as individuals will also need to increase their liability coverage as they increase their UM/UIM coverage. However, he also emphasizes that the cost of UM/UIM coverage is relatively low compared to the potential benefits that it can provide in the event of an accident.

In conclusion, uninsured and underinsured motorist coverage is an important type of insurance that can provide a source of recovery for individuals who are involved in accidents with drivers who either have no insurance or who have insurance coverage that is insufficient to cover the cost of damages. While the cost of this coverage can vary, it is generally considered to be a good value for the potential benefits that it can provide. As such, it is recommended that individuals purchase as much UM/UIM coverage as they can reasonably afford, in order to protect themselves and their assets in the event of an accident.