Uninsured motorists are a serious problem in North Carolina. The Insurance Research Council reports approximately 14 percent of those on the roads in this state (and 11 percent in South Carolina) drive without the state-mandated insurance. An even larger percentage only drive with the state-mandated minimum coverage, which often does not cover the full extent of injuries and losses sustained in serious car accidents.
Now, the Federal Insurance Office, a branch of the U.S. Department of Treasury, has released a report showing millions of Americans live in areas where insurance is unaffordable. Whether insurance is affordable or not is measured by whether the cost of insurance exceeds 2 percent of household income. Congress has already recognized that minorities and low-and-moderate income people and communities are at higher risk of financial instability, and yet are often deprived of affordable, accessible consumer products. The affordability of insurance is directly related to how many people actually buy it and are covered – and that has a direct impact on all of us.
In North Carolina, state officials require $30,000 for bodily injury liability per person and $60,000 worth of bodily injury liability per accident, plus $25,000 in property damage liability. As most car accident lawyers know, this will not go far in the event of a serious crash. That’s why it’s imperative for drivers to carry uninsured/ underinsured motorist coverage. This too is required by the state (with the same minimum limits), but even this is often not enough. Continue reading