Introduction:
You never know what obstacles await you in your life's coming track. For example, there might be a situation where you are driving a car and get involved in an accident with another vehicle. Hit and run are widespread nowadays in the cities of Texas like Odessa, Victoria, and many others. If the driver of the other car is deprived of having auto insurance in Victoria, in such a moment paying medical bills is a nightmare.
Undoubtedly, you will be in search of some financial aid to cover those unexpected medical expenses. Here, underinsured motorist coverage (UIM) plays an important role. It is a kind of car insurance that protects you from negligent drivers who do not have enough insurance to cover your damages. This article will help you understand the complete guide on UIM coverage in detail.
What is Underinsured Motorist Coverage?
Unfortunately, you were driving, and your car met with an accident. In such cases, auto insurance in Odessa comes at a rescue to bear all your expenses. But what if you are traveling with a driver and they are not insured at all or have significantly less insurance? Here comes the role of underinsured motorist coverage. It is a kind of auto insurance that provides compensation if the driver at-fault has insufficient insurance to cover your damages.
UIM mainly covers:
Medical bills
Lost wages
Pain and suffering
Property damage
Funeral cost (in case of death)
It is always advisable to have UIM because being involved in an accident with an uninsured or underinsured driver is pretty high. You can also use uninsured property damage (UMPD) insurance to cover your car damages if the driver at-fault is found to be uninsured.
How Does Underinsured Motorist Coverage Work?
If you have this coverage and get into an accident with an underinsured driver, filing a claim with your insurer is the best way to get compensated. Once you file a claim, your insurance provider will pay for your damages (subject to policy limits) and then look to recover the money from the underinsured driver. The cost of the medical bills, property damage, and other economic losses are generally covered under UIM.
Mention the Points of Differences Between Uninsured and Underinsured Motorist Coverage:
Your underinsured motorist coverage helps pay the medical bills, lost wages, and other property damage costs if a driver hits you with no or inadequate insurance. On the contrary, uninsured motorist coverage pays for your damages if you are hit by a driver who does not have insurance.
What is an Underinsured Motorist Claim?
So in what way the underinsured motorist claims work? Filing a claim for underinsured or uninsured motorist coverage works is pretty much the same. The only difference is you have to notify your auto insurance company instead of the drivers. After that, you need to follow the basic steps required to claim underinsured motorist coverage:
Report to the insurance company within 90 days from the day of the accident. Some policies have strict deadlines to be adhered to, so you need to conduct the reporting process ASAP quickly.
After which, you need to submit your medical record to the insurance company, which will help them to evaluate your treatment and decide how much compensation you deserve for your injuries.
Lastly, your insurance company will begin the procedure of investigating your claim. After completing the investigation, if they find that you are eligible for the benefits, they will come up with a final settling figure.
How Long Does an Underinsured Motorist Claim Take?
Every underinsured motorist claim is unique, and the time it takes to settle will depend on many factors. Some claims may take months, while others may take years.
How long does your treatment or repairs take:
This will likely have a significant impact on how long your claim takes. If you need a lot of treatment, the insurer will want to wait until you're done before settling. If your car is totaled and needs to be replaced, the process could take a bit longer.
The severity of your injuries or repairs:
The length of your treatment to injuries or repair or the amount of time needed to repair your car will impact the time required to settle your claim.
Settlement disagreements:
If you disagree with the insurance company's offer, you can file a lawsuit. However, this will likely lengthen the process and could result in a lower settlement amount. In addition, you need to hire a lawyer and rush to court, which becomes more troublesome.
Conclusion:
Lastly, now you should be much relieved and better understand how underinsured motorist coverage works and the process of filing a claim. It is always advisable to buy this insurance because you can never predict when an accident might happen.
Get in touch with an insurance agent and compare auto insurance quotes to avail yourself of the best of them. Drive safe!