New Mexico Auto Insurance Coverage: Why Buy the Uninsured Motorist Coverage?

Auto InsuranceWhat is uninsured motorist coverage? Simply put uninsured motorist coverage provides protection in the event of an accident with a motorist who does not have . There are many reasons that the motorist was uninsured at the time of the accident: perhaps he simply did not purchase , or maybe he was specifically excluded from the policy, or maybe you just got unlucky enough to be hit by a driver in the act of committing a felony; it really doesn’t matter why the motorist doesn’t have just that fact that there is not a policy that will cover the other guy is the only relevant factor.
Many insurance agents believe that uninsured motorist coverage is unnecessary, but I disagree – passionately disagree. I would go so far as to say that anyone who sells you an policy without uninsured motorist coverage is guilty of misconduct. There are several types of coverage that are only available through your uninsured motorist coverage. Health insurance, or accident insurance, or any combination of them will not replace this valuable coverage. Neither of the aforementioned will provide protection for lost wages if you must miss work, nor will they pay out any money for pain and suffering. The only protection you have against these two risks is via your UM (uninsured motorist) coverage.
I know what you’re thinking: But it’s the law, everyone has to have insurance or they can’t drive; and my answer to that is to simply state the facts. The Insurance Research Council has recently estimated that roughly sixteen percent of all drivers are uninsured – that’s nearly one in six drivers. Uninsured motorist are more common in the state of New Mexico than in just about any other state in the United States, and in this state it is estimated that nearly forty percent of all driver’s don’t have insurance. It other words it is nearly the flip of a coin whether or not that guy that hit you can pay for the damages, and let’s be honest if he can’t afford insurance he can’t afford to repair the damage he caused, nor can he pay for hospital bills that are not his own.
Additionally, in most states underinsured motorist coverage is also included as part of the premium paid for your uninsured motorist coverage. An underinsured motorist is someone who does in fact have insurance but maybe only at the minimum allowed by the state. If your damages are greater than those covered by the other policy you can ask for the difference to be made up via your underinsured motorist coverage.
In the State of New Mexico, and many states are similar, uninsured motorist coverage also includes uninsured motorist property damage coverage, this will provide protection for your car in case of an uninsured motorist accident.
UM coverage is not expensive, but it a whole lot less expensive than an accident that you have to pay for out of your own pocket; an accident that you didn’t cause, and that someone else should pay for but can’t. Yeah it will really chap your hide.

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