Getting into a serious car accident caused by an uninsured driver can turn an already bad situation worse because it means that you have to foot the accident related bills instead of relying on the other driver’s insurance company. Because there is a high risk of uninsured drivers on the road, car owners are generally advised to have uninsured or underinsured motorist insurance coverage.
This kind of insurance protects drivers who are involved in car accidents with drivers who either have no insurance, or whose insurance does not cover the loss suffered in the accident. If a driver has uninsured or underinsured motorist insurance, he can recover for property damage, and even pain and suffering, caused in the accident. The uninsured motorist insurance policy will usually apply after the car owner has exhausted his personal injury protection insurance policy.
Uninsured and underinsured motorist insurance policies are optional in Florida, and are not part of the insurance a car owner is required to pay in order to be in compliance with Florida law. In order to maximize recovery under an underinsured motorist insurance policy, car owners who purchase this insurance should consider stacking the insurance policy on all the cars they own or insure.
Stacking allows a car owner to access the maximum limits of all his insured vehicles to increase the amount available to cover losses from a car accident caused by an uninsured or underinsured driver. For example, a car owner has two vehicles, and each has an uninsured motorist insurance policy with a limit of $100,000 per accident. If the car owner stacks the policies on each car, he can access a maximum policy limit of $200,000 if he is in a car accident in one of the cars. Without stacking, he would only be able to access the policy limit on the car that is in the accident, which would be $100,000.
Stacking may also be done across policies, or with cars covered under the same policy. Stacking may also be possible for accidents involving cars owned or driven by different family members in the same household. The details of how the stacking works on each policy depends on the language used in the insurance policy, and how this language is interpreted.
Stacking is the default option when a car owner purchases an uninsured motorist insurance policy. This means that the insurance policy allows for stacking unless the driver opts out of it. A car owner purchasing insurance may opt out of stacking in order to get a lower premium charge. However, while premiums may be cheaper, there is real value in paying for a stacking policy.
Contact Us for Legal Assistance
If you were injured by an underinsured or uninsured driver, you may still have a chance to recover for the damage or injuries you suffered. You may have a right to be compensated by your own insurance company. To ensure you make the right claim and receive the compensation you deserve, contact an experienced car accident injury lawyer at Vocelle & Berg, LLP, in Vero Beach, Florida for a free consultation.
Resource:
flhsmv.gov/ddl/frfaqgen.html