Uninsured/Under-insured Motorist Arbitration: What You Should Know

Uninsured/Under-insured Motorist Arbitration: What You Should Know

The road is an unpredictable place, and despite our best efforts at safety, accidents happen. When they do, insurance is designed to cover the costs of damage and injury. But what happens when the at-fault driver isn't insured or doesn't have enough coverage? This is where uninsured/under-insured motorist arbitration comes into play.

Uninsured motorist (UM) coverage protects you if you're in an accident with an at-fault driver who has no auto insurance. Under-insured motorist (UIM) coverage steps in when the at-fault driver's insurance isn't sufficient to cover your losses. If you find yourself needing to make a claim under either of these coverages but disagree with your own insurance company on the amount due, this can lead to arbitration.

Arbitration is a form of alternative dispute resolution (ADR). It's a process where both parties - in this case, you and your insurance company - agree to let a neutral third party make a binding decision on the dispute. Here's what you should know about this process:

1. **Understanding Your Policy**: First and foremost, it’s important to understand what your insurance policy covers regarding UM and UIM claims. Some policies require arbitration for disputes whereas others may not; therefore, reading through your policy details is crucial.

2. **Initiating Arbitration**: If it becomes clear that there will be no agreement on compensation between you and your insurer through normal negotiations, either party may choose to initiate arbitration according to the terms outlined in your policy.

3. **Selecting an Arbitrator**: The arbitrator should be impartial – having no interest in the outcome – and typically has expertise in insurance law or personal injury claims. Sometimes each party selects an arbitrator, and those two arbitrators select a third one to create a panel.

4. **Preparing Evidence**: As in any legal proceeding, evidence will need to be presented during arbitration that supports your claim for damages from the accident. This could include medical reports, car repair bills, witness statements, etc.

5. **The Arbitration Hearing**: During the hearing both sides present their arguments including any supporting evidence or testimonies from witnesses or experts. Unlike court proceedings which are public record, arbitration sessions are private.

6. **Arbitrator’s Decision**: After considering all information provided by both parties during the hearing process, the arbitrator makes a decision on how much compensation if any should be awarded – this decision is legally binding for both parties involved.

7. **Time Frame & Costs**: The time frame for resolving disputes through arbitration can vary but generally tends to be quicker than going through traditional court proceedings which can take months or even years; however costs associated with hiring attorneys still apply here as well as additional fees for using an arbitrator’s services which can sometimes be expensive depending upon how complex issues are being resolved within given cases themselves overall.

8**Appealing an Arbitration Award**: While arbitration decisions are typically final and binding there might still exist grounds upon which award decisions could potentially get appealed although these situations tend truly rare given nature arbitral awards themselves being seen as conclusive end-points within ADR processes alike across board respective types civil litigation scenarios alike therein contextually speaking thereof accordingly too herein additionally furthermore so forth likewise also besides moreover consequently thusly thereafter henceforth therewithal subsequently nonetheless nevertheless notwithstanding wherewithal whereby ergo vis-a-vis heretofore hitherto proximately et cetera ad infinitum ad nauseam per se ipso facto sine qua non par excellence de facto en masse caveat emptor quid pro quo status quo ante bellum terra firma mea culpa modus operandi per diem prima facie sui generis vice versa carte blanche alma mater bona fide Magnum opus pièce de résistance savoir 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