EXPLAINING SUM COVERAGE
And Why You Need It
In New York, all drivers (yes, even motorcyclists) are required to carry liability insurance coverage, which helps protect them in the unfortunate event of an accident. However, there are drivers on the road who are operating vehicles with insufficient or no coverage. So, how can you protect yourself in case you’re involved in an accident with one of these drivers? By obtaining supplemental uninsured/underinsured motorist (SUM) coverage! SUM coverage is additional protection that is available to a policyholder in the event the other driver’s liability insurance has been exhausted. It can provide crucial relief if you are hit by a driver who does not have enough liability coverage to pay for the damages he or she has caused. AN EXAMPLE OF HOW SUM COVERAGE WORKS Jane Doe is hit by a driver who carries only the minimum coverage required by law ($25,000). The other driver’s insurance carrier pays Jane Doe the full $25,000 available under the policy. But Jane Doe is seriously injured, and her damages exceed $25,000. Fortunately, prior to the accident, she had obtained $250,000 in SUM coverage. As a result, she can recover up to $225,000 in additional compensation (the difference between her $250,000 in SUM coverage and the other driver’s $25,000 of available coverage). Significantly, unlike no-fault and liability insurance coverage, SUM coverage is not mandatory in New York. Instead, insurance companies are required to offer this coverage, and policyholders may elect or decline to opt in
to it — although it is not recommended to forego this additional protection.
To protect yourself and your loved ones, it is imperative to consider opting into SUM coverage. Moreover, when obtaining SUM coverage, consider getting more than the minimum amount insurance carriers are required to offer. Injuries can often far exceed no-fault and liability coverage limits, and additional SUM coverage could provide critical relief in the event you are seriously injured. If you’ve been injured in a car, truck, or motorcycle accident, contact a trusted personal injury attorney who understands the ins and outs of SUM coverage. For a free consultation with one of our attorneys, contact us at 800-555-5555 .
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