About 14 percent of all motorists, or one in seven drivers, do not have automobile insurance, according to the Insurance Research Council.¹
Having the misfortune to get into an accident with an uninsured motorist may have serious financial consequences, depending upon the state in which you reside and whether it is a “no-fault” or “tort” state.
- No-fault states: The law does not assign blame for an accident. Each driver is reimbursed by his or her insurance company for damages.
- Tort states: Insurance companies pay out claims based on the percentage of fault assigned to each driver.²
Any accident with an uninsured driver means no insurance reimbursement payment for their portion of the damage—potentially leaving you responsible for the costs.
How to Protect Against Uninsured Drivers
- Some states require uninsured (and underinsured) motorist coverage.
- Even if not required, adding this coverage to your auto policy can protect you.
- Coverage is available for both bodily injury and property damage, and it can also help in hit-and-run situations.
Next Step: Contact your insurance agent to review your current coverage, understand your state laws, and discuss how to obtain protection against uninsured motorists.
Sources:
- III.org, 2024
- The information in this material is not intended as legal advice. Please consult legal or insurance professionals for specific information regarding your individual situation.
Disclaimer:
The content is developed from sources believed to be accurate. It is not intended as tax or legal advice and may not be used to avoid federal tax penalties. Please consult professionals for advice regarding your specific situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered advisory firm. Opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.
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