Is there any reason to get uninsured motorist bodily injury insurance? | Page 12 | TigerDroppings.com

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NaturalBeam
LSU Fan
Member since Sep 2007
13113 posts

re: Is there any reason to get uninsured motorist bodily injury insurance?


Yep, it's amazing I've had 3 PI clients this year hit that lotto





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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
71149 posts

re: Is there any reason to get uninsured motorist bodily injury insurance?


quote:

lol, you need a new agent that isn't "advising" you to decline coverages.




he's a family friend that has been in the business for 35 years, he isn't trying to squeeze everything out of me like most agents

quote:

How much liability did your agent recommend you to carry?





I think I have 100/300






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Chad504boy
New Orleans Saints Fan
Five Oh Four
Member since Feb 2005
81460 posts

re: Is there any reason to get uninsured motorist bodily injury insurance?


quote:

he isn't trying to squeeze everything out of me like most agents


advising coverages =\= squeezing everything out of you






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NaturalBeam
LSU Fan
Member since Sep 2007
13113 posts

re: Is there any reason to get uninsured motorist bodily injury insurance?


It just sounds like your friend is trying to save you every buck possible - sure it sounds nice enough, until you actually need the coverage. 100/300 is probably too low, especially if you have some assets including a house. And not getting UM coverage is a painful mistake that many folks don't realize until it's too late.

Don't ever count on another driver having enough to cover you, b/c they won't.






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Y.A. Tittle
Winthrop Fan
Member since Sep 2003
49435 posts

re: Is there any reason to get uninsured motorist bodily injury insurance?


quote:

advising coverages =\= squeezing everything out of you


And properly "advising coverages" does not always equate to advising a customer purchase every product offered in every conceivable situation.

The idea that purchasing UM coverage is usually advisable, is a correct one.

This idea that it ALWAYS is in EVERY PERSON'S situation, is not.






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Chad504boy
New Orleans Saints Fan
Five Oh Four
Member since Feb 2005
81460 posts

re: Is there any reason to get uninsured motorist bodily injury insurance?


quote:

yellowfin



On april 1st, call your agent up. Tell him you got rear ended by an uninsured motorist and you are having some pretty major neck and back issues. Tell him you were speaking to your attorney about the situation and recollected the time you had discussions with your agent and he advised you decline the coverage.

Wait for the silence.







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Sophandros
Tulane Fan
Victoria Concordia Crescit
Member since Feb 2005
45156 posts

re: Is there any reason to get uninsured motorist bodily injury insurance?


quote:

LOL at anyone thinking insurance companies are offering for sale to the public any product that is "bad for them."


There are products that are money losers for companies, but that's primarily because they are inadequately priced.

UMBI isn't an example of that.

In fact, I just did a quick look at my company's experience, comparing our UMBI and BI loss ratios, and UMBI outperforms BI by a good bit.






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Sophandros
Tulane Fan
Victoria Concordia Crescit
Member since Feb 2005
45156 posts

re: Is there any reason to get uninsured motorist bodily injury insurance?


quote:

I believe their margins are much smaller on UM than regular liability,


Correct.

In general, loss ratios for UMBI and UMPD are lower than BI and PD.






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Y.A. Tittle
Winthrop Fan
Member since Sep 2003
49435 posts

re: Is there any reason to get uninsured motorist bodily injury insurance?


quote:

On april 1st, call your agent up. Tell him you got rear ended by an uninsured motorist and you are having some pretty major neck and back issues. Tell him you were speaking to your attorney about the situation and recollected the time you had discussions with your agent and he advised you decline the coverage.

Wait for the silence.


Ehhh, good luck with that if you've got a valid signed UM rejection form and plaintiff who you can't prove to be pretty much completely illiterate.






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Dr. 3
LSU Fan
Member since Mar 2005
10981 posts

re: Is there any reason to get uninsured motorist bodily injury insurance?


Ive heard of agents advising their clients that UM is useless, especially if you have health insurance.

In Louisiana where so many are uninsured or carrying the minimum required by law, UM is the only thing you can control. Its insane not to have it.






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NaturalBeam
LSU Fan
Member since Sep 2007
13113 posts

re: Is there any reason to get uninsured motorist bodily injury insurance?


quote:

The idea that purchasing UM coverage is usually advisable, is a correct one.

