"UIM" stands for "Under Insured Motorist" Coverage. Like "UM" coverage, this coverage will benefit the insured if he/she sustains a bodily injury in an auto accident where the other vehicle is at fault. If the other driver HAS insurance but NOT ENOUGH insurance to pay you FULLY for the value of your Bodily Injury Claim, the benefits of your UIM Coverage become available to you.
Your UIM Coverage will pay you the difference between what your Bodily Injury Claim is FULLY worth and the policy limits you collected from the other insurance company (up to your policy's individual and/or aggregate coverage limits). If you sustained a Bodily Injury in an auto accident and you collected from your own UM coverage, you MAY be able to also collect under your UIM coverage as well. This is referred to as "stacking". In some states and dependent upon some policy verbiage, it may well be possible to "stack" your benefits. To get answers that are more "on-point" to your specific situation, we suggest you talk with an insurance attorney local to you.
The term "MED" as used in this example typically stands for "Auto Med-Pay Coverage" and the dollar amount noted reflects the maximum benefit amount collectable by any one (1) insured for each covered accident.
This coverage is designed to reimburse an insured for treatment expenses incurred due to an auto-accident-related injury (regardless of who may have been at fault in the accident). Special note: Whether the Med-Pay coverage on your auto policy is proprietary, surplus, subrogatable, limits the definition of "insured" or has coverage limits relative to accident circumstance (vehicle occupant vs. pedestrian) can vary from state to state and even insurance company to insurance company. We recommend you clarify what Med-Pay limits may apply to your coverage when you are buying your policy. If your agent can't SHOW you the answer to your question . . . get yourself another agent!
No comments:
Post a Comment