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Uninsured/underinsured motorist bodily injury (UM/UIM BI). Protects you if you're hit by a driver who either has no insurance or insufficient coverage to pay for your medical costs.
Learn how deductibles can affect your car insurance price and out-of-pocket costs. ... If you have a car loan or lease, most vehicle financing agreements require a maximum deductible for collision ...
Typically, the payout is not more than the minimum liability limits and the negligent driver remains responsible for reimbursing the state's fund. In the United States, the definition of an uninsured/underinsured motorist, and corresponding coverages, are set by state laws. In some states it is mandatory.
The insurance company will ordinarily pay the judgment, up to the policy limits, once a court determines that an uninsured motorist was at fault. Some states' laws also allow additional insurance coverage to the insured policyholder through policy stacking provisions, whereby a claim may be made against multiple uninsured motorist policies.
Uninsured/underinsured motorist coverage. Protects you if you're hit by a driver who either has no insurance or whose liability coverage limits are too low to pay for your damages.
For instance, if your car's value has dropped to $25,000 but you still owe $30,000 on your loan, gap insurance would cover that $5,000 difference if your car is totaled or stolen.
Auto loan interest is the cost of borrowing money to purchase a car. The lender will look at your credit score, debt-to-income ratio and other factors to determine what interest rate it offers.
Johns Hopkins University professor Vicente Navarro stated in 2003, "the problem does not end here, with the uninsured.An even larger problem is the underinsured" and "The most credible estimate of the number of people in the United States who have died because of lack of medical care was provided by a study carried out by Harvard Medical School.