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Uninsured Motorist (UM) & Underinsured Motorist (UIM) Coverage FAQ

VIDEO TRANSCRIPT:

Hi, I’m Jon Ostroff. Thanks for visiting ostrofflaw.com. You’ve clicked on UM/UIM because you have some questions about that, and I’m gonna answer them. UM stands for uninsured motorist. UIM stands for underinsured motorist. UM applies when there’s no insurance on the vehicle at fault, on the driver at fault. Underinsured motorist applies when the driver at fault isn’t carrying enough insurance to fully compensate you for your injuries. These are two critical benefits. And I want you to consider not just UM and UIM if you’ve been injured, but also when you buy your insurance, this is one of the cheapest benefits you can buy, and one of the most important benefits you can have, ’cause it protects you from either one of these events. There’s a lot of uninsured drivers and underinsured drivers for seriously injured victims. Make sure you have it on your own insurance. So, UM and UIM come into play after you’ve recovered from the party of fault if there’s UIM or if there’s no insurance for UM. So, if the value of your case, just to give you an example is, $50,000, and the driver at fault only has $15,000, you can go to your UIM, your underinsured motorist, for the balance of the value of your claim. If you have multiple cars in your household, look to see whether you have stacking. Buy stacking if you’re buying insurance. Stacking allows you to multiply the amount of UIM or UM you have by the number of cars in your house. So, if you have stacking and you have, your child and your spouse will be in your house, and you each have cars, and you have stacking that’s three times the amount of UIM or UM that’s on your policy. Buy as much as you can afford. Again, this is one of the most important coverages you can purchase. Finally, if you reach a settlement with the party at fault, there’s certain steps that you must go through to make sure that you don’t jeopardize your entitlement to UM or UIM. It’s called consent to settlement. There’s several notice requirements and several steps you have to go through to make sure that you don’t jeopardize what might be much more insurance that’s available to you than on the car fall. This is one of the many things that we do for our clients, and oftentimes, by the way, UM and UIM, what they think they have, they actually have more because the form wasn’t completed properly by the insurer or the agent, and we can actually get more than you think you have. This is just one of the many ways that we obtain more recoveries, more in recoveries for our clients than they expect. Much more, often times, than a car fall has. I hope I’ve answered your questions. Thanks.

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