Posted on behalf of Harbin & Burnett on Oct 02, 2018 in Auto Accidents
Do I need underinsured motorist coverage?
In South Carolina, underinsured motorist coverage is optional. As such, many drivers opt not to pay the extra premium amount and do not buy this coverage. This often results in scenarios where an injured driver or passenger is unable to receive a full recovery for their injuires.
In South Carolina, the minimum policy required by law provides a maximum $25,000.00 per person with a total not to exceed $50,000.00 per accident. If someone is seriously injured, the medical bills alone can quickly exceed $25,000.00. Regardless of the damages, the insurance company is not required to pay more than the limits of the policy, if it is tendered in a timely fashion. While it may be possible to recover additional money for the at-fault driver, it would depend upon the personal assets of that person.
Underinsured coverage kicks in when the primary insurance has been exhausted and the injured party has not received full recovery for the damages sustained. A person may purchase underinsured coverage up to the amount of their primary coverage. So, for example, if you have a $50,000.00/$100,000.00 liability policy, you can purchase underinsurance up to that amount. You may also purchase less underinsurance, such as $25,000.00/$50,000.00.
Harbin & Burnett strongly recommend that you purchase as much underinsured coverage as you can afford. The cost is typically far less than liability and uninsured coverage and it will protect you and your family if you are involved in an accident where there is insufficient liability coverage.
If you have any questions, please contact us or your insurance agent. Once you are in an accident, it is too late.