On June 16, 2018, Chapter 490 of the Laws of the State of New York (2017) was enacted, which requires all automobile insurance companies to provide Uninsured/Underinsured Motorist coverage with the same policy limits as the liability coverage provided in the policy for all policies issued or renewed after June 16, 2018.
Uninsured/Underinsured Motorist Coverage protects you and your family in the event you are involved in an accident that is the fault of a third party who leaves the scene, does not have car insurance or had a minimal policy limit. Even before this las was passed, it has been the recommendation of this firm that UM/UIM policy limits should match your liability policy limits. Otherwise, you would be protecting third parties more than you are protecting yourself and your family.
As part of the new rule, your automobile insurance provider can only alter these benefits by asking you to sign a written consent to either lowering the UM/UIM policy limit or removing the benefit from your policy completely. The cost of this type of coverage minimal in comparison, and it is this firm’s strongest recommendation that if you are asked to sign such an agreement, you should refuse to do so and continue to keep your Liability and UM/UIM policy limits equal. This will provide the maximum possible protection for you and your family.