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Old 01-04-2012, 03:11 PM   #61
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I made an egregious error on Post 22.

This paragraph has the error:
The first party coverage is the focus of your concern - what do you have to have and why do you have to have it. First party coverages are comprehensive and collision to repair your car, Medical Payments, Personal Injury Protection, Uninsured Motorist, Uninsured Motorist Property Damage, Underinsured Motorist, and Underinsured Motorist Property Damage. The only coverages you MUST have are comp and collision if you have a leinholder on the car. Everything else is optional. Your Umbrella policy does not mandate you have third first party liability coverages.

I apologize for the error. Maybe one of the moderators would be so kind to slip in there and fix it since the error is a biggie. Please...?
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Old 01-04-2012, 07:31 PM   #62
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Gosh East Texas. Thanks for your input. Those are terrific prices. Unfortunately my dad is gone. Kind of wish I could raise him up again!
But if you served, you sure deserve some breaks.

I wonder if the military would be interested in a 69 yr. old female.
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Old 01-04-2012, 10:59 PM   #63
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modhatter, was your dad an officer or enlisted? If an officer, maybe there's a slight chance he established membership a long time ago and you didn't know about it. USAA opened up membership to enlisted and retirees several years ago (there used to be some restrictions).

I hope you got enough information to make an informed decision. Not just from me -several people took time to share first-hand experiences. Good luck to you.
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Old 01-05-2012, 03:32 PM   #64
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Quote:
Originally Posted by East Texas View Post
modhatter, was your dad an officer or enlisted? If an officer, maybe there's a slight chance he established membership a long time ago and you didn't know about it. USAA opened up membership to enlisted and retirees several years ago (there used to be some restrictions).
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Originally Posted by modhatter View Post
Gosh East Texas. Thanks for your input. Those are terrific prices. Unfortunately my dad is gone. Kind of wish I could raise him up again!
But if you served, you sure deserve some breaks.
There's an outside chance that USAA might be able to look up your Dad's Social Security number, see if he was ever on their member rolls, and let you know if you're eligible.
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I wonder if the military would be interested in a 69 yr. old female.
I can't speak for all branches of the military (and certainly not for the Marines), but in the submarine force it was pretty much directly related to the number of days that the crew had been underway...

Why, yes, as a matter of fact I have discussed that with my daughter!
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Collision Coverage
Old 01-06-2012, 04:31 PM   #65
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Collision Coverage

Awhile back I elected to skip collision coverage. Our cars were paid off and we had 3 teenage drivers. This has worked out pretty well for us until last October. DD slid off the road into a ditch....damage was moderate. Twenty minutes later an SUV slid off the road into a spot in the ditch that was already occupied by DD's car. Our car was totaled after being hit by the SUV. We had same insurance company as the SUV. They hemmed and hawed and finally decided the settlement would be zero because in MARYLAND financial responsibility is only due to negligence and they decided that there was no negligence becuase of the icy conditions. Thankfully, no one was injured.

Insurance regualtions vary SIGNIFICANTLY from state to state, so find out the details for your particular state. From now on, we'll be carrying collision coverage even on our junkers.
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Old 01-06-2012, 09:01 PM   #66
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$237 for $1M with USAA. $119 for an additional $1M.
$350 for the first $1M in the Tampa Bay area in FL. I was told 85% of the claims are related to auto accidents.
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Old 01-07-2012, 09:06 PM   #67
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Buckeye. Are you also with USSA? Is it covering one or two cars?
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Old 02-11-2012, 10:10 AM   #68
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Well, it's been over a month since I "decided" to look into this further. I must have too much going on in my life, because spouse and I think our whole insurance discussion is moving into "way too hard" territory.

What if you have more retirement assets than you need? You could optimize the excess by:
1. Saving it (self-insuring).
2. Spending it to insure against everything.
3. Blow off most of the catastrophes as vanishingly small odds, and party on.

I believe that some combination of the three is appropriate-- we just can't decide which combination.

For example, medical insurance is #1 & #2. (We have Tricare, but otherwise I'd want a high-deductible catastrophic policy.) Fire insurance? Definitely #2. Flood insurance when you live on top of a hill by a storm drain? #3. Water damage after the hurricane rips off your roof? #2 again. Earthquake insurance when it costs 20% of your home's value per year? Probably #3. (Our house survived a vigorous temblor with only minor cosmetic damage.) Liability? #2 again, and for our gross (not net) worth.

We tend to make decisions by price, not probability. I can't determine our personal odds having an accident, let alone that of needing UIM/UM insurance. We don't expect to need long-term care, either, but most people are scared away by the high expense regardless of the odds. I don't have a clue about liability lawsuits but the insurance is relatively cheap for peace of mind. Everyone wants to say "Thank goodness we had insurance for that!!" but we also have to say "Yep, I've been paying premiums on that insurance for over 50 years... I could've just bought a new one by now."

