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Insurance

We should all know that it is required by the state of Washington to have a minimum liability coverage while driving a motor vehicle, and there is a fine if you don’t have a valid proof of insurance with you when you are asked by a police officer. 

However, even in the event that you have no insurance, you are not automatically blamed, for an accident.  Carrying an insurance policy doesn’t correct anyone’s bad habits in driving (click here to see if you have case). What it does is, it protects the other vehicle and its occupants in an accident caused by you.

But what if you are the victim, and the other party is not insured. For a few more dollars, you can add a UM (uninsured motorist)/ UIM (underinsure motorist) coverage to your existing minimum state required liability policy in order to protect yourself and your passengers in an event of an accident caused by an uninsured motorist.

Definition:

Insurance is a risk transfer vehicle. If a party faces the possibility of a financial loss, he or she could transfer this risk to an insurance company by purchasing insurance. By paying a premium (a certain loss), you are transferring the large risk (uncertain loss) to the insurance company. Insurance is often called an indemnity contract.

Risk:

Aspects in life that are deemed an uncertainty and Pure risk-  “Chance of loss” only. No opportunity for gain.

What is “Indemnification”?

 “Restoring “ the insured’s to the approximate economic position after suffering a loss “without profiting”

In case of an accident:         

  • If you are just browsing for information, keep the following in mind, in case you are involved in an accident.
  • Don't leave the scene. If vehicles are operable, move them to the shoulder, out of the way of oncoming traffic.
  • Call for medical assistance if there are any injuries. Provide basic first aid, but don't move an injured person unless you possess medical or lifesaving expertise.
  • In many areas, you have to call the police.
  • Get the officer's name, badge number, police station address, and phone number. Ask when the accident report will be filed, its case and report number, and how you can get a copy.
  • Take careful note of the date and time of the accident, the street and city, weather and road conditions, direction and speed you and other drivers were going, and how the accident occurred.

Every involved insurance company should be promptly notified if a claim is being made. In fact, in most instances, a person injured in a traffic accident has a duty to notify their own insurance company within a certain period of time, or the insurer may deny their subsequent claims.  It is very important when making an insurance claim to know what information must be given to an insurance company, what information need not be given, and what information should never be given. Providing more information than required by law may seriously damage the value of a personal injury claim in the long run. 

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