If you think you're "fully covered", you may want to read this blog!

We hear it all the time when talking about vehicle insurance. When we ask what kind of coverage someone has, it's not uncommon for us to hear "Oh I've got full coverage." It's also not uncommon for us to dig deeper and find some very important coverages missing: Uninsured and Underinsured. We've previously talked about them individually, but let's look at the full picture.

Let's review Underinsured Motorist Coverage

Underinsured Motorist (UIM) Coverage is a type of auto insurance that provides financial protection if you're involved in an accident with a driver who doesn't have enough insurance to cover your medical expenses and property damage. This coverage fills the gap between the other driver's liability coverage and the actual costs incurred due to the accident.

So what's covered?

Typically, Underinsured Motorist Coverage helps pay for medical bills, property damages, and lost wages resulting from an accident with an underinsured driver. Without this coverage, you might be forced to rely on your health insurance or pay for these expenses yourself.

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Now let's review Uninsured Motorist Coverage

Uninsured motorist (UM) is a type of auto insurance that provides protection to individuals who are involved in accidents with drivers who either have no insurance or insufficient insurance to cover the resulting damages.

Typically, when you get in a wreck, and it's not your fault, you'll rely on the at-fault party to use their insurance to cover it. But what happens when they don't have insurance or have the bare minimum?

UM coverage is designed to help you recover expenses related to injuries, medical bills, and property damage when the at-fault party cannot cover these costs.

But how often does that really happen? 

Let's be honest, when times get tough, people cut where they can. This often means not paying bills, running bad credit, and even cutting insurance (or worse, dropping it altogether).

In our last blog, we discussed that nearly 1 in 5 drivers in Louisiana don't have auto insurance. That means you're at risk every single time you drive.  

I have liability coverage: property damage and bodily injury. Isn't that enough? 

Those with insurance are technically only required to have the minimum amount necessary for the state where they reside. Here in Louisiana, the state minimum is $15,000 bodily injury per driver, $30,000 bodily injury per accident, and $25,000 property damage per accident. With rising costs, that is not nearly enough to purchase a new vehicle in 2024-- and a hospital stay can blow that out of the water quick!

So what's worse than paying higher insurance? Thinking you're fully covered only to realize that you can't afford a new vehicle after a wreck and now suddenly have medical bills piling up.

If you're not convinced or want to double check your coverage, we'd love to talk more!

Call us today to discuss your options, or visit our website for a customized quote.  

At Kastner Insurance Group, we are always looking out for our clients We want you to be covered,  no matter what happens, so we are always thinking of ways to further educate and inform our clients and community.

Allow our team to provide the best coverage because, as always, quotes are free, and knowledge is power!

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