According to the Insurance Information Institute (III), Florida leads the country with the highest percentage of uninsured drivers: 26.7%, which is substantially higher than the national average of around 13%. Not only is this illegal and dangerous but getting into an accident can be costly to all involved. Worse yet, many Florida drivers who are legally insured have minimal limits that cannot fully compensate you if you’re injured in a crash.
If you get into a severe car accident in Florida with an uninsured or underinsured motorist, your first concern may be how will you pay for your medical expenses. Will you be stuck with the bills? Fortunately, there are provisions in your insurance policy that will pay for some of those bills, but in the end, you’ll need to make a claim against the other driver to recover for unpaid bills. If you were smart enough to purchase underinsured and uninsured motorist coverage, you’ll have a source of funds for your claim.
But what is stacked coverage and why is it beneficial to stack your uninsured and underinsured motorist coverage? Let’s discuss.
What is Uninsured and Underinsured Motorist Coverage?
In Florida, uninsured (UM) and underinsured (UIM) coverage is defined as coverage that applies to you, your family, and any passengers for bodily injury if you are hit by an at-fault motorist who doesn’t have enough insurance to cover your claim. For example, Let’s say you get into an accident with another driver who is at fault. You were severely injured in the accident, but the at-fault driver only has the minimum amount of liability insurance, which won’t even cover half of medical bills and damages. Ordinarily, that means the rest of the bills and damage will be paid out of your own pocket. However, if you have UM and UIM coverage, it will help pay for those expenses.
In Florida, insurance companies are required to offer UM and UIM coverage; however, it is optional for drivers to purchase it. It’s also important to note that these options will not cover any damage to property, they will cover damages associated with a bodily injury, like medical bills, wage loss, and damages for physical impairments, including pain and suffering.
So What’s Stacked Insurance?
To put it simply, stacked UM and UIM coverage stacks the insurance from each car you insure on top of each other. For example, if you have $100,000 of UM coverage and you have two cars on your policy, selecting stacking provides a total of $200,000 in UM and UIM benefits. It’s a good way to protect your wallet if you get into an accident because stacked insurance will increase the maximum amount you can recover.
Then What’s Unstacked Insurance?
Unstacked insurance is when you have a specific UM and UIM limit for each car on your policy. You may choose to have the same limit on each car, like $100,000, or you may choose to have higher limits on one car than another. Typically, the unstacked UM and UIM limit applies to only the car you’re in at the time of the crash. Selecting unstacked UM and UIM limits will lower your premium, but the unstacked choice could be financially devastating if you or a loved one is involved in a car accident with an uninsured motorist.
Contact an Accident Attorney Today
At Weinstein & Cohen, we have more than 50 years of combined experience fighting for accident victim’s rights. Vehicle accidents is a specialty practice of ours. Our experienced Miami and Naples accident attorneys at Weinstein & Cohen will put your priorities first. If you or someone you care about has been injured or involved in an accident across South Florida or Southwest Florida, contact the accident lawyers and Miami and Naples personal injury attorneys at Weinstein & Cohen at 305-374-1011 or 239-793-3331, or visit fairnessforall.com for an absolutely free legal consultation to learn more about your options.
