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Should you have additional auto insurance coverage

If you were paying attention to the NCAA Men’s Basketball Tournament after the Wildcats fell short (to Wisconsin, again) you probably noticed the plethora of commercials for auto insurance. Between Progressive, Allstate and Geico, it wouldn’t be surprising if new auto insurance applications increased by 20 percent during the tournament.

Despite the high level statements about the best pricing models for insurance coverage, consumers may not know about the additional coverages (and their worth) and whether they are worth purchasing. Part of this mystery involves uninsured motorist coverage (UM) and underinsured motorist coverage (UIM).

For the uninitiated, uninsured motorist coverage will cover you in the event you are in an accident with someone who does not have insurance. Similarly, underinsured motorist coverage covers you in accidents with another driver who does not have enough coverage to compensate you for your injuries.

To put underinsured coverage in perspective, keep in mind that the minimum amount of insurance required for drivers in Arizona is 15/30/10 coverage; which means that your insurer will pay a maximum of $15,000 for one person injured in an accident, $30,000 for total injury damages (in the event there are more than one person injured) and $10,000 for property damage.

While these figures may seem like they are enough to provide sufficient compensation after a crash, consider that the medical costs after a serious accident could run more than $50,000. With that in mind, it may be necessary to have underinsured motorist coverage.

If you have questions, an experienced personal injury attorney can help.

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