According to a study by the Insurance Research Council, one in six drivers may be uninsured by 2010. This is partly due to the economic down turn. However, the cause for lack of insurance becomes irrelevant when you or a loved one is insured or hurt in a car, truck, or motorcycle accident.
Things can get complicated if you have an accident with someone who doesn’t have insurance. The fact that the person who caused the accident does not have insurance is generally indicative of that person not having means. Given the dangers of the road and the probability of having an accident with uninsured motorists it is very important to have uninsured/underinsured Motorist Insurance (“UM”) in South Florida.
Bodily injury, personal injury protection, property damage, and collision coverage will do little to compensate you or your loved ones if the person who caused the accident has no insurance. Your insurance company will not compensate for bodily injury even if you have all the above coverage and have paid your premium on time for the last twenty years. It seems unfair, but that is the reality. So in order to appropriately protect yourself and your family you should buy UM coverage. An insurance agent will be able to show you that the change in cost from a policy without UM insurance and with UM insurance is minimal. This is one of those circumstance where the benefit is far greater than cost.
When buying UM Coverage it is best to buy the stacking kind. This means that if policy has $100,000 UM coverage for each vehicle, and two (2) cars are under the policy, then stacking UM coverage would provide for $200,000 policy limit. However, if this policy was non-staking then it would only provide for $100,000 policy limit. Thus, although it may cost a little more it wise to buy stacking UM insurance. It must be noted that some insurance companies issue policies that do not allow for stacking. You must read your insurance policy with care. If you have any doubts or questions always consult with a South Florida Personal Injury/Accident Attorney.
The Florida legislature has given tremendous importance to UM coverage. Indeed, it is so important that Florida law demands that insurance companies offer it. If insured does not want to buy it, then he/she must sign a waiver. UM coverage must be provided by the insurance company if they cannot provide a copy of this waiver.
Goldstraj & Associates is here to help you. If you have any questions about your insurance policy, UM coverage, or have been involved in any kind of accident do not hesitate to call. We are available 24/7 at 305.764.9907.