We're not consistent, either, although we usually go high-deductible or go without. We have no dental insurance. We get the highest possible deductible on fire & hurricane insurance. We don't carry collision or comprehensive on our vehicles. We minimize our own vehicle insurance yet maximize it in case our daughter is crippled by a UIM/UM motorist. She graduates college in May 2014 so we could theoretically end the UIM/UM then.

For us parents, I guess I need to know where Tricare ends and where UIM/UM would pick up. For example if a car accident put me in a coma, at some point Tricare would declare their benefits ended and we'd have to start paying for things ourselves, or have long-term care insurance, or be funded from the UIM/UM insurance claim. However I'd be 100% disabled, too, so I don't know whether the VA would step in to help-- assuming that's a good thing. When we spent down our assets then our surviving spouse would still have the house and their own pension, so neither one of us would be penniless. We'd have "enough".

A good point was made by another poster about state-required medical payments insurance. They'll rebuild your teeth after an accident, and for a lot less money than dental insurance. But what are the odds that your airbag is going to break your jaw and knock out your upper incisors? How much would the surgery cost?

Some answers are easy, while others are changing. No life insurance. We don't need it for our own asset management, and we don't need it for estate planning. We don't carry long-term care insurance. We've been holding off that decision another 5-10 years (until we're 60 years old) hoping that the industry will sort out its issues and that the federal LTC program will still have the pricing power. It's hypothetically possible that we're one of those couples who should euthanize "self insure" LTC because we each have our own pensions.

The whole #1-#2-#3 debate comes down to what you do with excess money. We "might want to spend it ourselves someday", so it seems frustrating to "waste" it on insuring against low-probability casualties. I think that for us, UM/UIM and LTC are going to fall into the #3 category. LTC probably will too.

I guess the real reason this is "too hard" is because I need to consult the Tricare ombudsman and the VA to determine exactly what our coverage limits are. Those always been confusing phone calls with long hold times...
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Old 02-14-2012, 07:53 AM   #69
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That's an interesting post, Nords. We make decisions based more on probability than price.
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Old 02-14-2012, 08:11 PM   #70
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That's an interesting post, Nords. We make decisions based more on probability than price.
I would, too, if I knew what the probabilities were.

But the price is pretty straightforward.
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Old 05-23-2012, 12:33 AM   #71
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Hard to believe that over three months have passed.

Well, I finally did something that strikes fear & trembling into the hearts of all U.S. military veterans.

I called the Tricare "customer service" line at Triwest. It actually went a lot better than I expected. I didn't even spend any time on hold, which seems most unusual.

One reason I called is that a neighbor was rear-ended in a car accident which resulted in a visit to the emergency room and some physical therapy. She's fine now, but Tricare denied her claim. It turned out that what Tricare was really asking was for USAA (her vehicle insurance company) to sort out the responsibilities, the medical payments, and the state personal injury coverage before Tricare would pay anything. After everyone else had settled their portion of the claim, Tricare would take care of the rest.

So I asked Tricare: if I was disabled in a vehicle accident caused by the other driver's fault, and I carried no UIM/UM insurance, and the other driver carried no insurance, would Tricare still cover me? What about my family? What about lifetime care if I was a total invalid?

First up was "Michelle" from Benefits, who kept breaking into my sentences to make comforting noises and to reassure me that Tricare would take care of me. The only problem was that she couldn't answer the question. She kept telling me (in between reassurances) that it would be an insurance issue. She kept telling me that the other driver had to have insurance. I kept trying to tell her that the question assumed that no insurance was involved. She kept telling me that I should really have UIM/UM insurance to protect myself. Then she told me I should have long-term care insurance too. This was not comforting.

She finally decided to get rid of me by passing me to Claims. I supported that.

"Debbie" in Claims was all over it. She understood the question but answered it in her own way. In a vehicle accident the insurance companies would sort out their claims first (if applicable). Then the state would step in with personal injury coverage (whatever limit was on the policy). If I didn't have UM/UIM insurance and the other driver didn't have insurance, then USAA (my insurer) would sue the other driver for whatever they could get. (I asked her to assume that would be zero.) Then, if I was disabled enough, Tricare would see if I qualified for Medicare benefits. If so then Medicare would step in and Tricare would be second payer under Tricare For Life. If nobody else was required to pay anything for my lifetime care, then Tricare would step up as the payer of last resort. They'd only pay for medical issues, and frankly it seemed like a fuzzy line between medical expenses and long-term care expenses. Bottom line, however, was that Tricare would pay.

I'm not sure if the Veteran's Administration would get involved, but if I was disabled by this situation then I'd sure be calling them too.

But Tricare's response seems to imply that we could cancel our UIM/UM coverage, which would save us over $220/year.

I'm going to run this by a couple people at USAA as well. Although I probably know the answer if I ask an insurer "Do I need insurance?"

If any of you have any other Tricare or insurance-industry experience, I'd appreciate reading it!
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