Uninsured Motorist Car Insurance Explained By Florida Lawyer Matt Powell
This video explains how and why Uninsured Motorist Insurance is the best insurance you can buy to protect you and your family.
Stacked Uninsured Motorist Insurance is the best type of UM insurance to protect you and your family.
Here is how Uninsured Motorist insurance works. It will pay for your damages if you get in an accident 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 to cover your losses, which is called an Underinsured Motorist.
In Florida, motorists are not required to carry Bodily Injury Insurance. About half the cars on the road don’t carry Bodily Injury Insurance. This is why UM insurance is so important to have. If you get in a wreck with someone who does not carry enough Bodily Injury Insurance and you don’t have Uninsured Motorist insurance, you will likely be out of luck when it comes time to recover for your injuries because there will be no or not enough insurance to pay you for all of your losses.
The difference between Stacked UM and Non-Stacked Uninsured Motorist Insurance is that when you own more than one car, and you can purchase Stacked UM insurance and you get to add or “Stack” the Uninsured Motorist insurance policies. For example, if you own two cars, and have coverage of one hundred thousand dollars per car, and you are in a wreck, then you can stack the two coverages and receive up to two hundred thousand dollars.
People ask me why they want Stacked Uninsured Motorist insurance when they only own one car? The answer to this question is the Most Important reason why you want Stacked Uninsured Motorist Insurance coverage.
Stacked Uninsured Motorist should be called “Follow” UM coverage. Because when you have Stacked UM insurance, even on just one car, the coverage follows you wherever you go. For example, if you have Stacked Uninsured Motorist Insurance and you are Driving someone else’s car and get in a wreck, your UM follows you and you are protected. It follows you when you are a passenger in someone else’s car too. If you are a pedestrian, or riding a Bike and a car hits you, you are still covered since your Stacked Uninsured Motorist coverage follows you. So Stacked means it follows you everywhere. My friend says stacked uninsured motorist insurance will protect you if you are in a submarine and a car hits you. Just joking, but true.
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.
And the other benefit of Stacked UM insurance, 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 Uninsured Motorist Insurance on each car, will provide you and your family with five hundred thousand dollars worth of coverage.
Some people say, “well, I have disability insurance, and I have health insurance, so why would I want Uninsured Motorist Insurance too? ” The answer to that is simple.
Let me give you an example. Let’s say you are injured in a car crash the winshield breaks and the glass fragments cause you to lose vision in both eyes.
Well, your medical bills will be paid by your health insurance (if you have it). And your disability insurance will pay you two thirds of your lost wages until retirement (if you have disability insurance). But you won’t get a single Penny for the non-economic damages you suffered, such as the loss of your ability to enjoy life. You would not recover one cent to help you cope with the loss of your vision. You would recover nothing for the added expenses of being blind, being unable to drive a car, all the losses of being blind.
And it is important to be aware that most auto insurance companies don’t like to sell Uninsured Motorist insurance. The State of Florida requires insurance companies to make you sign a form rejecting Uninsured Motorist insurance if you don’t want to buy it. The insurance agents usually don’t explain the Uninsured Motorists Insurance 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.
So don’t be fooled by the term “full coverage”. Make sure you get Stacked Uninsured Motorist insurance 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 Uninsured Motorist insurance as you carry in Bodily Injury Coverage. That is correct statement.
Another important fact, insurance policies differ, so you must read yours to find out exactly what is and is not covered.