The Insurance Research Council estimates around 14% of all people driving
in the United States are
uninsured. This number doesn’t even account for the amount of underinsured
people driving the same streets.
Underinsured drivers are those who buy the minimum auto insurance coverage possible.
While they are insured, in the event of an
accident there’s no guarantee your medical care will be fully paid for by
their insurance. In Virginia alone, about 10.1% of drivers are uninsured,
meaning a collision with any one of those drivers could leave you financially stranded.
While the Virginia Department of Motor Vehicles (DMV) has started a Virginia
Insurance Verification Program to encourage people to buy car insurance,
some people prefer paying $500 a year in addition to registration fees
rather than paying the cost of insurance. These fees are collected in
an Uninsured Motorists Fund, which is then given to insurance companies
in order to offset the expenses that uninsured motorist coverage requires
for liability insurance policies in the state.
Virginia also protects its insured drivers by requiring all valid Virginia
insurance companies to cover the following:
- Bodily injury
- Property damage
- Uninsured/underinsured motorist bodily injury
- Uninsured/underinsured motorist property damage
This may increase the cost of your insurance by a fraction, but the Uninsured
Motorists Fund was started to help offset these costs.
Uninsured/underinsured motorist coverage will only assist you to a certain
amount, however. For example, if you sustain long-term injuries that require
home care for the rest of your life, your insurance policy may not cover
it. In these cases, you could also pursue a civil suit against the at-fault driver.
If you’re considering filing a lawsuit, talk to one of our Richmond
auto accident attorneys. You can
contact us at (804) 220-0223 or fill out our online form for a free case consultation.
Make sure you get the compensation you deserve.