Why your insurance policy is important? UM/ SUM

After being seriously injured in a car accident, many victims believe that they will be entitled to a large sum of money to compensate them for their injuries. Frequently, they are surprised and saddened to learn that the car who hit them had a small insurance policy that will not cover their needs. 

In  NY the minimum insurance policy that a driver is allowed to have is $25,000. However, such a policy does nothing to protect personal assets if you get sued and if you are injured that policy will not provide you with the protection that you need. What is the solution? Uninsured and Supplemental Underinsured Motorist policies called UM or SUM coverage. Such coverage provides the accident victim with extra coverage if his/her injuries are in excess of the amount of insurance that the negligent driver carries.

So what happens if you do carry such coverage? If you carry UM or SUM coverage in excess of the limits of the car that hit you, then you must first alert your insurance carriers UM or SUM department AS SOON AS POSSIBLE.  Then after confirming that the department received notice, you must obtain a UM or SUM file number. 

In order to trigger the UM or SUM coverage you need to make sure to obtain the full policy of the negligent driver AND make sure that the UM or SUM claims examiner at your insurance company consents to your settling the underlining case.

After you have obtained permission to settle and you have obtained the negligent driver's policy, you can arbitrate with your insurance carrier. The arbitration process includes submitting a memorandum of law to the arbitrator, securing evidence to present on your behalf and appearing for arbitration. Sounds like a lot of work? It is!

That is why you need to contact a competent attorney as soon as possible. 

If you have been injured in a car accident contact the Law Offices of Jason B. Kessler at 1-800-346-6254.  We have a proven track record for success and are not afraid to take a case to trial.