St. James Parish residents need to know about economic loss, uninsured motorist coverage. Many times when your insurance agent sells you a auto policy, you have the right to reject uninsured motorist coverage. It is not mandatory in Louisiana to have uninsured motorist coverage. Normally, uninsured motorist coverage will cover you if someone has no insurance or has inadequate insurance. However, there is a cheaper premium if you buy economic only uninsured motorist coverage.
Basically put, it does not cover any pain and suffering sort of claim. It only covers economic losses such as unpaid medical expenses and lost wages. It is smart to get uninsured motorist economic loss coverage in case you do have lost wages on a job because of a severe injury. Also, medical bills can rack up very high even if you do not have private health insurance. Medicaid, and Medicare and all these healthcare providers will put a lien on your case, period. Even though you don't pay for health insurance premiums, if you are on Medicaid, they can still come after you for the full value of the bill for the amount that Medicaid has paid out. Also, if you have health insurance, you may have a large deductible and the hospital can put a lien on your case for the deductible.
There are many, many economic factors that go into these automobile accident cases, and having economic uninsured motorist coverage will assure you that you have some level of protection to maximize your portion of a settlement. If you have any questions about this and this stuff can get very complicated, please contact the Schwartz Law Firm today.