Uninsured and underinsured coverage is mandatory in the amounts of $20,000 per person, $40,000 per accident and that coverage would apply when somebody either doesn’t have enough coverage or doesn’t have coverage for an incident and there is an offset to that. So if you have the mandatory minimum of 20-40 and you are struck by a vehicle who is at fault and who has 20-40 coverage, 20-40 minus 20-40 is zero.
Is UIM Coverage Automatically Applied To Any Insurance Policy?
Why Is It Important In Massachusetts To Have This Type Of Coverage?
It is really important because many people due to economic reasons and others just have the minimum coverage and if you are seriously injured in an accident, it’s best to have adequate protection. My recommendation is that people carry $250,000 per person and $500,000 per accident in insurance coverage. This insurance coverage is comparatively inexpensive and that provides you the added protection, that if you do sustain a serious injury which requires you to be out of work for an extended period of time, you could make a claim for your own company where using you as an example, many people just have mandatory minimum coverage of 20-40, the liability coverage, you could make a claim against your own for an additional $230,000 in coverage.
It doesn’t mean that the company is going to write you a check for $230,000, what it means is that you have to establish that your damages would be an amount up to that limit.
Are There Different Types Of Policies Available Under The UM/UIM Coverage?
Yes. There is different levels of coverage. There is 20-40, there is 50-100, there is 100-300, there is 250-500 and further coverage is available. It would be something that would best be reviewed with your agent or the insurance company representative.
What Is Stacked And Unstacked Coverage?
Stacked coverage is when you take a number of insurance companies and put one on top of another. But you are not allowed to stack under insurance coverage in Massachusetts.
How Much Coverage Do I Need To Properly Protect Myself?
I would recommend a minimum of $250,000 per person, $500,000 per incident. You might want to go higher to provide adequate protection. Many people just have the mandatory minimum and if you are involved in an incident and you are going to be out of work for an extended period of time, your medical bills are going to be high, you want to have adequate protection.
For more information on UM/UIM Coverage In Massachusetts, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (800) 262-9200 today.