A client brought up a good point the other day. This particular person used to be an insurance agent. Anyhow, we were discussing her potential UM (uninsured motorist) benefits and what her policy limits were. She could not recall how much she purchased, but she did remember getting stacking UM.
If you do not know how stacking UM works I will explain. A regular non-stacking UM policy may be a 10/20k policy. That means that you may be entitled to recover 10k per person and 20k per accident from your own insurance company if the at-fault party is either uninsured or underinsured. If you own multiple vehicles, it may be better to elect for a stacking policy for multiple reasons. Instead of purchasing a 50/100k UM non-stacking policy for each vehicle if you own 5 vehicles for instance, it may save you a lot of money to elect for a stacking 10/20k policy instead. The stacking policy basically multiplies the 10/20k policy by the amount of vehicles you own. If you own 5 vehicles that equals out to the 50/100k policy you would have purchased on each vehicle.
Ask your insurance agent which one will save you the most amount of money and elect for that policy. Make sure that you keep a few copies of your UM election form for future reference.
If you have any further questions about how stacking vs. non-stacking UM policies feel free to contact us at 561-722-7710.