The Oregon legislature has finally put consumer interests ahead of the insurance companies and passed what are known as “make whole” and “stacking” laws. These recent changes finally allow you, the consumer, to collect on all the coverage you have been paying for in your policy.
Beginning in January, you will receive the full amount of underinsured motorist coverage if you are injured by an at-fault, underinsured driver. The changes also affect reimbursement for Personal Injury Protection (PIP) coverage. Under current law, PIP reimbursement is not available to the insurer until all the injured driver’s economic damages are compensated, but non-economic damages (pain and suffering) are not considered. Under the new law, your insurer will not be allowed to seek reimbursement until both your economic and non-economic damages are covered.
YOU MUST ACT to receive the benefits of these new changes. The law goes into effect on January 2, 2016 for auto insurance policies issued or renewed on or after that date. If you do not take action you will not receive the benefit of these new laws until your next policy renewal date.
In order to receive the full benefit of these new laws you need to call or email your auto insurance company and tell your agent that you want all of your auto policies renewed or reissued effective January 2, 2016.