Why is Your Automobile Insurance Policy Important?
Many people are injured in car accidents in the New York area. This is not surprising, considering the amount of traffic, old roads and dangerous drivers.
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 treatment for their physical injuries and emotional suffering.
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. Furthermore, 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, are a good place to start. These policies provide 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 carry these UM or SUM coverage? If your UM or SUM coverage is greater than the limits of the car that hit you, then you must alert your insurance carrier’s 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 must make sure to obtain the negligent driver’s full policy AND make sure that the UM or SUM claims examiner at your insurance company consents to your settling the case.
After you have obtained permission to settle and 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. Does this sound like a lot of work? It is! That’s why you need to contact a skilled and experienced attorney at The Law Offices of Jason B. Kessler as soon as possible.