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When can you use umu coverage to collect downtime or use uninsured claim?.

When Can You Use UIM/UM Coverage to Collect Your Downtime/Loss of Use Claim?

Do you have UIM/UM insurance coverage on your equipment? If you don’t know, check with your insurance agent. UM stands for Uninsured Motorist and UIM stands for Underinsured Motorist coverage. Compared to the benefits it can provide, it may not be that expensive to add to your policy.

Real World Example

There are millions of motorists driving around with little or no insurance these days. Because of this, UIM/UM coverage is very important to add to trucking policies. For example, our client Jeffrey was hit by a young driver with only $10,000 in insurance coverage. This was a problem because Jeffrey’s truck needed $10,000 in repairs and Jeffrey lost $30,000 in income from the month down. The at-fault driver’s insurance company offered to pay the $10,000 in repairs, but said that’s all they could pay because that was the limits of their coverage.

What Now?

What was Jeffrey to do? Jeffrey called his own insurance agent for advice. The agent said Jeffrey had UIM/UM coverage on his policy. Jeffrey filed a claim with his own insurance company for the losses that the at-fault insurance company wouldn’t pay. Jeffrey was paid in full for the lost income while his equipment was in the shop.

A Happy Insurance Ending

Because Jeffrey had UIM coverage, he was able to be made whole. Be your own best advocate and talk with your insurance agent before an accident happens. Ask your agent for other coverages which might be helpful in case of an accident, like rental reimbursement and downtime coverage.