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