Mike Hancock is the founder of Hancock Injury Attorneys, a former insurance defense attorney, and an AV-Preeminent–rated lawyer by Martindale-Hubbell, with over 35 years of experience practicing personal injury law.
The Importance Of Uninsured Motorist Coverage
According to the Insurance Information Institute, in 2015 Florida had the most drivers in the country on the road without auto insurance, at a whopping 26%. That means that if you are injured in an auto accident in Florida, you have more than a 1 in 4 chance of being hit by a driver who has no insurance to cover your injuries.
To protect yourself from the financial consequences of being injured by an uninsured or underinsured driver, it is important to review your current auto insurance policy and understand your uninsured motorist coverage. This type of coverage can help protect you if the at-fault driver does not have enough insurance to cover your medical expenses, lost wages, and other damages.
Review the declarations page of your current auto policy and look for “UM” (uninsured motorist) or “UIM” (underinsured motorist).
In Florida, your uninsured motorist coverage limits are generally tied to the amount of "BI" (bodily injury liability) coverage you carry on your policy. In other words, you can typically purchase uninsured motorist and underinsured motorist coverage only up to the same limit as your bodily injury liability coverage.
1. Uninsured Motorist Coverage Protects You When an at-fault driver has no insurance
Uninsured motorist (UM) and underinsured motorist (UIM) coverage are important protections for Florida drivers because they provide compensation when you, your passengers, or family members are injured in an accident caused by an at-fault driver who has no insurance or does not have enough insurance to cover your damages.
If the other driver’s bodily injury liability insurance is insufficient to pay for your medical bills, lost wages, and other losses, uninsured motorist coverage may help bridge the gap.
A Tampa car accident lawyer can help determine whether UM or UIM coverage applies after a serious crash and identify all available sources of compensation.
2. Uninsured Motorist Coverage helps pay for accident-related injuries and expenses
Uninsured motorist coverage can protect you in a variety of situations, including when you are driving your own vehicle, riding as a passenger in someone else’s vehicle, or injured as a pedestrian after being struck by a car.
UM/UIM coverage may provide compensation for medical expenses, lost wages, and damages related to bodily injury, sickness, disability, or death resulting from an auto accident, beyond the benefits available through your Florida PIP auto coverage.
3. stacking uninsured motorist coverage may increase your available protection
Your uninsured motorist coverage limits may increase depending on the number of vehicles insured under your policy. When purchasing uninsured motorist auto insurance coverage, you may have the option to “stack” your coverage.
Stacking uninsured motorist coverage generally means that your policy limits may be combined or multiplied based on the number of vehicles listed on your insurance policy, potentially increasing the amount of coverage available after an accident.
Many Florida drivers choose to stack their uninsured motorist coverage because it can provide additional financial protection if they are injured in a car accident caused by an uninsured or underinsured driver.
Stacked UM coverage may increase the amount of compensation available for medical expenses, lost wages, and other damages when the at-fault driver does not have enough insurance to cover your losses.
If you only own one vehicle, stacking your uninsured motorist coverage may not provide an additional benefit. However, the cost of adding or increasing UM coverage is often minimal compared to the protection it can provide if you are seriously injured and the other driver does not have sufficient insurance coverage.
4. uninsured motorist coverage helps protect you from financial hardship after a serious accident
Understanding your UM/UIM coverage options can help ensure you have the financial protection you need after a car accident.
Although uninsured motorist coverage may increase your auto insurance premium, the additional cost should not deter you from obtaining this important protection.
The financial consequences of being injured in a car accident caused by an uninsured or underinsured driver can be significant, especially when medical expenses, lost wages, and other damages exceed the available insurance coverage.
5. uninsured motorist coverage can help protect you when insurance companies deny or limit claims
Unfortunately, uninsured motorist coverage disputes frequently arise when insurance companies attempt to deny or limit valid UM/UIM claims. If an insurance company refuses to provide the benefits you are entitled to under your policy, having experienced legal guidance can help you understand your rights and the compensation available to you.
We have seen many seriously injured accident victims discover after a car accident that the at-fault driver has little or no insurance coverage to pay for their losses. When an uninsured driver causes a crash and the injured victim does not have sufficient uninsured motorist coverage, they may be left responsible for paying thousands of dollars in medical bills, lost wages, and other accident-related expenses.
UM/UIM coverage in Florida can provide an important source of compensation when another driver’s insurance policy is not enough to cover your damages.
Without adequate UM/UIM coverage, Florida accident victims have limited options for recovering compensation. This is why having uninsured motorist coverage can be critical in protecting yourself and your family from the financial burden that can result from an accident caused by an uninsured or underinsured driver in Florida.
For a free explanation of your auto insurance policy from a Tampa insurance disputes lawyer and how your current coverage protects you, call Hancock Injury Attorneys at 813-915-1110.