Is UM/UIM insurance Worth the Cost?

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Attorney Galen Trine-McMahan | 888-634-7366 | Free Consult

Adding uninsured and underinsured motorist coverage (UM/UIM coverage) will cause your monthly premium to increase. Is it still worth getting? Is UM/UIM insurance Worth the cost?

Galen Trine-McMahan is a personal injury attorney with Metier Law Firm in Denver, Colorado. In this Quick Question, he says that if you can afford the increase, it is worth the cost.

To learn more, contact the attorney directly by calling 888-634-7366 or by submitting a contact form on this page. The consultation is free and confidential, and you owe no out-of-pocket attorney fees.

Paying hefty insurance premiums may feel like a lost expense, but can be invaluable in the case of an accident.

While it’s certainly tempting to purchase the cheapest insurance plan possible to avoid having to make what feels like useless payments, experts recommend doing the opposite. Most attorneys who handle accident cases involving uninsured or underinsured motorists point out that, had their client added an adequate amount of UM/UIM insurance to their existing policy, they could have saved exorbitant amounts of money that instead had to go to paying for medical bills, lost wages, damaged property, etc.

Trine-McMahan advises that while spending money on insurance premiums can sometimes feel like a sunk cost, if someone can afford it, they should take advantage of the invaluable protection this kind of insurance offers to its policyholders. Experts in this field recommend purchasing as much UM/UIM insurance as a policyholder can safely afford.

Unfortunately, in cases where an accident occurs with an uninsured or underinsured motorist, even a personal injury lawsuit is unlikely to reclaim any notable compensation for the injured party. This is primarily due to the fact that most people who are lacking insurance do not have any assets valuable enough to be considered useful in a personal injury case. If you don’t have UM/UIM insurance and you find yourself involved in a car accident with an uninsured or underinsured driver, ask an attorney about the options available to you.

Many people feel certain that nothing bad will happen to them, but this is not always the case.

Unfortunately, bad things happen more often than most people would care to admit. While the initial reaction of many people considering purchasing or adjusting their insurance plan might feel that it is unlikely something bad will happen to them, the truth is that anyone could find themselves facing unexpected hardships. Trine-McMahan admits that he sees this phenomenon on a daily basis; a situation in which someone felt it was unlikely that they would need UM/UIM insurance and so waived it or did not purchase an adequate amount of it and found themselves deeply regretting that choice later on.

UM/UIM insurance can offer a tremendous amount of protection to someone and their family if they find themselves badly hurt in a car wreck with a vehicle owner lacking insurance. Attorneys who handle these cases on a regular basis encourage people to take a moment to check their current car insurance policy and see if there are any areas that can afford to be strengthened or added, such as UM/UIM insurance and Personal Injury Protection (PIP) insurance. Having these kinds of coverages can prevent a family from finding themselves facing deep financial damage from which there is little hope of recovery.

To learn more, contact Galen Trine-McMahan directly by calling 888-634-7366 or by submitting a contact form on this page. The consultation is free and confidential, and you owe no out-of-pocket attorney fees.

Video Transcript:

Christine Haas:

Should I get the highest uninsured motorist coverage if I can afford it? We ask Colorado attorney Galen Trine-McMahan in this AskTheLawyers.com Quick Questions.

Galen Trine-McMahan:

Spending money on insurance premiums can sometimes feel like just this sunk cost, but if you can afford it… Everyone thinks bad things won’t happen to them, and I see it on a daily basis when it does, and it really can offer a tremendous amount of protection to someone in their family if they are badly hurt in a car wreck.

Disclaimer: This video is for informational purposes only. In some states, this video may be deemed Attorney Advertising. The choice of lawyer is an important decision that should not be based solely on advertisements.