You may think you know what your insurance policy covers you for, but you might want to double-check. We are encountering increasingly strange policy limits when we read our clients’ policies. There was a time when insurance companies offered more standard coverage; for instance, uninsured and underinsured motorists (“UM/UIM”) coverage would typically match your liability coverage and would only be offered along with medical payments coverage. Now the insurance companies are moving away from this model. Your current policy might have $100,000/$300,000 liability coverage, but only $25,000/$50,000 of UM/UIM coverage and no medical payments coverage. If so, your policy is under performing and not protecting you and your loved ones. While it is important to be covered for liability in the event that you or a family member injures someone, it is arguably more important to protect you and your family from the negligence of others. This is what medical payments and UM/UIM coverage does, and it is typically far cheaper to buy this protection than it is to obtain the liability coverage. If it has been a while, you should call your agent or check your declaration’s page to verify that you have as much UM/UIM coverage as you can afford and substantial medical payments coverage.
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