At Murphy Battista LLP it’s our job to constantly stay abreast of the intricacies of ICBC’s various insurance products and policies. Our depth of knowledge in this field means that we have an understanding of auto insurance that can benefit individuals prior to them actually being involved in an accident. In this blog post, we’ll be discussing Underinsured Motorist Protection (UMP) and how, for only about $25 a year, you can buy an additional $1 million worth of insurance for you and your family.
Underinsured Motorist Protection
In short, UMP is meant to ensure that you, your family and the passengers in your vehicle are provided with coverage where injuries are caused by someone who does not have adequate insurance. Many people are unaware that this kind of insurance exists, and in many cases insurance agents fail to offer this type of coverage.
How Much Coverage Should I Have?
It should be noted that the standard ICBC policy includes $1 million worth of UMP coverage. However, this is often not enough money to provide adequate compensation for individuals who sustain serious injuries. Further, standard UMP only provides coverage for up to $1 million, and this amount includes other insurance, including the insurance on the at-fault vehicle. This means that if someone who has $1 million worth of coverage injures you and you have injuries worth $2 million, you will not be able to collect any money from your basic $1 million UMP policy. In these circumstances, the policy is essentially rendered worthless at a time when you need it the most. At a cost of $25/year it makes sense to obtain the additional coverage.
In order to receive the extra $1 million in coverage, simply ask your insurance agent to provide it to you the next time you renew your car insurance. An extra $25 a year is definitely worth the benefit of an extra million dollars worth of coverage. If you have more than one car in the family, each car requires this additional coverage.
If you have been injured by an underinsured motorist and you are facing the prospect of having to make a substantial insurance claim, call Murphy Battista LLP 604-683-9621 and ask to speak to one of our insurance claim lawyers. We can help.