According to the Consumer Price Index, inflation hit 8.5 percent overall last month – the fastest 12-month pace since 1981. Pandemic-related shortages, high demand, and Russia’s invasion of Ukraine have all contributed to soaring inflation, but no matter the causes, the result has been painful for the average American family.
Financial pressures affect people in many ways, often elevating stress levels and changing daily habits. For example, someone leaving the gas pump frustrated by the strain of rising gas prices may get on the road in an emotionally heightened state. Increased anxiety could make that driver reckless and unfocused, putting others at risk.
Additionally, rising costs have been especially painful to lower income households, who devote most of their budget to basic necessities like food, housing, transportation, and utilities. When prices rise, it’s common for people to evaluate their budgets to determine where cuts can be made. Unfortunately, some of those cuts may be in places that could actually hurt others – such as canceling their car insurance.
For these reasons, it’s more important than ever to carry Uninsured Motorist (“UM”) Coverage. If you don’t have UM coverage already, you should keep reading below…
In 2021, the Insurance Research Council estimated that 1 in 8 drivers are uninsured. Considering the number of people driving on an average day, that statistic is pretty scary.
Fortunately, UM Coverage will have your back even when other drivers fail to carry insurance as required by law. UM coverage pays for medical bills and other expenses – for both you and your passengers – if you are involved in an accident with a driver:
· Who had no insurance at all
· Who didn’t have enough liability insurance to cover all your damages
· Whose insurance company goes out of business
UM Coverage can also pay for lost wages (if you can’t work because of the accident), pain and suffering compensation, and property damage to your vehicle.
In these tough economic times, it’s even more important to be proactive about protecting yourself. At the very least, you should:
· Carry UM Coverage to protect yourself from the drivers that may have cut car insurance out of their budget; and
· Use defensive driving techniques to reduce the likelihood of wrecks, remembering that other drivers on the road may be operating in an anxious state of mind due to financial stress
If you do find yourself injured due to the fault of another driver, give us a call at 337-504-3202 to find out if you have a case. Don’t let the insurance companies decide how much your pain and suffering is worth. At Chaz Roberts Law, we are here to help you get the settlement you deserve.
