Why Uninsured / Underinsured (UM) Coverage Is Important
As personal injury attorneys we come across insurance coverage issues that can impact a client’s motor-vehicle accident or personal injury claim. One auto insurance coverage that is of critical importance to consider is the insurance coverage known as Uninsured/Underinsured Coverage or “UM” for short. This often misunderstood, overlooked, and rejected coverage is fundamentally the most important coverage to have in terms of your recovery and compensation due to someone’s negligence.
What is UM Coverage? UM coverage applies when the tortfeasor (or at-fault party) has no liability coverage or insufficient coverage to compensate the injured party/victim for their injuries, including family members or other occupants, stemming from an accident. Florida Laws only require an insured driver to carry $10,000.00 in Personal Injury Protection (“PIP”) benefits and $10,000.00 for Property Damage. Considering these minimal requirements, it’s no wonder that a recent statistic released back in August, 2014 by the Insurance Research Council (“IRC”) showed that Florida has among the highest uninsured/underinsured rates in the entire United States. According to the IRC there are approximately 3.2 million drivers (or 15-26% of drivers) in Florida who are uninsured/underinsured.
These grim statistics certainly can make one reconsider rejecting or overlooking this valuable piece of insurance coverage. UM coverage is a protection to you and your family; it enables you to be compensated more in the event there is no coverage or when minimal policy limits are paid out. That’s why the decisions you make today concerning your insurance coverage needs before you get into an accident is extremely important. If you’re not sure if you have UM Coverage, consult with your auto insurance carrier.
No one plans to get into an accident, however, you can plan ahead by taking the time to consider the insurance needs of you and your family and obtain sufficient UM coverage. After thirty years of representing personal injury victims, I have seen the seriously injured and their loved ones be insufficiently compensated for their injuries because they did not carry any UM coverage.
At the Soloway Law Firm, we handle all manners of personal injury and wrongful death claims – motor vehicle accidents, slip and falls, defective products, federal workers’ compensation, and other accident and injury claims due to the negligence and fault of others. We handle these claims from start to finish, meaning that if you are not satisfied with the pre-litigation offers you receive after your case is presented to the negligent party’s insurance carrier, we will likely file suit in either State or Federal Court and pursue your case through trial and appeal. If you’ve been seriously injured, don’t hesitate. Call us today for a free consultation.