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UM/UIM for the Win

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  • DRONES WEBINAR TAKES FLIGHT JUNE 22nd – Learn about insurance issues involving drones May 31, 2016
    Drones AKA Unmanned Aerial Vehicles Presented by John Eubank, CPCU, ARM and Bill Wilson, CPCU, ARM Wednesday, June 22, 2016 from 1:00 – 3:00 p.m. ET One of the fastest evolving insurance issues in recent years involves drones. From a non-issue to the presence of millions of hobby and commercial drones, this exposure has taken … Continue reading →
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  • New Resource Area Now Available in the Virtual University May 25, 2016
    Earlier this year, the Big I board approved development of a new area in the Big IVirtual University (VU) to provide members with information about finding, hiring and developing new talent for their agencies. This area is now live in the VU and will continue to expand as we curate more resources. We invite you … Continue reading →
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  • How to be A Superhero for Personal Lines Clients May 25, 2016
    Most of your personal lines clients don’t need you to be faster than a speeding bullet or to leap tall buildings in a single bound. However, they do need smart insurance protection, and there’s one area in which they are particularly vulnerable: JEWELRY. If you’re protecting your clients’ jewelry collections with their HO/renters insurance policies, … Contin […]
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  • Close More Sales with MiddleOak Coverage Checklists May 25, 2016
    Getting clients to think about comparing things other than coverage limits and price is difficult. Even when it seems like they are taking everything into account, you often are not sure that they even “get it.” Since making the intangible tangible is what we do all the time, we offer two checklists to help your … Continue reading →
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  • Turning Your Retirement Questions Into Answers May 12, 2016
    Having trouble deciding which retirement plan is right for you or your agency? Big “I” Retirement Services is here to help you choose which plan best meets your circumstances. We’ve worked with more than 1,000 agencies to help them achieve their retirement goals.   IIABA Support   With over 25 years in the retirement business, … Continue reading → […]
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  • 3 Ways to Compensate Personal Lines Producers May 6, 2016
    Contributed Article by Jacquelyn Connelly, Senior Editor of IA Magazine. If you’re like most independent agencies, you’ve got commercial lines producer compensation down to a science. But chances are you can’t say the same about personal lines. Al Diamond, president of Agency Consulting Group, Inc., works with myriad agencies on the issue of personal lines … […]
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  • How to Build a Relationship with an Online Buyer Through TrustedChoice.com April 19, 2016
    Category: Trusted Choice® ​ goo·gle – /’goog(Ə)l/ verb – google; 3rd person present: googles; past tense: googled; past participle: googled; gerund or present participle: googling search for information about (someone or something) on the Internet using the search engine Google. “I recently googled my 7th grade teacher and found his current e-mail address”   […]
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  • Big “I” Markets – An Inside Look at April 2015 NFIP Changes March 11, 2015
    By Cassie Masone – Selective Insurance Company, Vice President of Flood Operations Selective Flood Releases Bulletin on HFIAA Changes The tides are changing. Due to increasing catastrophic events and resultant rising expenses, Congress has passed numerous updates to help stabilize the National Flood Insurance Program over the last several years, including re […]
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  • Big “I” Markets – Webinars February 25, 2015
    Competing with Direct Sales & Captive Agency Insurers in Personal (and Commercial) Lines March 25, 2015; 1:00 to 4:00 p.m. Eastern Time $79 – Click here to register. Are you tired of all the insurance commercials that shout “Price! Price! Price!”? Are you sick of the silly claim that someone’s exposures to loss can be … Continue reading →
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  • Big “I” Markets – Hot and Cold HomeScanSM February 25, 2015
    The sound of water running all the time or a sudden increase in the water bill can indicate a plumbing leak. Signs of mold or mildew smell in an area that doesn’t get wet, spongy floors or walls, a sagging roof or cracked foundations can be plumbing or exterior water getting in where it’s not … Continue reading →
    amcelhannoniiag
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BIM-Clr-WebAs I’ve been looking at all my posts from last year, and reading the responses that many of you made to them individually, one post stood apart from the rest and generated more clicks than others for several weeks running: Uninsured/Underinsured Motorist Coverage 101. Information that popular certainly bears repeating, so please read on to learn more about this essential coverage in a guest piece by Big “I” Umbrella Program Manager, April Shrewsbury.

Uninsured/Underinsured Motorist Coverage 101
We’ve all heard the stories. A family of five is burdened with horrific medical bills because of an accident caused by a drunk driver who couldn’t afford insurance due to his bad driving record. A child walking to school faces a lifetime of difficulty after being struck by a texting driver-a struggling college student with state minimum auto limits. A pair of retired sweethearts fall victim to a hit-and-run driver.

As an insurance agent, you can’t physically protect your clients from heartbreaking situations like these…but they do rely on you to protect them financially when tragedy strikes. This is where excess Uninsured/Underinsured Motorist Coverage enters the picture.

MOST PEOPLE WOULD BUY IT IF THEY UNDERSTOOD IT
How effectively can you explain UM/UIM coverage to a client who doesn’t know much about insurance? In layman’s terms, UM/UIM coverage is insurance that pays for the client’s injuries from an accident caused by the owner or operator of an uninsured or underinsured vehicle. Excess UM/UIM from a personal umbrella policy pays after the auto policy’s UM/UIM limits have been exhausted.

It’s important for a client to understand that UM/UIM coverage comes into play when an insured is involved in an accident and the person who caused it either doesn’t have any insurance or doesn’t have enough insurance to pay for your client’s injuries. It would also come into play if they were the victim of a hit-and-run (in a vehicle, on a bike, or as a pedestrian), leaving them with nobody’s insurance policy to collect against…making it an “uninsured” motorist claim.

THE PREVALENCE OF UNINSURED AND UNDERINSURED DRIVERS
According to recent estimates by the Insurance Research Council (IRC), roughly one in seven drivers is uninsured. Add to that the number of drivers who carry state minimum auto limits, and it’s enough to make a person want to stay home for good.

Unfortunately, this should come as no surprise, given the type of TV commercials we see these days from some auto insurance companies. Too often, the emphasis is on getting a cheap rate, and drivers are besieged with ads about that encourage them to buy “state minimum” auto limits in order to save money. There’s no denying that it can be a temptation in a struggling economy. All the more reason to make sure your clients are protected from the drivers around them, with UM/UIM coverage on both their auto and personal umbrella policies.

Click here to read the full article.

Andrew McElhannon is the Member Services Coordinator for the Independent Insurance Agents of Georgia www.iiag.org, and can be contacted at: amcelhannon@iiag.org or b y phone at 770-458-0093, x.110, or 800-878-6487.GAlogoleft


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