Uninsured and underinsured motorist coverage insurance is important for everyone to have – and in an adequate amount.
If you or anyone else covered under your insurance policy is injured in an accident caused by an uninsured motorist, your uninsured motorist coverage will pay for your damage up to the limits of your coverage. Underinsured motorist coverage (UIM) is a bit more complicated. In New Hampshire, your UIM policy does not “stack” on top of the responsible parties’ insurance. Thus, if you have a serious injury, UIM coverage typically only applies when your UIM coverage is greater than that of the individual responsible for your accident.
For example, let’s assume you have been involved in a serious accident in which your medical bills alone total over $50,000 and you have significant lost wages. If the individual who caused your injuries has only $25,000 in liability insurance and you have $25,000 in UIM coverage, you will likely not be able to make a claim under your UIM policy. However, if you had a UIM policy of $100,000, you can collect the difference ($75,000) from your insurance carrier to help cover your damages.
The foregoing only applies to New Hampshire insurance policies, as many states do allow stacking (allowing you to collect up to the amount of the liability policy and the UIM policy combined if your damages are serious enough). Moreover, some policies may be written differently, so it is important to consult with an attorney in order to know your rights. You should do this before settling any claims as you can waive your rights to uninsured and underinsured coverage if the claim is not handled properly.
Speak to your insurance agent to discuss the amount of insurance coverage that is right for you.
If you would like more information regarding uninsured or underinsured motorist coverage and how it might apply to your specific situation, contact the personal injury attorneys at Bianco Professional Association by calling 603-225-7170, toll-free at 800-262-8112, or by sending us a message via our contact form.
