Supplemental Underinsured Motorist (SUM) Insurance
Protecting Yourself From Inadequate Car Insurance Coverage
Watch this educational legal video about supplemental underinsured motorist (SUM) insurance by Daniel J. Chiacchia, an experienced Hamburg car accident attorney.
We should all have supplemental underinsurance coverage on our policies, and I can demonstrate my reasoning by example. I have a case right now in which a young lady was injured pretty badly when another woman went through a stop sign. We later learned that the other vehicle had only the minimal coverage required in New York – $25,000 per person, $50,000 per accident. The question is, “If that were to happen to you, what would you do?” If you take a judgment against that person, they will simply file bankruptcy or whatever, so where can we go with that?
What you can do right now is this. Look at your policies and make sure you have supplemental coverage – which you can purchase through your own insurance company – to protect you if you ever find yourself in that situation. That supplemental coverage can have the same limits as your own coverage that protects you if you’re at fault in an accident. I tell all my clients, “You should have a minimum of $500,000 in regular liability coverage because, that way, you can also have $500,000 in supplemental coverage.”
Let’s apply this rationale to the above scenario. Suppose we got $25,000 from that other driver. You would then fall back on your own policy for the difference between the $25,000 you got, and the $500,000 that you carry on your own policy, giving you access to $475,000 through your own policy just because you’re protected by having the needed coverage. This extra coverage costs only pennies on the dollar, but I see policies that don’t have it – or don’t have enough of it – all the time. You really must make sure to take advantage of this inexpensive way to protect yourself.
Were you involved in a car accident, and have questions about supplemental underinsured motorist (SUM) insurance? Learn about your options to ensure your injuries will be covered. Contact the experienced Hamburg car accident lawyers at Chiacchia & Fleming, LLP for a free confidential consultation. We treat your case and your injuries seriously and do everything in our power to bring you relief. Let our experience work for you.