May 2, 2018
We all hate paying for insurance and we certainly hope we never need to use it. However, it is important to know what kind of coverage you have so you can be certain that it is what you need. The first page of your automobile insurance policy is usually called the declarations page. This page shows you what coverage you have.
Property Damage – Property damage coverage is separate from bodily injury coverage. This represents the maximum amount your insurance company will pay to compensate someone (or you) for property damage that you caused. If you are claiming property damage against your own insurance company because you were at fault, many times you will have a deductible that must be paid before the insurance company will pay their portion.
Bodily Injury – This is the maximum amount that may be paid to someone if you cause an accident. You may see that your limits say $25,000/$50,000. The first number represents the amount paid to any one person in the accident and the second is the maximum amount paid to everyone involved in the accident. If the injured person requires more compensation than the policy limits, they can get a judgment against the at-fault driver directly (although there are other recourses as well). This is why you want to be certain you have adequate coverage.
Underinsured Motorist Coverage (UIM) – When you are involved in an accident and the person at-fault does not have enough coverage to compensate you for the accident, you can ask your own insurance company to pay the difference. If you have $50,000-/$100,000 in UIM, this means that your insurance company will make up the difference for one person up to $50,000. If this is utilized, the insurance company sometimes reserves the right to sue the “at-fault” driver directly.
Uninsured Motorist Coverage (UM) – When you are involved in an accident and that person at fault has NO insurance, you would make a claim against your own insurance policy’s uninsured motorist coverage to be compensated for your property damage and injuries.
Medical Payments Coverage (Medpay) – Many people don’t even realize they have this coverage available. This amount represents an amount that your insurance company will contribute to help cover medical expenses you incur as a result of an accident. This coverage is available no matter who is at-fault in the accident.
Personal Injury Protection Coverage (PIP) – This is similar to medpay in that it is available to cover your losses from an accident regardless of who is at fault but PIP not only pays for your medical expenses but also coverage other losses such as lost wages.
Knowing what the different types of coverages entail will help you determine if you have adequate coverage should you be involved in an accident, whether it is your fault or someone else’s fault.
Attorney Jacobs believes that everyone deserves a lawyer and always strives to achieve the best available legal outcomes for his clients. Attorney Jacobs cannot make promises as to what legal outcome he will be able to achieve for his clients; however, Attorney Jacobs can promise you that the care and concern he will show for you and your legal needs will be second to none. If you sustained a personal injury, the law firm of Daniel L. Jacobs Jr. LLC and Attorney Jacobs are here to assist you.
If you have any questions about financial compensation for an injury sustained in an accident or during a medical procedure, schedule a free consultation with one of our attorneys.
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