Legal Question in Insurance Law in Florida
Claim under UIM coverage.
I recently settled a PI claim against my own UIM coverage for $50K. I had previously settled my claim against the adverse driver for $10K. However I only got $25K ($13,500 to me after fees and costs) of the settlement amount because my insurance carrier took credit for the $10K settlement and for the $12K PIP & MP that was paid from my policy. I cannot wrap my mind around this rationale that my insurance carrier has a right to take back what they have paid on my behalf and for which I have paid a premium for each and every coverage for many years and for the $10K I received from the adverse carrier. I was told when I asked that there is no law or statute that gives them the right to do this but that it is okay that they do it. CAn they do this without my having any recourse in fighting them for doing it? Thank you for your help.
2 Answers from Attorneys
Re: Claim under UIM coverage.
read your policy.
Re: Claim under UIM coverage.
That is not how UIM coverage works in Florida. If you have a Florida insurance policy, you UIM ocverage is over and above what you receive from the tortfeasor, PIP, and medpay. It is not reduced by those insurance payments.
In some states, however, the tortfeasor's (the guy that hit you) insurance does reduce the amount of UIM coverage. In those states, if you have 50,000 of UIM coverage and the tortfeasor has 50,000 of coverage, you really have no UIM coverage (despite paying those premiums!). In Florida, though, that is not the law. If your UIM carrier is telling you that it is, you might be getting ripped off. Contact a lawyer so the details can be explored, and don't sign anything until you find out all of the facts and how the law applies to your circumstance.
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