As a Plaintiff’s insurance attorney, I am frequently asked whether UM/UIM coverage is necessary or “worth it.” My answer is always the same: YES! I’ll tell you why, but first let’s talk a little bit about what UM/UIM coverage is.
What is UM/UIM?
UM/UIM stands for Uninsured/Underinsured Motorist coverage. UM/UIM is first party coverage (your own coverage) that provides you additional insurance in case a negligent driver does not have any or enough insurance to compensate you for your damages. In a nutshell, it’s more money available to compensate you when you are the victim of an automobile collision.
Should I buy UM/UIM Insurance?
YES! Every automobile owner should have UM/UIM coverage.
The average automobile collision with property damage and an injury claim results in damages of approximately $18,587.00. Nevada only requires that drivers carry liability insurance of $15,000.00. This means that in the average injury accident, an at-fault driver with minimum coverage will not have enough insurance coverage to pay for your property damage and medical bills, let alone pain and suffering. Although the average damages are around $18,000, it is extremely common to see property and medical damages of $50,000 – $100,000 and beyond.
In a situation like this, your UM/UIM coverage can bridge the gap between the at-fault driver’s insurance and the amount of money you deserve. Put simply, while liability coverage is insurance you purchase to compensate others for a car accident you cause, UM/UIM coverage is insurance you purchase to ensure that you are compensated adequately when someone else injures you in a car accident.
How Much UM/UIM Coverage Should I Buy?
In Nevada, automobile insurers are required to offer UM/UIM coverage to all insureds up to the same policy limits as your liability coverage. You should purchase the maximum amount of UM/UIM coverage your insurer will offer you. The easiest way to think about it is that you want to protect yourself (UM/UIM coverage) with at least as much insurance as you purchase to protect other people (liability coverage).
If you’ve been a victim in an automobile accident and the at-fault driver has no or not enough insurance to compensate you, let the attorneys at Rempfer Mott Lundy help you recover the benefits you are entitled to. We have successfully recovered millions of dollars in benefits for insureds and are standing by to assist you. Rempfer Mott Lundy has a generous fee splitting policy for firms referring cases and is actively seeking out new cases.