When it comes to your car insurance coverage in Clifton Park NY or anywhere in the Capital Region for that matter, it’s certainly preferrable to know you’re properly covered before an accident occurs, not after. Many people have a sense of security about the coverage and protection their current policy affords, simple because they took out their policy with an agent. Unfortunately, and all to often, that is not the case, especially as it pertains to Supplementary Uninsured/Underinsured Motorist Protection, also termed as SUM Coverage.
So what exactly is SUM coverage and how does it pertain to you? Well if you’re in accident where someone hits you, it’s their fault and they don’t have car insurance, and either you or someone in your vehicle is injured, you will most likely not recover anything for your injuries from that driver. That’s where your own policy’s SUM coverage kicks-in to supplement what you should get for your injury or injuries up to the limit you carry on your policy.
For instance, say you’re in an accident caused by an uninsured driver and suffer an injury would settle for a $250,000. The uninsured driver is unemployed and has no assets, meaning you most likely will not get any compensation from that driver. But you carry SUM coverage in the amount of $250,000 per person and $500,000 per accident, usually expressed as 250/500. This is where your own insurance company would pay you the $250,000 rightfully due to you for your injury. On the other hand, if you held 50/100 SUM coverage, your insurance company would compensate you at only $50,000, the limit of your protection.
Now let’s use the same example, only the at-fault driver is insured and has bodily injury liability coverage of 25/50 and you carry 250/500 SUM coverage. The at-fault driver’s insurance company would pay you $25,000 and your insurer would pay you $225,000.
How Much SUM Coverage Can I Carry on a Clifton Park New York Auto Insurance Policy
In NYS, the State minimum SUM coverage required is 25/50 but you can get coverage for up to a million dollars depending on the company and layer even more protection on the top of that with an umbrella policy that allows SUM coverage to be attached.
Keep in mind that in NYS you can only have SUM coverage up to the limit of the bodily injury liability coverage you carry on your car insurance policy. All the more reason to carry high liability limits on your policy. The good news is that raising your liability limits isn’t all that expensive, especially SUM coverage which is a minimal cost for increased limits.
As you can see, it’s really important to have adequate SUM coverage to protect yourself or any passengers in your car against uninsured or underinsured drivers.
So, SUM coverage walks into a bar with a big smile and orders a drink. The bartender asks “so why are you so happy today?” … SUM replies… because I’m Really Sumthing!
Apology in advance, it’s so hard to write a good SUM coverage insurance joke!
So check your policy, see what your SUM coverage is. If you’re unsure, call your agent, or feel free to call us here at the NY Insurance Hub anytime, we’re glad to help.