Uninsured motorist coverage

[NinaBella]

This is what we have, the 500K, but also "stacked". It is definitely the most $$ part of our policy. The stacked thing is what makes it so $$, but the way it was explained to me, this is the best way to have it.

This thread has been an eye-opener. I'm going to have DH read it. Don't worry, I'm not dropping UM. I just wanted a good explanation of why people carry it since DH thought it was just basically dubious coverage.

If you are considering unstacking it, speak to your umbrella agent to make sure it will not impact your umbrella policy.

 

[LoveBWVVBR]

If you are considering unstacking it, speak to your umbrella agent to make sure it will not impact your umbrella policy.

I'm not going to unstack it. I'm pretty sure it's set that way because of the umbrella insurance as it is the same insurer for both coverages. It's just such an $$ part of our policy and DH was questioning the necessity/validity of this coverage. I was certain it wasn't dubious coverage given how many people drive around without insurance.

 

[LoveBWVVBR]

You need it to take care you and your family. One in every 4 driver's in Florida are uninsured. UM/UIM protects you against uninsured and underinsured motorist. If they don't have insurance, most likely they have nothing to sue them for either. I had a hard time putting my son on his own policy because we would lose one vehicle stack limits (and I carry 300/500/300) for three vehicles. I finally put him on his policy this month. I also put the truck in his name, changed registration etc. He is 21. If he is in an accident, I don't want someone to sue me. He is a great driver but you can't predict the future. I did set his policy up so he has 100k in medical (highest our company offers) and mid range on liability, not the crazy low Florida state minimums of 10/20/10 which is the lowest liability state I have seen. The crazy part is I was paying over a thousand (additional) every six months when he was on my policy. Now his policy is $899 every six months for a 2001 Ford Ranger. Sure it would have been less with state minimums, no comp/coll, but I know better than to do state minimum liability only.

I know insurance has been a big topic on the board lately, but rates are rates. Each company reports their rates to the state. You need insurance, not just because it is the state law but to protect yourself, your family, and your assets (in case you are sued). Keep the options stacked. I hope you never have to use insurance, but if you do, you won't regret paying the premium once it is needed. Go with a company that has a great reputation when it comes to claims. I drive by accidents DAILY here in Florida.

ITA with everything you've said. The crazy thing is how many of my friends tell me that they pay like $500 every 6 months for 2 cars/drivers and don't carry UM. Seriously?! There are SO MANY uninsured drivers here (and probably everywhere honestly). Those state limits are crazy low, so there must be tons of underinsured drivers also. Heck, if my friends are buying the minimum, THEY are underinsured drivers! We pay like $900 every 6 months and our policy is with GEICO so I feel that they are reputable. We are definitely keeping our options stacked.

 

[ImDMous]

Yikes. Didn't your medical insurance cover all of the bills though? That's my DH's question...when does uninsured motorist insurance become useful in addition to medical insurance?

Medical insurance did cover a good portion at the time, then they came sniffing around to see if they could recoup any of their losses by suing anyone or taking part of any monetary settlement we received. But medical insurance doesn't cover anything for being out of work for 3 months, being in a wheelchair, needing a new car, needing to rent a hospital bed to sleep in my own home, etc. There are lots of things other than doctor bills you need to think about.

 

[DebbieB]

Most states require that you carry a minimum uninsured motorist limit. Many states also include underinsured motorist. So the other driver could have minimum limit coverage and your damages are more than that.

https://www.esurance.com/info/car/stacked-vs-unstacked-car-insurance

 

[Denise W]

Make sure you have Uninsured Motorist (UIM) and Uninsured Motorist Property Damage (UMPD) coverage. UIM covers bodily injury, UMPD covers damage to your car. If your coverage page shows something like 25/50/15 it means you have 25000 per person coverage for bodily injury, 50000 total per accident for all people in your car injured, and 15000 coverage for your property damage/car. A lot of people are carrying limits too low. Not many cars are 15000 any longer, and 25000 in medical bills can be reached quickly. The UIM coverage is to pay your "pain and suffering", not necessarily your medical bills. Depending on what state you are in your policy should have either "Medical Payments" coverage (which pays medical bills only, no lost wages), or "Personal Injury Protection" (PIP) coverage, which pays medical bills and lost wages. Both coverages are primary and pay medical bills first before health insurance will kick in.

