UIM Coverage and Legal Funding

Understanding UIM Coverage and Its Relation to Legal Funding

Underinsured Motorist (UIM) coverage is a type of auto insurance that provides protection if you’re involved in an accident with a driver whose insurance doesn’t fully cover the damages. It’s not always easy for the average person to make sense of auto insurance and its complexities, especially when it intersects with legal funding.

Legal funding, also called a lawsuit loan, can ease financial pressure for those involved in a lawsuit and waiting for a settlement. In cases where UIM coverage is involved, legal funding can provide needed resources during the potentially long wait for resolution. The relationship between UIM coverage and legal funding is vital because it determines how the final settlement amount is utilized.

Having the right knowledge of these two components can help individuals make informed decisions and better navigate their case proceedings. Therefore, it’s crucial to understand the ins and outs of UIM coverage and how it interacts with legal funding.

How UIM Coverage Protects Plaintiffs

In most car accident cases, liability is initially assessed on-scene by a police officer. Unfortunately, due to the potential for significant damages, sufficient insurance coverage can become a major factor in your eventual settlement allocation.

UIM and UM coverage protects the plaintiff when there is insufficient coverage from the liable party. With this coverage, the plaintiff and his or her attorney can seek additional compensation for injuries and other expenses. Think of this coverage as a safety net for serious accidents.

Below are some top benefits of UIM/UM coverage:

• Protection of your vehicle – Accidents can take quite a toll on your vehicle, and the resulting repairs can be costly. This coverage helps with expenses in the event an underinsured or uninsured motorist hits you.
• Protection of you and your passengers – If the accident results in injuries to you or your passengers, UIM and UM insurance will help cover medical expenses.
• Hit-and-run protection – Hit-and-runs occur when the at-fault driver leaves the scene of the accident. This can mean that you are unable to collect from the offending party’s insurance.

Legal Funding for UIM-Supported Lawsuits

UIM coverage adds to the potential minimum coverage associated with your claim. Often, defendant insurance companies will not release information about the other driver’s policy. Unless a commercial vehicle hit you, a legal funding company assumes state minimum insurance coverage for the other driver. If you have a UIM policy, it can add to that minimum, making your case more valuable to a legal funding underwriter.

Uplift Legal Funding

Whether or not you have UIM coverage, Uplift can likely help you cover living expenses with low-rate auto accident loans. Best of all, you only pay us back if you win the case! Apply online or call us at (800) 385-3660.