Protect your family from the financial fallout of accidents with uninsured or underinsured drivers. In my latest blog post: The Crucial Role of Adequate SUM Coverage: Safeguarding Your Family Against Uninsured/Underinsured Motorists, I discuss the importance of Supplemental Uninsured/Underinsured Motorist (SUM) coverage. Learn how this affordable coverage can safeguard you and your loved ones, ensuring you are protected when the at-fault driver’s insurance falls short. Do not wait until it is too late—grab a Cup of Joe and review your coverage today! #Insurance #PersonalInjury #FamilyProtection #SUMCoverage
The Crucial Role of Adequate SUM Coverage: Safeguarding Your Family Against Uninsured/Underinsured Motorists
Imagine this: you are on your way home from work, driving responsibly, when out of nowhere, another driver, distracted and reckless, slams into your car. You are left with serious injuries, facing a long road of medical treatment and recovery that could take months, even years. To make matters worse, the driver who hit you carries only the minimum liability coverage required in New York State—just $25,000.
Let us face it—$25,000 does not stretch far in today’s world. As a personal injury attorney, I have unfortunately seen repeatedly how this minimum coverage can fall devastatingly short, especially when serious injuries, and substantial lost wages and medical expenses are involved. However, there is a way to safeguard yourself and your family in these situations: Supplemental Uninsured/Underinsured Motorist (SUM) coverage.
What is SUM Coverage?
SUM coverage acts as a crucial safety net, protecting you in situations where you are involved in an accident caused by a driver who either has no insurance (uninsured) or does not have sufficient insurance to cover the full extent of your injuries and damages (underinsured). SUM coverage steps in to protect you when the at-fault driver’s insurance is not enough, ensuring you are covered for damages that exceed their policy limits.
In New York, insurance companies must provide a minimum of $25,000 in SUM coverage. However, for a small additional premium, you have the option to increase your SUM coverage to match the limits of your own liability insurance. This means that if you have opted for higher liability coverage, for example $250,000/$500,000 ($250,000 per person limit, $500,000 total limit for all persons) you can also secure $250,000/$500,000 in SUM coverage, providing you with more comprehensive protection. Typically, increasing coverage may raise your premium by $50 to $200 per year, depending on the amount of SUM coverage you purchase. In truth, SUM coverage is affordable compared to the protection it offers.
Who Does SUM Coverage Protect?
What makes SUM coverage particularly valuable is its applicability not just to you as the policyholder but also to your family and household members. This includes your spouse and any relatives living in your household, as well as any passengers in your vehicle at the time of the accident. What is more, your SUM coverage follows an insured. In other words, it protects you even if you are involved in a collision as a passenger in someone else’s vehicle.
In the event of a serious accident caused by an uninsured or underinsured driver, your SUM coverage ensures that everyone covered under your policy has access to the financial support needed. This protection extends beyond just the driver to include the people you care about most, making adequate SUM coverage an essential component of your overall insurance plan.
The Risks of Not Having Sufficient SUM Coverage
Without sufficient SUM coverage, you could face significant financial difficulties after an accident. If the at-fault driver does not have enough insurance to cover your losses, you may have to dip into your savings, take on debt, or worse, go without necessary medical treatments. In some cases, people have even been forced to file for bankruptcy due to the financial strain of an accident.
While it is easy to overlook SUM coverage when selecting your car insurance, it is one of the most important aspects of your policy. At the very least, consider increasing your SUM coverage to $100,000. By increasing your SUM coverage, you are taking a crucial step to protect yourself and your family from the financial consequences of a catastrophic injury caused by an uninsured or underinsured driver. The small additional cost of increased SUM coverage is a worthwhile investment in your peace of mind and financial security. Do not wait until it is too late—review your coverage today and make sure you are adequately protected.