Denise

 

[Dakota731]

We have to pay for all the illegals in the country.

It's not politically correct, but it happens more often than you think. Last year my mother in law had her car demolished by illegals who then ran away and just left their car in the middle of the road! We live in a high illegal area and the cop said this happens all the time.

 

[SSRFred]

To me UM/UIM is the most important part of insurance to have on your car because it protects YOU!

 

[North of Mouse]

Do you carry this, and why or why not?

DH and I had a conversation about Uninsured Motorist Coverage this morning. I carry it on our policy, and it's "stacked" which makes it even more $$. DH thinks it's dubious insurance...it's definitely the most $$$ part of our policy. Now I *think* I have to have it (at least unstacked) due to my umbrella policy, but I think it's not dubious insurance but necessary coverage. We live in FL where we definitely have more than our fair share of people driving without insurance (or with too little insurance). I'd just like to hear other people's opinions on this coverage.

Dh & I just had a conversation about this on our two vehicles - both are 2005, 11 years old, but in excellent condition. Our collision/uninsured motorist is definitely the highest part of our premium, but our cars are worth 'far more' than book value to us, so we will definitely keep the premium. The styling/model make them look much newer.

It's a real shame that they don't do a better job on 'making' people get and 'keep' liability insurance. Some people get the it to show proof of insurance when they license their vehicle, then promptly cancel it and get by with that! They are 'way' too lax on this!!!! A good friend just had such a terrible experience with their car being totaled from a non insured driver, and they are out of luck as they only carried liability on their older car. Thankfully she was ok.

 

[LoveBWVVBR]

Medical insurance did cover a good portion at the time, then they came sniffing around to see if they could recoup any of their losses by suing anyone or taking part of any monetary settlement we received. But medical insurance doesn't cover anything for being out of work for 3 months, being in a wheelchair, needing a new car, needing to rent a hospital bed to sleep in my own home, etc. There are lots of things other than doctor bills you need to think about.

Out of curiosity, why does UM coverage cover needing a new car? Wouldn't your collision coverage be what covers that?

I can see where UM coverage is really necessary. It's truly unfortunate that people aren't penalized for not carrying UM or for not carrying enough.

 

[ImDMous]

Well this was 20 years ago and I was only 24 so I don't remember all the specifics but I do know that collision coverage paid off the car that was totalled but we were completely on our own to get a new car. The car was only 2 months old at the time. With our down payment money gone and no trade-in since it was scrap, not many options left.

 

[here757]

Out of curiosity, why does UM coverage cover needing a new car? Wouldn't your collision coverage be what covers that?

I can see where UM coverage is really necessary. It's truly unfortunate that people aren't penalized for not carrying UM or for not carrying enough.

Collision will only pay if u are at fault.. Every state has a minimum amount u must carry. As long as u have that amount ur safe.. Some states it's stupid low.. Here in VA it's 25/50/25. .. Last 25 being uninsured and or under insured. I wanna say OKLAHOMA is 10/20/10

 

[DebbieB]

Collision will only pay if u are at fault.. Every state has a minimum amount u must carry. As long as u have that amount ur safe.. Some states it's stupid low.. Here in VA it's 25/50/25. .. Last 25 being uninsured and or under insured. I wanna say OKLAHOMA is 10/20/10

Collision will cover in a hit and run situation, just happened to a friend of mine. She got stuck with the deductible.

 

[here757]

Collision will cover in a hit and run situation, just happened to a friend of mine. She got stuck with the deductible.

Shouldn't have paid.. Wonder what reasons the claim agents had.. U know collision claims make ur premium go up.. But other then collision / comprehensive claims rarely do.. Used to work for USAA. My head full of tiny tid bits lol can't seem to forget em.