This video explains how and why Uninsured Motorist Insurance is the best insurance you can buy to protect you and your family.
Motorist insurance without stacking insurance is the best type of UM insurance to protect you and your family.
This is how motor insurance works without insurance. You will pay for your damages if you have an accident with a guilty driver who does not have any personal injury insurance, which is called an uninsured driver. Or it will pay when the faulty driver does not have SUFFICIENT bodily injury insurance to cover his losses, which is called an underinsured driver.
In Florida, motorists are not required to carry personal injury insurance. Approximately half of the cars on the road do not have personal injury insurance. This is the reason why UM insurance is so important. If you get into an accident with someone who does not have enough bodily injury insurance and you do not have uninsured motorist insurance, chances are you will not be lucky when the time comes to recover from your injuries because there will not be or there will not be enough insurance to pay you all your losses.
The difference between the stacked UM and uninsured non-stacked motorist insurance is that when you own more than one car, you can buy stacked UM insurance and you can add or "stack" the uninsured motorist's insurance policies. For example, if you have two cars and have a coverage of one hundred thousand dollars per automobile and you are in an accident, you can accumulate the two coverages and receive up to two hundred thousand dollars.
People ask me why they want uninsured motorist insurance when they only own a car. The answer to this question is the most important reason why you want uninsured motorist insurance coverage.
The driver without stacked insurance should be called tracking "UM" coverage. Because when you have UM insurance stacked, even in a single car, the coverage follows you wherever you go. For example, if you have uninsured motorist insurance and are driving someone else's car and are in an accident, your UM follows you and is protected. It follows you when you are a passenger in someone else's car too. If you are a pedestrian, or ride a bicycle and a car hits you, you are still covered as your coverage of uninsured motorists follows you. So stacking means that it follows you everywhere. My friend says that unsecured stacked motor insurance will protect him if he is in a submarine and a car hits him. Just kidding, but it's true.
Now, if you only have UM not stacked, you can only recover the benefits of your policy if you are in a wreck while in your insured vehicle. Do not "follow" you like stacked.
And the other benefit of the UM insurance stack is that whatever the limits of the UM policy for each of its cars, the limits are added or "stacked" on top of each other. Hence comes the term Stacked. Therefore, 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 of coverage.
Some people say, "Well, I have disability insurance and I have health insurance, so why would I want uninsured driver's insurance too?" The answer is simple.
Let me give you an example. Let's say you're injured in a car accident, the screen saver breaks and the shards of glass make you lose sight in both eyes.
Well, your medical bills will be paid for by your health insurance (if you have one). And your disability insurance will pay you two thirds of your lost wages until retirement (if you have disability insurance). But you will not 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 a penny to help him cope with the loss of his vision. You would not recover anything for the additional costs of being blind, not being able to drive a car, all the losses of being blind.
And it's important to keep in mind that most auto insurance companies do not like to sell insurance for uninsured motorists. The State of Florida requires insurance companies to have you sign a form that rejects the insurance of an uninsured driver if you do not want to buy it. Insurance agents generally do not explain insurance for uninsured motorists very well, and they can tell 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 do not be fooled by the term "full coverage". Be sure to get Stacked Unistured Motorist insurance coverage to protect you and your family.
When you ask your insurance agent about the purchase of UM insurance, you will be informed that you can only buy the amount of uninsured motorist insurance that you have in the bodily injury coverage. That is the correct statement.
Another important fact, insurance policies differ, so you should read yours to know exactly what is covered and what is not.
Video credits to MattLaw YouTube channel