I am going to explain how and why Uninsured
Motorist Insurance is the best insurance you can buy to protect you and your family. There are two types of Uninsured Motorist
insurance, Stacked and Non-Stacked. The best one for you to buy is
"Stacked" Uninsured Motorist Insurance and I will explain why in a minute. But first, let me explain how UM insurance works.
It will pay for your damages if you get
in a crash with an at fault driver who does not have ANY Bodily Injury Insurance,
which is called an Uninsured Motorist. Or it will pay when the at fault driver does
not have ENOUGH Bodily Injury Insurance, which is called an
Underinsured Motorist. And just so you know, in Florida, motorists are
not required to carry Bodily Injury Insurance. About half the cars on the road don't carry it.
This is why UM insurance is so important. If you get in a wreck with someone who
does not carry Bodily Injury Insurance and you don't have Uninsured Motorist insurance, you will likely be out of luck because there will
not be any insurance to pay for your losses. Now let me explain the difference
between Stacked UM and Non-Stacked UM. When you own more than one car, and
you purchase Stacked UM insurance, you get to add or "Stack" the UM policies.
For example, lets say you own two cars, and have coverage
of one hundred thousand dollars per car, and if you are in a wreck, then you can stack the two coverage's and
receive up to two hundred thousand dollars. One hundred for the first car and
one hundred for the second car. Often times, people will ask
me, since I only own one car, so why should I buy Stacked UM since I don't have
another car to stack the coverage on top of? And the answer to this question is the most important
reason of why you want Stacked UM coverage. Stacked UM should also be
called Follow UM coverage.
Because the coverage follows
you wherever you go. For example, if you have Stacked UM and you are Driving
someone else's car and get in a wreck, your UM follows you and you are protected. If you are a Passenger in someone
elses car, you are covered. If you are a Pedestrian, or
riding a Bike and a car hits you, you are still covered since your
Stacked UM coverage follows you.
So Stacked means it
follows you everywhere. My friend says Stacked UM will protect you even if
you are in a submarine and you get hit by a car. So now you know why
stacked is so important. Now if you only carry Non-Stacked UM, then you can only recover
benefits from your policy if you are in a wreck while
in your insured vehicle.
It does not follow
you like Stacked UM. And the other benefit of Stacked UM
insurance, as I mentioned earlier, is that whatever the UM policy
limits are for each of your cars, the limits are added together or
Stacked on top of each other. This is where the term
Stacked comes from. So five cars, with one hundred
thousand dollars of UM on each car, will provide you and your family with five
hundred thousand dollars worth of coverage.
And another important fact you
need to know about UM insurance, whether it is stacked or not, is that
if you are in another vehicle you own and it does not
have UM insurance, you are NOT protected even though you have
UM on all your other vehicles. You will not be covered if you are in the
one car that does not have UM coverage. Now, some people say, if I have health and disability
insurance why would I need UM too? And the answer to this is simple. Let me explain by using an example.
Lets say you are in a car crash
and the windshield breaks, and you lose vision in both of your eyes
from the glass hitting you in the face. Your medical bills will be
paid by your health insurance. And your disability
insurance will pay you only two thirds of your lost
wages until retirement age. But you won't get a single Penny for the
non-economic damages you will suffer, such as the loss of your ability to enjoy life.
You will not recover One Cent to help
you cope with the loss of your vision and the added expenses and
frustrations of being blind. So UM covers some of the non-economic
losses you would suffer. It is important to be aware that most auto insurance
companies don't like to sell UM insurance. But the State of Florida requires
them to make you sign a form rejecting it if you don't want to buy it.
The insurance agents usually
don't explain the UM very well, and may say to you we will
give you Full Coverage. But what they really mean by this,
is that they are selling you the Minimum Insurance
required by Florida Law. Let me tell you this. I am a board certified civil trial lawyer.
And you need to know that Full
Coverage is not a legal term. There is no exact definition
for Full Coverage. This is just a saying that
an insurance agent will use so they don't have to explain in detail what you
do or dont have as far as insurance coverage. So dont be fooled by
the term full coverage.
Make sure you get Stacked UM coverage
to protect you and your family. When you ask your insurance agent
about purchasing UM insurance, you will be told that you can only buy as much
UM as you carry in Bodily Injury Coverage. That is a correct statement. Another important fact to keep in mind, is that insurance policies differ, so you must read yours to find out
exactly what is and is not covered.
If you have more questions about this
information, I suggest three things: One, speak to your insurance Agent and make sure he or she is able
to answer all of your questions. Two, read your policy, and Three, call my office if
you still have questions. Thank you for watching this video. I hope you have found it
helpful in understanding what Uninsured Motorist
Insurance is and how it works..