The title, and the topic, came from a google search that someone did. It is a valid question.
My answer: uninsured motorist coverage is not a rip-off. In fact, it is a very good coverage at a very good price. Here is why.
First, uninsured motorist coverage is inexpensive. It does not cost a lot of money to get. For most insurance policies, this is just a small amount of your premium. Compare this to comprehensive or collision coverage, and you will see how cheap it is. Further, the more you increase it, the less expensive it becomes, on a per thousand basis.
Second, the insurance industry estimates that half of all drivers are uninsured. I have read statistics that the number ranges from 20 to 60 percent. In some parts of Los Angeles, the number is estimated to be as high as 90 percent. Hypothetically, if 40 percent of all drivers are uninsured, then your chances of being in an accident with one of these people is 4 in 10. For me, those odds are too high.
Your chances of being in an accident with an insured motorist are so great that, especially considering the price, you should get uninsured motorist coverage on your policy.