Uninsured Motorist Coverage is a crucial component of truck insurance policies, providing protection against damages caused by uninsured or underinsured drivers. Here's what you need to know:
Coverage Details:
Offers payments for damages to your truck caused by another vehicle that either has no insurance or lacks sufficient insurance coverage to cover all expenses.
Mandatory in several states, including New York, Illinois, and Maryland, and is often required in many others.
"Hit and run" incidents are typically considered uninsured motorist accidents under insurance law in many states.
Reasons to Raise Uninsured Motorist Limits:
High Percentage of Uninsured Drivers: Studies have shown that approximately 13.8% of drivers are uninsured, posing a significant risk to truckers on the road. With a relatively high chance of encountering an uninsured driver, it's essential to have adequate coverage.
Protection Against Underinsured Drivers: Many drivers may carry minimum insurance coverage, leaving them underinsured in the event of a severe accident. Uninsured motorist coverage can provide additional protection once the limits of the other driver's insurance are exhausted.
Lower Risk Exposure: By opting for higher uninsured motorist limits, truckers can reduce the likelihood of being left financially vulnerable in the event of an accident with an uninsured or underinsured driver.
Consulting with Your Broker:
When shopping for semi-truck insurance quotes, it's essential to discuss uninsured motorist coverage with your insurance broker.
Assess your risk exposure and coverage needs to determine the appropriate uninsured motorist limits for your trucking operation.
Ensure that your insurance policy provides sufficient protection against damages caused by uninsured or underinsured drivers by selecting appropriate coverage limits.
Conclusion: Uninsured Motorist Coverage is a vital aspect of truck insurance, offering financial protection against uninsured or underinsured drivers on the road. By understanding the importance of this coverage and consulting with your insurance broker, truckers can ensure they have adequate protection in place to safeguard their assets in the event of an accident.