Do I Need UM Auto Insurance in South Florida?
Short answer: Yes. Here’s why. We all drive around South Florida, so we are familiar with the insanity of our fellow motorists. Whether on I-95 or Glades Road, drivers are crazy down here. When bad drivers cause accidents, it may result in serious injury to you or your family members. And when bad drivers cause serious injuries, you are depending on that driver to have obtained plenty of insurance coverage (which is unlikely). This is where UM comes into play.
What is UM Insurance?
UM insurance stands for Uninsured or Underinsured Motorist insurance. If a bad driver causes you harm and does not have sufficient insurance coverage to pay your damages, your UM will step in. So if you are rear ended by and uninsured driver, but you have $500,000 in UM coverage, it is as if the at-fault driver now has $500,000 in insurance coverage available to you. Similarly, if the at-fault driver has a minimal $10,000 insurance policy, your $500,000 UM coverage will still be in effect, making it as if the at-fault driver actually has $510,000 in insurance coverage available to cover your injuries.
Is It a Waste of Money to ‘Stack’ my UM Coverage?
If you insure multiple cars under one policy, you will be offered the option to ‘stack’ your UM coverage. For example, if you have 3 vehicles, each with $25,000 UM limits, you will be able to stack the UM coverage. If you do stack the limits and are injured by an uninsured/underinsured driver, you’ll be able to combine (stack) the UM limits for each vehicle under that policy, giving you a coverage limit of $75,000 instead of the individual $25,000. You will pay more of a premium to stack your UM coverage, but in a dollars and cents analysis, it is worth doing. Stacking UM coverage gives you more coverage cheaper than if you purchased it through individual policies, so stacking your UM is recommended.
UM Insurance: The Takeaway
The takeaway is this: UM insurance is necessary where we live. If you opt out of buying UM insurance, you are trusting the idiot that slammed into you purchased the right insurance. Florida ranks second in the nation with a whopping 23.8% of drivers lacking auto insurance. These uninsured motorists are also statistically more likely to cause car crashes. To protect you and your family members, make sure to budget for a matching UM insurance policy to mirror your bodily injury limits. If you ever need it, you’ll be happy that it’s there.
Injured in a Boca Raton Car Accident?
If you were hurt in a South Florida car accident, speak with our experienced Boca Raton car accident lawyers to determine if you have available UM insurance limits above and beyond the at fault driver’s BI insurance limits.
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