Below is some helpful information, courtesy of Trantolo & Trantolo.
Insurance.. what you should know..
KNOW YOUR LIMITS
No
one ever wants or plans on being involved in an
accident. We at Trantolo & Trantolo want you to stay
healthy and safe, but we also want you to be aware that
if you are involved in an accident where the other
driver is at fault your own insurance policy can protect
you and your family from financial ruin. By law, every
auto/motorcycle liability policy sold in Connecticut
automatically contains an additional insurance known as
UNINSURED/UNDERINSURED motorist coverage. (It's
often listed as UM/UIM on the
declarations page of your insurance policy)
Autos and Motorcycles
UM/UIM insurance
protects you if you are injured by a negligent operator
who has no insurance or too little insurance to pay for
your injuries and losses. Here's how it works: |
Uninsured
Motorists/(UM) means the other party carried no
insurance at the time of the accident. In that case,
your insurance company provides money payments to you or
your family for medical expenses, wage loss, permanent
injuries and other losses you would have received from
the other person's insurance company if they had been
insured. Your payments are limited to the amount of your
policy so the higher the policy the higher the potential
payment.
Underinsured Motorists/(UIM)
provides the same benefits as UM and means the other
party carried insurance but it wasn't enough to cover
all your losses. UIM then covers the gap between the
other person's insurance and the amount of the UIM
limits you purchased. (For example, if the negligent;
operator has $20,000 policy and you have a $100,000 UIM
limit, you have an additional $80,000 available to you
after collecting the other party's ENTIRE $20,000
policy.) |
UM/UIM insurance
is very important because it protects you and your
family from the hundreds of thousand of people who drive
on the roadways with no insurance or only the minimum
required by law ($20,000). UM/UIM insurance is
especially important to motorcyclists because in 80% of
the auto vs. motorcycle accidents, the fault lies with
the auto driver. In such accidents, the motorcyclist is
far more likely to suffer serious injury and when
serious injury occurs the other driver's insurance is
often grossly inadequate.
UM/UIM insurance
is very inexpensive (pennies per day) and that is one of
the reasons that insurance companies avoid and even
discourage people from buying increased limits. Often
the insurance company or it's agent will either make no
mention of this coverage, downplay it's significance or
suggest that you reduce your UM/UIM limits to save
money. This is a company or an agent that is not working
in your best interest, since you should by the highest
UM/UIM coverage you can afford.
Increasing your UM/UIM limits is easy, inexpensive and
wise. In Connecticut, when you buy your liability
insurance, unless you request otherwise, you
automatically receive and equal amount of UM/UIM
coverage. More importantly, under Connecticut law, you
have the legal right to buy twice as much UM/UIM
coverage as your liability coverage and the insurance
company cannot refuse your request. (For example, if you
buy $100/$300 liability policy, you can increase your
UM/UIM coverage to $200/$600.) In purchasing automobile
or motorcycle insurance, it is best to first focus on
protecting yourself from the uninsured driver. This is
accomplished by buying the highest amount of liability
insurance you can afford and then demanding twice that
amount in UM/UIM coverage. REMEMBER THE INSURANCE
COMPANY CANNOT REFUSE THIS REQUEST. If you have already
purchased you insurance for the year you can still
contact your agent and double the UM/UIM insurance.
If you would like a list of ways to reduce your overall
insurance costs so you can increase your UM/UIM limits
or if you would like a free insurance quote, log on to
www.TrantoloLaw.com. Policy discounts and
quotes are courtesy of M/C Insurance. (Not affiliated
with Trantolo & Trantolo).
Since time and space constraints do not permit an in
depth discussion of all aspects of UM/UIM, the
information contained herein does not constitute legal
advice. If you would like more detailed information,
please feel free to contact us 1-888-TRANTOLO or visit
our website at
www.TrantoloLaw.com
M/C
Insurance
"Because We Ride"
Toll
Free: 1-877-MCINS4U
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