How the bad economy can make your Personal Injury claim even more painful
We have been busy here at The Krebs Law Firm LLC. I meant to discuss this important article in the Wall Street Journal some time ago. It is an interesting write up and discussion about the ripple effect of the current economic woes.
Missouri requires Uninsured Motorist coverage in all polices, unfortunately most people only opt for the minimum coverage of $25,000/$50,000. My advice, buy as much Uninsured (UM) and Under Insured Motorist (UIM) coverage as your agent will allow you. The insurance companies have figured this out and will typically make you increase your liability coverages to an equal amount. Go ahead and do it to the maximum level you can afford. I not promoting the insurance industry, but very often this is the only source of funds that you have any chance of recovering from in the event that you are injured by a driver with no insurance or with very little coverage.
Does this mean that your insurance will pay you no questions asked, absolutely not. We have numerous cases in our office were we are fighting our own client's insurance company and not the negligent driver that caused the car crash, but the alternative is much more grim. In this day and age with spiraling health care costs, an ambulance ride can easily top $1,000.00. By the time every doctor and nurse that walks by your room bills you, a short hospital stay of 2 or 3 days can run in excess of $50,000.00. This says nothing of pain and suffering and lost wages from work.
"A good proportion of people on the road are either uninsured or under insured, and so you have to protect yourself," said Robert Hartwig, president of the Insurance Information Institute, a nonprofit group. "Your odds of being in an accident with an uninsured driver are substantial."
Preliminary data from the council's forthcoming study "indicate that a single percentage point increase in the unemployment rate is associated with a half-point increase in the percentage of uninsured drivers," said David Corum, council vice president. The nation's jobless rate was up two percentage points to 6.7% in November from a year earlier.
If you or someone you love has been involved in a car crash accident involving a Uninsured or Under Insured Motorist in the Springfield, Branson, Lebanon, Southwest Missouri Northwest Arkansas area, contact The Krebs Law Firm LLC for a free consultation regarding your injury claims before you negotiate with your insurance company. Very often your own adjuster will form an opinion of your case that may not be accurate and value your claim incorrectly.
