Quote:
Originally Posted by danglanzsr
Virginia does not require uninsured motorist coverage. They require those who choose not to take it to affirmatively refuse it in writing. The coverage is subsidized by the people who decline to buy insurance and pay a "fine" instead. It is a small fee that buys coverage for the other guy.
Yor medical insurance does not cover lost wages, long term disability, and pain and suffering. It also doesn't cover property damage.
In todays world there are many illegal aliens driving without licenses or insurance. There were and still are many citizens and legal residents who are unlicensed and uninsured or insured for minimum amounts.
I practiced law in Virginia for many years. After representing clients who were seriously injured by uninsured motorists, I increased my liability coverage to 250,000/500,000/50,000 so i could purchase uninsured motorist coverage in the same amounts. The bulk of the cost of insurance is incurred for the first few dollars of coverage and the marginal cost of higher coverage is surprisingly inexpensive.
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It is my understanding that you can opt out of any auto insurance in Virginia, but you must pay a $500 annual fee and then you have no coverage at all. But, if you have insurance, it must include uninsured motorist coverage.
My point about UM coverage is that, most people who have it, don't have enough coverage to pay for lost wages, disability, and pain and suffering. For example, if you only have $25,000 in UM coverage, it will barely cover a hospital bill, and who wants to sue their own insurance company for less than $25,000 in pain and suffering? Most people already have medical insurance, liability, and collision coverage to pay medical bills and to repair their car. So, the UM coverage is mostly redundant. Also, I think that many people don't realize that the UM coverage does not provide any liability coverage. I have a very large amount of liability coverage, but I don't see any reason to pay for the uninsured motorist insurance, especially if you are retired. My opinion.