Uninsured & Under Insured Coverage
Let’s say you were in an accident and the other driver was uninsured or underinsured, will you be covered? If you have Uninsured/Underinsured Motor Coverage, then the answer is “Yes!”
Uninsured or underinsured motorist coverage will pay for injuries to you and your passengers when there is an accident and the other driver is both legally responsible for the accident and considered “uninsured” or “underinsured.”
At Caricom Insurance we offer coverage for both Uninsured and Underinsured as follows:
Sum Insured : $150,000
Deductible : 5%
Premium : $6,000 annually
An Uninsured driver is someone who did not have any insurance (he may have had insurance at one time, but let it expire) or whose insurance company denied to renew their policy. A hit-and-run driver also counts as uninsured as it relates to bodily injury.
Uninsured Coverage may seem strange, especially considering many people already have collision coverage on their car insurance. However, for careful drivers who don't have collision coverage, this can be a good way to protect their car from uninsured drivers without raising your premium by much.
An Underinsured driver is someone who met the minimum legal financial responsibility requirements, but did not have payment limits high enough to cover the damage they caused.
Underinsured Coverage pays you for damages that exceed the payment limits carried by a driver who is considered underinsured. It will only pay up to the limits of your policy after subtracting the amount paid by the other driver's insurance.
Why would you want this type of coverage?
- If you get into an accident with someone who is driving without insurance or doesn’t have enough of it, you will become financially responsible.
- It is relatively cheap, especially considering the amount of coverage it offers.
- It could pay your medical bills, loss of wages, pain and suffering.
In most cases un/under insurance coverage can pay for your damages. It is important to note that Uninsured and Underinsured motorist coverage protections are separate policies but you can always add them to your existing policy.