In the realm of manufacturing, amidst the myriad of regulations and programs, the question often...
UM and UIM Coverage, Exclusions, and Endorsements
Numerous people mistakenly assume that car and umbrella insurance policies will offer reimbursement for all aspects of an accident on the roadway. Instead, both policies cover your liability and provide compensation to others in case you are at fault for an accident. However, if another motorist causes the accident and does not have sufficient insurance coverage to compensate you, your own auto or umbrella policies will not be enough.
If another driver does not have enough insurance coverage to pay for your medical costs, you might deal with exceptionally high out-of-pocket costs or lengthy court battles. However, by adding uninsured/underinsured motorist coverage (UIM) to your auto policy-- and by adding the protection as an endorsement to your umbrella policy-- you can be completely secured on the road.
- Uninsured drivers don’t have any insurance at all. As a result, if they cause an accident, there isn't a policy in place to repay you for medical expenses. According to the Insurance Research Council, about 1 in 8 motorists in the United States are entirely uninsured.
- Underinsured drivers have an insurance policy; however, they don't have enough coverage, or they might just carry the state minimum requirements which sometimes isn’t very much
To protect yourself from these risks, it's important to talk with your TPG Insurance Services representative about your current coverage or about adding an endorsement to your umbrella policy.