Many drivers wind up asking themselves this question if they are the victim of a hit and run. In a typical car accident scenario, two drivers are involved and wind up exchanging insurance information so they can get their vehicles repaired and have information available if they decide to file a personal injury claim.
When you're the victim of a hit and run, the insurance information of the at-fault driver clearly isn't available. In fact, in many hit and run situations, the driver who bolts the scene usually doesn't have insurance.
This where uninsured/underinsured motorist insurance comes in. This form of insurance is often referred to as "UM" insurance. It is a safety net for people who find themselves in this awkward, distressing situation.
In order to receive compensation for your personal injury from UM insurance, you essentially file a claim against your own insurance company. They then "represent" the at-fault driver's side and then provide compensation to cover medical bills, lost wages, and pain and suffering. In Virginia (VA), every insurance policy has UM insurance. The minimum is $25,000. You can choose to carry a higher limit, which we recommend since there is no way of knowing how severe an injury will be from a hit and run car wreck. You could just break your arm, or you could suffer a traumatic brain injury.There is also a method of maximizing your UM insurance coverage through "stacking." To learn what stacking is, and to get more information about UM insurance, download our free consumer report on uninsured/underinsured drivers and the process to get compensated.