That's far and away the most common, yes. Uninsured/underinsured motorist bodily injury coverage protects you if you are injured by someone who is driving without insurance, or who doesn't carry enough insurance to properly pay for your injuries. It does not provide coverage FOR the uninsured motorist. This coverage is nothing new, and it's completely optional. It's not a gimmick, and you don't have to pay for it.

There is also uninsured motorist - property damage. This covers your vehicle (typically up to $7,500) if you are hit by an uninsured/underinsured motorist. UMBI is pretty standard from state to state. UMPD varies quite a bit. For example, in Ohio, you can only carry Collision or UMPD on a vehicle, but not both. In Ohio, UMPD only covers your vehicle damages (again, up to $7,500) if you are hit by a confirmed uninsured motorist. It does not cover you for a hit/skip in which the driver is not identified. It's also dirt cheap because the coverage is so narrow. I think I paid around $8/year for this coverage on my 82 F250, for reference. In Texas (and perhaps other states, but I can only think of Texas), you can carry Collision and UMPD on the same vehicle. In some states, this coverage applies if the other driver has insurance, but not enough to pay for your damages. In other states, it only applies if the other driver is uninsured.