Uninsured Motorist Epidemic Is Becoming Pandemic
As an experienced Philadelphia car accident attorney practicing since 1979, I can honestly state that I have never seen the state of affairs with regard to underinsured and uninsured motorist car accident cases as bad as it is now. As the economy continues to worsen, cash strapped individuals and families are increasingly modifying their insurance or going without the same. Many insurance agents tell me that business is just plain awful as people are not renewing their policies and letting them lapse. Ironically, by failing to maintain proper automobile insurance or property insurance, the cash strapped consumer increasingly risks their family’s financial well-being in what they seek as a short term cost cutting measure.
I am currently involved in a case where a client sustained catastrophic injuries as a result of being involved in an accident with an individual who had only the most minimal coverage. Unfortunately a complete assets check determined that the defendant had no assets available to pay the present and future medical claims of my client as well as properly compensating her for the fair value of her injuries.
A few weeks ago, we were confronted with another situation where a 49-year old father and husband was killed by a minimally insured (underinsured) driver and owner in a car accident.
I recently reviewed an article written by an insurance agent who claimed that 80% of his customers dropped their coverage to the legally required 15/30/5 minimum which provides $15,000 for injury or death of a person, $30,000 per incident and $5,000 for medicals and property damage. A recently released study by the Insurance Research Council in Malvern, PA stated that this local trend in Pennsylvania and Philadelphia is following a national pattern. The Insurance Research Council took a survey of 1,000 adults revealing that many Americans had taken steps to reduce insurance costs while maintaining only the bare minimum or essential coverage necessary to drive with a license. The survey also revealed that among those with homeowners or auto insurance 15% had also decreased their insurance deductibles or reduced the amount of coverage in order to reduce premium costs. 9% of those with at least one household vehicle reported canceling or not renewing coverage for a household vehicle in response to the economic downturn. However, almost 1/3 of those canceling auto insurance also reported selling a vehicle as a way to save money.
Now more than ever, it is important to have full insurance coverage in order to make certain that you are not a victim in an accident involving a minimally or uninsured person. Louis Pasteur once stated “Chance favors the prepared mind.” If you would like a free insurance checkup, or if you have been involved in a car accident with an underinsured or uninsured motorist, please feel free to call the experienced car accident and insurance lawyers at the law firm of Reiff & Bily at 1-800-421-9595 or online at www.reiffandbily.com.
