Car Insurance Coverages
The hot topic in insurance circles around and about New Mexico is uninsured motorist coverage
, and to be more exact the stacking of uninsured motorist coverage. Many insurance corporations today are selling policies that they suspect provide non-stacked uninsured motorist coverage, but the courts have interpreted those self same policies to provide stacked coverage.At this point in our conversation the majority of you are wondering what in the world stacked uninsured motorist coverage is. The fact of the matter is that most people don't really know what it is they are buying when they're going to an insurance agent and buy insurance ; they just tell the insurance agent that they want insurance and trust the person to be responsible, honest, and loyal with their money lives.
In most cases insurance agents are all those things, and they do the very best that they can. If a customer has questions they will happily answer any and all questions, but the question regarding stacking of uninsured motorist coverage infrequently comes up. It is not something that most people are mindful of.
Stacking happens when one coverage limit is added to another for the maximum quantity of coverage available or when the coverage limit is multiplied by the number of covered automobiles or insureds involved in an accident. Let me give you an example. John has 2 vehicles on his auto policy, a Ford and a Chevy, and he has uninsured motorist boundaries of 25 / 50 / ten. John is struck by an uninsured motorist while driving his Ford and maintains injuries totaling 35,000. Under his uninsured motorist coverage John would have coverage for 25,000 of his 35,000 worth of injuries. So as to recover the leftover ten thousand in wounds John would need to stack coverage for the Chevy onto the accident, thus making and extra 25,000 worth of insurance.
An insurance company will go to a lot of difficulty to work out the right rate for the coverage offered, and if a court decides the coverage offered was different than what the insurer thought that they had offered it can create rather a lot of disruption within the halls of the insurer. It has the potential to be very injurious to the balance sheet of an insurance firm, and that's why insurance companies in New Mexico are so rapt about the current court choices in the State.
Most insurance companies would rather no stack their limits because it creates a further exposure and risk associated with each policy that they sell. They currently offer stacked and non-stacked coverage on most private automobile policies. It does not cost that much more to stack your boundaries and i would recommend that you do just that.
If you have any questions regarding auto insurance or merely insurance in general I might be very happy to answer any and all questions that you might have.
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