Victims of a hit and run incident have no knowledge, regarding the name of the responsible motorist, or the same motorist’s contact information. As a result, each of them could struggle to gain access to funds for covering the damages. Still, those that have invested in optimal coverage have several options available to them.
Uninsured motorist option
Today most insurance companies provide their customers with the chance to purchase such an option. It can serve as the primary source of protection, following their involvement in a hit and run accident.
Still, the holders of this particular option must contact both law enforcement and the insurance company in a timely manner, if any of them plan to count on the availability of the option’s funds. The availability of those same funds becomes even more certain, to those that have obtained the name and contact information of a witness.
PIP coverage
Although the terms of a policy with PIP coverage do not guarantee reimbursement of as many losses as the uninsured motorist option, it still offers some help to victims of a hit and run incident.
It covers the medical expenses and the lost wages. It does not cover either property damage or pain and suffering. Still, it guarantees coverage, regardless of who has been named at-fault for the injury-causing accident.
Once a policyholder has chosen to make use of any available PIP coverage, he or she should expect some changes in the following year. Those changes would relate to the rate charged by the insurance company; that rate would be sure to increase.
Collision coverage
While car owners that purchase automobile insurance must pay for liability coverage, each of them has the chance to add collision coverage. That covers at least some of the cost for repairs, if an uninsured or an unidentified motorist has hit the insured vehicle.
Note that it does not guarantee reimbursement for the total cost of repairs. There could be times when the amount of money provided by the insurance company falls below the amount needed for covering all of the required repairs. That deficiency helped to push the insurance industry towards introduction of additional options.
By the same token, collision coverage does not become effective until the insurance company has determined who should be held responsible for the loss-creating accident. An insurance company could decide to reduce the amount of money granted to a policyholder, if it felt that the same policyholder was partly responsible for the accident’s occurrence.
Finally, holders of collision coverage could have the cost of their premium increased, after using it to cover the damages caused by a hit and run incident. Some policyholders must pay for the negligence of others.