This idea that it ALWAYS is in EVERY PERSON'S situation, is not.
True, but without knowing the specifics, the safe bet is to say he should get it. I don't personally like dealing with "family friends" - I would at least check with an independent guy and see if he's getting comparable recommendations as to coverage and rates.






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Sophandros
Tulane Fan
Victoria Concordia Crescit
Member since Feb 2005
45156 posts

re: Is there any reason to get uninsured motorist bodily injury insurance?


quote:

It just sounds like your friend is trying to save you every buck possible - sure it sounds nice enough, until you actually need the coverage. 100/300 is probably too low, especially if you have some assets including a house. And not getting UM coverage is a painful mistake that many folks don't realize until it's too late.


Yep, and the UM portion of the policy is usually priced so low that an agent recommending it isn't making a significant amount more in commission, so it's not as if they would be squeezing every dollar out of you by suggesting to get it.






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Elleshoe
Southeastern LA Fan
Founder of the Boxtard Nation
Member since Jun 2004
121663 posts

re: Is there any reason to get uninsured motorist bodily injury insurance?


quote:

if you've got a valid signed UM rejection



Duncan factors






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Chad504boy
New Orleans Saints Fan
Five Oh Four
Member since Feb 2005
81460 posts

re: Is there any reason to get uninsured motorist bodily injury insurance?


quote:

good luck with that if you've got a valid signed UM rejection form and plaintiff who you can't prove to be pretty much completely illiterate.


I trusted my agent, he's a family friend and has been in the business for 35 years and he advised me I didn't need that coverage.






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NaturalBeam
LSU Fan
Member since Sep 2007
13113 posts

re: Is there any reason to get uninsured motorist bodily injury insurance?


quote:

Ive heard of agents advising their clients that UM is useless, especially if you have health insurance.
I would quickly leave if someone told me this. My wife and I had only been carrying 100/300 w/ UM earlier this year, but just got my first full year of making real post-school money, and my agent called to get me to up my policies.

I now carry 500/500 + $1M umbrella, all w/ UM - only cost me an extra $25/month more than what I was paying. *That's 15x more coverage for a measly $300 a year. I know you think the big bad insurance company is rooking you, but you're only doing it to yourself when you carry low limits.

I'd be very skeptical of any agent advising you not to get UM coverage or trying to get you by as cheaply as possible.



This post was edited on 12/5 at 1:19 pm


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Y.A. Tittle
Winthrop Fan
Member since Sep 2003
49435 posts

re: Is there any reason to get uninsured motorist bodily injury insurance?


quote:

I trusted my agent, he's a family friend and has been in the business for 35 years and he advised me I didn't need that coverage.


Like I said, good luck.






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Dr. 3
LSU Fan
Member since Mar 2005
10981 posts

re: Is there any reason to get uninsured motorist bodily injury insurance?


The problem is most people are in a position of ignorance, so when someone says shite like that, and they get to shave 15 bucks off their premium a month those people are going to jump.







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Chad504boy
New Orleans Saints Fan
Five Oh Four
Member since Feb 2005
81460 posts

re: Is there any reason to get uninsured motorist bodily injury insurance?


quote:

I would quickly leave if someone told me this. My wife and I had only been carrying 100/300 w/ UM earlier this year, but just got my first full year of making real post-school money, and my agent called to get me to up my policies.

I now carry 500/500 + $1M umbrella, all w/ UM - only cost me an extra $25/month more than what I was paying.

I'd be very skeptical of any agent advising you not to get UM coverage or trying to get you by as cheaply as possible.


Your agent scored big on you with that extra $22.50 commission pre tax money! HOLLA>






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Chad504boy
New Orleans Saints Fan
Five Oh Four
Member since Feb 2005
81460 posts

re: Is there any reason to get uninsured motorist bodily injury insurance?


quote:


Like I said, good luck.



it wouldn't be the auto insurance company paying ...






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Sophandros
Tulane Fan
Victoria Concordia Crescit
Member since Feb 2005
45156 posts

re: Is there any reason to get uninsured motorist bodily injury insurance?


Because most people don't understand probability and statistics, most people don't understand insurance.





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