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Started By
Message
re: UM or uninsured motorist coverage
Posted on 7/25/11 at 12:09 pm to yellowfin
Posted on 7/25/11 at 12:09 pm to yellowfin
quote:
So if I my wife and I have collision insurance and health insurance I really don't need UM coverage?
What if you have some one in your car who does not have health insurance?
1
Posted on 7/25/11 at 1:05 pm to beachdude
quote:
loss of enjoyment of life, pain and suffering, etc
I'll pass on keeping insurance for "enjoyment of life"
Posted on 7/25/11 at 1:06 pm to Tigerpaw123
quote:
What if you have some one in your car who does not have health insurance?
I don't think I know anyone that doesn't have health insurance.
Posted on 7/25/11 at 1:20 pm to yellowfin
quote:
I don't think I know anyone that doesn't have health insurance.
Well, I could not think of a worse time to find out, but to each his own, for me it is worth the small amount of premium for the ease of the mind, but I am insurance poor
Posted on 7/25/11 at 3:22 pm to yellowfin
quote:
I'll pass on keeping insurance for loss of enjoyment of life...
OK, sport. Let's say you are in your car and you are rearended while stopped at a traffic light and as a result of the collision, your hand is so badly injured that it has to be surgically amputated leaving you with one hand.
No more enjoying holding your baby daughter. No more enjoying playing sports. No more enjoying writing. No more enjoying typing on your computer. No more enjoying anything because you are daily reminded of your disability.
Now assume that the person that caused your injury has a $10,000 liability policy or is uninsured. Now assume that you have no Uninsured/Underinsured motorist coverage. The most you will get to compensate you for the loss of enjoyment of life due to no longer having a hand is $10,000.
Not much is it?
Now assume that you have $100,000/$300,000 UM coverage as part of your insurance policy. While it will not replace the loss of your hand, having $100,000 to compensate you for your loss of enjoyment of life and pain and suffering might make it a small bit more acceptable.
The premium for UM coverage is rather small given the risk. Insurance companies have to provide it and it is so important that you are required by law to decline it in writing.
Posted on 7/25/11 at 4:05 pm to beachdude
If 100k is going to make you feel better in that situation then you should probably carry UM.
Posted on 7/25/11 at 4:16 pm to yellowfin
Yea, I'd just want my hand fixed...not $100 to blow...
Posted on 7/25/11 at 4:28 pm to Golfer
I merely raised the issue as a hypothetical one to show you the utility of having UM coverage. In our state there are so many uninsured drivers or drivers with minimum coverage that I would advise any who can afford it (and, again, UM coverage is relatively inexpensive) to buy it. You have to make an informed decision to protect yourself. Good luck.
Posted on 7/25/11 at 4:33 pm to yellowfin
quote:
It's called a savings account
Not to mention you can pick up different types of disability insurance from your employer
I have that and critical illness and accident insurance through my employer. Costs less than 200 a year for all of it if I had to guess
Posted on 7/25/11 at 4:41 pm to Powerman
My state farm agent is the one who told me I didn't need it.
Posted on 7/25/11 at 5:02 pm to yellowfin
Your insurance agent works for State Farm, not you. UM coverage is mostly a loser for insurors, but they are mandated by state law to provide the opportunity for you to enroll in this coverage. It is part of the cost of doing business in a particular state. Most insurors try to discourage buying this coverage as the company's potential exposure does not justify the revenue from the additional UM premium. All states are different and each regulates insurance in its own manner. Maybe your state does not have the problem that mine does with uninsured and underinsured drivers. Good luck.
Posted on 7/25/11 at 5:20 pm to beachdude
Well he is also my uncle so I would think he would have my best interest in mind
Posted on 7/25/11 at 6:09 pm to Golfer
quote:
So if I my wife and I have collision insurance and health insurance I really don't need UM coverage?
The answer is it depends on what your sharing of medical costs under your employer or private health plan is. People should read their policies to understand this. A friend had a heart attack at work a few years ago at 38 and ended up with his share of the bill being over $55k with company sponsored health insurance. If your share of hospitalization/medical treatment is limited to an acceptable amount for you to self insure that is one thing, if not you may want to reconsider. I don't work in insurance, but I would estimate as many as 40% of the drivers around ATL are uninsured (illegals, drivers with bad records, poor people, people with no DL or suspended), it is just not worth the hassle not to carry it to me.
I am personally aware of two Guatemalan brothers that work for a contractor that have 3-DUI's between them, been in jail for it, and are still driving with no licenses/insurance after totaling a SUV. I asked one where the other was a few weeks ago. He said school, I am like really, school?. Yeah, DUI school. This country is unreal.
This post was edited on 7/25/11 at 6:10 pm
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