Policy limits are what are important. Coverage limits sound more like limits as to what incidents are covered by the policy. For example, most insurance does not cover intentional acts.
I'm only talked about Colorado law, but if you are in a friend's car and are injured, and if you both have underinsured coverage, then you would have two underinsured policies to collect from. Remember, this is in addition to the insurance policies that the at fault car has as well.
@@hlawpc so your tell me if some hits my car i there insurance policy will pay off for pain and suffering and then I can get compensated from my underinsured motorist insurance and there underinsured motorist insurance to ?
I am talking about Colorado law, but no. If the driver of the car and the owner of the car have different insurance policies (they can be with the same insurance company), you can add those two individual policies together
@@sherrodhenderson521 You can use your own under insured motorist coverage to pay you more money if your injuries require additional payment. In Colorado, you can add you under insured motorist policy and the person who injured you, their policy. In some states you do not get to add them together, but rather get paid on the higher amount policy. Call me and I am happy to answer your questions at 303-762-9500.
In most states, there isn't going to be double the coverage if there is, for example, a husband and wife on the same policy. You still are limited to what is available on that policy. Phil is right that there may be underinsured/uninsured motorist that you may have on your policy that will cover any amounts in excess of what you get from the person who caused the crash. So, get as much UIM/UM coverage as you can. Where you can potentially "stack" policies (depending on where you live) is if there is umbrella coverage, or the person was driving his/her car in the scope of employment.
This is a great explanation as to how insurance policies work. Nice job!
Great Video! May I ask, what is the difference between policy limit and coverage limit?
I have not heard the word "coverage limit." Can you tell me in what context you heard this and maybe I can better answer your question.
Policy limits are what are important. Coverage limits sound more like limits as to what incidents are covered by the policy. For example, most insurance does not cover intentional acts.
Does the policy limits doubles if two people on the same car insurance?
I'm only talked about Colorado law, but if you are in a friend's car and are injured, and if you both have underinsured coverage, then you would have two underinsured policies to collect from. Remember, this is in addition to the insurance policies that the at fault car has as well.
@@hlawpc so your tell me if some hits my car i there insurance policy will pay off for pain and suffering and then I can get compensated from my underinsured motorist insurance and there underinsured motorist insurance to ?
I am talking about Colorado law, but no. If the driver of the car and the owner of the car have different insurance policies (they can be with the same insurance company), you can add those two individual policies together
@@sherrodhenderson521 You can use your own under insured motorist coverage to pay you more money if your injuries require additional payment. In Colorado, you can add you under insured motorist policy and the person who injured you, their policy. In some states you do not get to add them together, but rather get paid on the higher amount policy. Call me and I am happy to answer your questions at 303-762-9500.
In most states, there isn't going to be double the coverage if there is, for example, a husband and wife on the same policy. You still are limited to what is available on that policy. Phil is right that there may be underinsured/uninsured motorist that you may have on your policy that will cover any amounts in excess of what you get from the person who caused the crash. So, get as much UIM/UM coverage as you can. Where you can potentially "stack" policies (depending on where you live) is if there is umbrella coverage, or the person was driving his/her car in the scope of employment.
Too confusing