Let’s begin with what UIM coverage is and what it does.
UIM provides you protection in the event of an accident where the at fault driver (the other guy) does not have enough liability insurance coverage to cover the losses sustained by those injured in the motor vehicle accident.
Although UIM coverage is typically an additional cost to your regular automobile insurance policy (liability, uninsured/UM, comprehensive, collision, etc…), we believe it is well worth the small premium.
For example, if you have UIM coverage on your plan, once you have recovered the full funds from the at fault driver’s liability policy (if it were warranted by the damages), you could then pursue additional funds from your UIM policy. The additional funds from your UIM policy will most likely cover all the remaining damages incurred in the accident that the at fault driver’s insurance did not. Keep in mind that UIM coverage alone does not cover property damages, but additional coverage may be purchased for your vehicle damages as well. UIM is largely intended for bodily injuries.
Liability coverage, underinsured motorists’ coverage, and other insurance information can be challenging to understand, especially when it comes to their specific applicability to an automobile accident. If you are involved in a motor vehicle accident, we highly encourage you to seek legal counsel to learn about your options and to ensure the insurance policies are properly applied.
At Shankle Law Firm, we are here to help. Contact us at (704) 370-1212 for a free consultation.