Recent statistics suggest that the percentage of uninsured drivers in Oregon is on the rise. Currently, it appears that the percentage of uninsured drivers in Oregon is approaching 13%. That statistic should be alarming to every Oregonian. Nationwide, the statistics are similarly concerning. What that means is that if you are in a motor vehicle accident, you have a roughly 1 in 8 chance that it will be with a driver that is uninsured.
How do you protect yourself? Every policy of insurance issued in Oregon has Uninsured and Underinsured Motorist Coverage. The amount of Uninsured Motorist coverage is, generally speaking, equal to the amount of liability coverage you purchase. So, for instance, if you have a policy that provides liability coverage for a single injured person in the amount of $100,000.00, then you will have $100,000.00 in Uninsured Motorist coverage which protects you in the event you are in an accident caused by an uninsured motorist.
Sadly, people often choose to purchase too little coverage. In Oregon, a person can have as little as $25,000.00 in coverage. That sum is often not enough to cover their damages. It makes sense to purchase as much in liability coverage, and consequently Uninsured Motorist coverage, as possible in order to protect yourself, your passengers, and your family.
If you are a high earner, then it stands to reason that your liability and Uninsured Motorist coverage should reflect that. Consider a situation where you can no longer work, and that circumstance being caused by an uninsured motorist. Would your current coverage amount be sufficient to compensate you for the lost wages and/or future impairment?
As your wages and earnings increase, so should your coverage. As you accumulate more personal worth, you should similarly increase your automobile liability coverage, and in concert, your Uninsured Motorist coverage.
If you have been an accident with a driver who does not have insurance, or their policy is insufficient to cover your damages, it is important that you speak with a lawyer to know what your options are, and how you can recover compensation for all your damages.