What you don't know about insurance could be a disaster. Find out what you didn't know but need to know.
The hot subject in insurance circles around and about New Mexico is uninsured motorist coverage, and to be more concrete the stacking of uninsured motorist coverage. Many insurance corporations today are selling policies that they believe provide non-stacked uninsured motorist coverage, but the courts have translated those policies to provide stacked coverage.
At about that point in our conversation most of you're thinking about what in the world stacked uninsured motorist coverage is. The incontrovertible fact of the matter is that most of the people don't really know what it is that they are purchasing when they go to an insurer's agent and buy insurance ; they just tell the insurance agent that they require insurance and trust the individual to be responsible, fair, and loyal with their money lives.
In most cases insurance agents are all of those things, and they do the absolute best that they can. If a buyer has questions they can happily answer any and all questions, but the question regarding stacking of uninsured motorist coverage infrequently comes up. It is just not something that most people are mindful of.
Stacking occurs when one coverage limit is added to another for the maximum amount of coverage available or when the cover limit is multiplied by the amount of covered automobiles or insureds involved in an accident. Let me give you an example. John has two cars on his auto policy, a Ford and a Chevy, and he has uninsured motorist limits of twenty-five / 50 / ten. John is struck by an uninsured motorist while driving his Ford and supports wounds totaling 35,000. Under his uninsured motorist coverage John would have coverage for 25,000 of his 35,000 worth of injuries. In order to recover the leftover ten thousand in injuries John would need to stack coverage for the Chevy onto the accident, thus making and extra 25,000 worth of insurance.
An insurance corporation will go to quite a lot of difficulty to figure out the proper rate for the cover offered, and if a court decides that the coverage offered was changed than what the insurance company thought they had offered it can create a lot of interruption within the halls of the insurance firm. It has the capability to be very damaging to the balance sheet of an insurer, and that is why insurance companies in New Mexico are so rapt about the most recent court decisions in the State.
Most insurance corporations would rather no stack their boundaries as it creates an additional exposure and risk linked with each policy that they sell. They now offer stacked and non-stacked coverage on most personal automobile policies. It doesn't cost that much more to stack your limits and I would like to suggest that you just do that.
If you've got any questions about automobile insurance or simply insurance in general I'd be glad to answer any and all questions that you might have.
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