Should I Reject Medical Or Uninsured Motorist Bodily Injury On My Insurance Policy?
In the state of Colorado there are 3 main coverages that come with any standard auto policy. Those are, liability limits, medical payments, and uninsured/underinsured motorist bodily injury (UMBI). While you must maintain liability insurance in this state if you own a car, you are able to reject medical and uninsured motorist on your policy.
What do these optional coverages offer and why should I select or reject them? Here at Mile High Insurance Brokers, we recommend you do not reject them and here is why. When it comes to medical payments coverage, this is the one of the most vastly used coverages that we see in claims. It covers you and anyone in your vehicle for medical expenses in the result of an accident. When it comes to the cost of selecting medical payments coverage and the cost of not having it in the result of an accident could become a serious financial burden. Before you go ahead with rejecting medical in favor of a better premium keep in mind the way medical expenses can add up, from ambulance expenses, injury in the result of an accident, dental expenses, even if your hit by a vehicle while you're riding your bike etc.
When it comes to uninsured motorist bodily injury coverage, one thing should come to mind. All these cars are on the road, how can I be certain that they all carry their own insurance policies? The answer is you can't. Factually speaking about 15% of people are currently driving uninsured in the state of Colorado. Accidents happen every day, of these accidents 28% on average involve injury. If you were to get hit by an uninsured driver and did not select uninsured motorist bodily injury there would be no coverage for your injuries. This coverage extends to situations such as a hit and run, and according to AAA there are on average 700,000 hit & runs in the U.S. a year. In Colorado uninsured and underinsured bodily injury limits are usually combined as one. If you were to sustain injury from someone with low liability limits, you can also expect your underinsured motorist bodily injury (UMBI) coverage to cover you in a situation where their liability would not enough to cover those injuries.
To sum this article up, insurance can be pricey. As agents we understand this as we work with many carriers and quote insurance every day. While we want to save our insured money where we can, we also want to protect you financially and physically. While choosing to reject medical and uninsured motorist bodily injury is always an option, if it can be fit into your budget, we highly recommend that you have these coverages.
Us at Mile High Insurance Brokers pride ourselves in educating others about insurance, guiding others to the policy they need and getting rates from multiple carriers all in one place. If you simply have a question, concerned you may be missing coverages you believe you should have, or would like a second opinion on your insurance feel free to give us a call. One of our three highly trained agents will be happy to assist you.