ID S1048

Amends Idaho Code Section 41-2502 to require insurers offering underinsured motorist coverage to provide a statement explaining how such coverage is applied, effective July 1, 2018.

Insurers that reduce underinsured motorist coverage payments by the tortfeasor's coverage or other applicable liability coverage must provide the explanatory statement prior to issuing new policies or first renewals.

Insurers offering underinsured motorist coverage as excess coverage (where stated amounts are in addition to the tortfeasor's insufficient coverage and limits are not reduced by other payments) are exempt from the statement requirement.

Named insureds retain the right to reject uninsured or underinsured motorist coverage in writing or by electronic record, effective for all insureds on the policy and subsequent renewals with the same insurer or affiliates.