How Much Can I Get from an Underinsured Motorist Claim?

The amount you can receive from an underinsured motorist claim depends on your total damages, the at-fault driver’s insurance, and your UIM coverage limit. 

Let’s say your damages are $100,000, the other driver’s insurance covers $50,000, and your UIM limit is $100,000. You could claim up to $50,000. However, if your UIM limit is $25,000, that’s the most you could receive. 

If you or a loved one need assistance, an Edwardsville, Illinois car accident attorney will help you get the compensation you deserve.

What Is Underinsured Motorist Coverage?

Underinsured Motorist (UIM) coverage protects you if you’re in an accident with a driver who doesn’t have enough insurance to cover all your injuries and damages. For example, let’s say you’re in an accident, and your medical bills and car repairs cost $50,000, but the other driver only has $25,000 in insurance. Your UIM coverage could help pay the remaining $25,000.

Which States Require Underinsured Motorist Coverage?

While not all states require drivers to have UIM coverage, it’s mandatory in some. 

Here’s a quick breakdown:

• States that require UIM coverage: Maryland, Connecticut, Maine, Massachusetts, Minnesota, Nebraska, New Jersey, North Carolina, North Dakota, Oregon, South Dakota, Vermont, and Virginia.
• Other states: UIM coverage is optional, but insurance companies must offer it to you.

Check what the rules are in your state. Even if it’s not required, having UIM coverage can be really helpful if you’re in an accident with an underinsured driver in Edwardsville.

Using Your UIM Coverage

If you’re in an accident with an underinsured driver, here’s how you might use your UIM coverage:

• First, make a claim with the other driver’s insurance company.
• If their insurance isn’t enough to cover all your costs, make a claim with your own insurance company under your UIM coverage.
• Your insurance company would then pay the difference between what the other driver’s insurance paid and what your total damages are, up to your UIM policy limit.

You can only use UIM coverage if your damages are more than the other driver’s insurance limit.

Is UIM Coverage Expensive?

UIM coverage is usually not very expensive. In fact, it’s often one of the cheaper parts of your car insurance policy. 

The exact cost can vary depending on things like:

• Where you live
• Your driving record
• The amount of coverage you choose

Can I Claim the Full Value of my UIM Coverage?

Whether you can claim the full value of your UIM coverage depends on a few things:

• The total amount of your damages (medical bills, lost wages, pain and suffering, etc.)
• The amount of the at-fault driver’s insurance
• The limit of your UIM coverage

Here’s an example:

• Your damages are $100,000
• The at-fault driver has $50,000 in insurance
• Your UIM coverage limit is $100,000

How Much Can I Get from an Underinsured Motorist Claim? In this case, you could claim up to $50,000 from your UIM coverage (the difference between your damages and the other driver’s insurance). But if your UIM coverage limit was only $25,000, that would be the most you could claim, even though your damages are higher.

Will Underinsured Motorist Coverage Cover a Hit-and-Run Accident?

In most cases, hit-and-run accidents are actually covered by Uninsured Motorist coverage, not Underinsured Motorist coverage. Here’s why:

• In a hit-and-run, you don’t know who the other driver is or how much insurance they have.
• Because you can’t identify the driver, they’re treated as if they have no insurance at all.

So, if you have Uninsured Motorist coverage, it would likely cover a hit-and-run accident. But it’s always best to check with your insurance company to be sure about what your policy covers.

The Value of Uninsured Motorist Coverage

While we’ve been talking mostly about Underinsured Motorist coverage, it’s worth mentioning Uninsured Motorist coverage, too. This protects you if you’re in an accident with a driver who has no insurance at all.

Uninsured Motorist coverage can be valuable because:

• It helps pay for your medical bills and car repairs if the other driver has no insurance.
• It can cover you in hit-and-run accidents.
• It’s usually not very expensive to add to your policy.

Having both Underinsured and Uninsured Motorist coverage gives you extra protection on the road. It means you’re covered whether the other driver has too little insurance or no insurance at all.

Hit by an Underinsured or Uninsured Motorist? Call an experienced Edwardsville, Illinois Car Accident Attorney

Our car accident lawyers from Walton Telken Bragee will help you understand your coverage and guide you through the process of filing an underinsured motorist claim. If you’re unsure about your policy or need assistance after an accident, we’re here to provide the support you need. Call us at (618) 272-2286 or contact us online for a free case evaluation today.