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Uninsured/underinsured motorist bodily injury (UM/UIM BI). Protects you if you're hit by a driver who either has no insurance or insufficient coverage to pay for your medical costs.
Learn how deductibles can affect your car insurance price and out-of-pocket costs. ... If you have a car loan or lease, most vehicle financing agreements require a maximum deductible for collision ...
For instance, if your car's value has dropped to $25,000 but you still owe $30,000 on your loan, gap insurance would cover that $5,000 difference if your car is totaled or stolen.
Typically, the payout is not more than the minimum liability limits and the negligent driver remains responsible for reimbursing the state's fund. In the United States, the definition of an uninsured/underinsured motorist, and corresponding coverages, are set by state laws. In some states it is mandatory.
The insurance company will ordinarily pay the judgment, up to the policy limits, once a court determines that an uninsured motorist was at fault. Some states' laws also allow additional insurance coverage to the insured policyholder through policy stacking provisions, whereby a claim may be made against multiple uninsured motorist policies.
Illustration of the partial payout of Sum Insured against probability of occurrence. Condition of average (also called underinsurance [1] in the U.S., or principle of average, [2] subject to average, [3] or pro rata condition of average [4] in Commonwealth countries) is the insurance term used when calculating a payout against a claim where the policy undervalues the sum insured.
Uninsured/underinsured motorist coverage (UM/UIM) Helps pay for you and your passengers’ injuries, medical expenses and lost wages if the at-fault driver doesn’t have enough (or any) bodily ...
$60,000 in uninsured/underinsured motorist bodily injury coverage per accident ... and the remaining balance on the loan. New car replacement coverage: New car replacement coverage will pay for a ...