What is UM and Why Do I Need this Insurance?
The Cochran Firm, with office locations nationwide
law requires that all drivers have at least $10,000 in automobile liability insurance coverage. But, what happens if your personal injuries and medical bills are more than the offending driver's $10,000 policy? Unless the person causing the wreck has significant personal assets, you will not be able to recover the full extent of your damages. This loss can be devastating to you and your family. That is why UM Coverage is so important. In fact it may be the most important insurance coverage you can buy.
Essentially, Uninsured /Underinsured Motorist Coverage ("UM Coverage") provides compensation to you, (your family members and anyone occupying your vehicle) if you are injured by a careless driver who has no insurance, or not enough insurance to cover your loss. UM coverage allows you to collect any additional compensation from your own insurance company, up to the limits of your UM coverage. Unless you have UM coverage, you may not be able to collect for your personal injuries, medical bills, wage loss and other damages, if the other driver did not have enough automobile liability insurance.
If you already have automobile liability coverage, then you automatically have UM coverage up to the limits of your liability limits, unless you sign a document called an UM Waiver Form. The UM Waiver Form allows you to waive UM coverage, or select UM coverage at limits lower than your liability limits. We strongly suggest that you do not waive UM coverage and purchase the highest limits available in order to protect you and your family. We have seen families financially ruined when the major bread winner is injured by an uninsured or underinsured driver. DON'T LET IT HAPPEN TO YOU!!!
Finally, do not rely on an insurance agent's representation that you have full coverage. Full coverage does not necessarily mean you have UM coverage. We encourage you to pull out your insurance policy and check to see that you have adequate uninsured/underinsured motorist coverage. If you do not have UM coverage, then contact your agent, pay the additional premium and protect yourself first!
If you have a question concerning UM coverage, or need additional information, feel free to contact our New Orleans law offices. We will be happy to answer your question without charge. Drive safe, and be smart.
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