Yes. In many states, the minimum amount of insurance a perrson is required to purchase under law is grossly insufficient to cover potential losses. For example, if you are involved in a car accident and the at-fault driver has the state mandated minimum insurance bodily injury coverage, it is very likely you will be limited in the monetary damages you may obtain (presuming the at-fault driver has insurance at all). In some states, that amount could be as low as $15,000.00 – which will not go far to satisfy significant medical expenses or loss of wages.
However, you can avoid this potential financially devasting personal event by purchasing through your own insurance company sufficient underinsured or uninsured coverage. By buying this extra coverage for a nominal monthly fee, you potentially make available an additional source of funds from your own insurance company to satisfy your losses upon exhaustion of the at-fault insurance coverage.
For example, if the at-fault driver only possesses the minimum coverage in Illinois ($25,000.00) and you have purchased $100,000.00 in underinsured coverage, then you can potentially obtain an additional $75,000.00 to satisfy your damages as a result of the crash.
Protecting our friends through education of your legal options is an important service provided by our law firm. If you, a friend or a family member has been involved in an automobile crash please contact us to speak with an experience attorney for free legal advice at (800) 828-5828.