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Types of Insurance Needed??
Old 11-25-2007, 01:07 PM   #1
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Types of Insurance Needed??

I was online at USAA raising my deductibles and coverage amounts per the recent conversations about umbrella policies and their requirements. While looking at my auto coverage I noticed that I had $2500 of coverage for Personal Injury Protection that was costing me $115 per year. It seems to me that I already have medical coverage with my medical insurance so I declined the coverage. I also noticed 3 other categories in the same section, Medical Expenses, Loss of Income and Medical Payments. These all seem redundant if I have covered medical and disability insurance. Am I missing something obvious? Do I need to reinstate any of these?
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Old 11-25-2007, 04:41 PM   #2
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I have never had PIP, medical payments, nor rental reimbursement coverage on my auto insurance policy @ USAA. I always cancel collision coverage on a new car after about 4-5 years. I suggest that you review the policy (read it) and if you think that you can self insure for that hazard, give them a call and cancel it.
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Old 11-25-2007, 05:50 PM   #3
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I was online at USAA raising my deductibles and coverage amounts per the recent conversations about umbrella policies and their requirements. While looking at my auto coverage I noticed that I had $2500 of coverage for Personal Injury Protection that was costing me $115 per year. It seems to me that I already have medical coverage with my medical insurance so I declined the coverage. I also noticed 3 other categories in the same section, Medical Expenses, Loss of Income and Medical Payments. These all seem redundant if I have covered medical and disability insurance. Am I missing something obvious? Do I need to reinstate any of these?
Thanks,
2fer
Declining some of these coverages may depend on the state you live in. I inquired at one time about some of these, and was told my state mandated some of those coverages. I never was really sure what the thinking behind that was, but guessed I was stuck with it (unless I moved to another state).
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Old 11-25-2007, 06:27 PM   #4
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General rule of thumb is to never pay someone to insure against a loss that you can afford to bear. Unless there is some seriously irrational pricing in the insurance market (happens sometimes), you generally come out ahead by self insuring. Unless you are unlucky.
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Old 11-25-2007, 06:32 PM   #5
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PIP, loss of wages, and other personal medical coverage is IMO totally unnecessary. We are both retired, covered by insurance, all grandkids and their parents are fully covered, no one rides with us, to my knowledge, that does not have full medical insurance coverage. Why insure against something that is unnecessary? If the state does mandate it, just get the MINIMUM and then I would inquire of the State Insurance Commission to be sure it was really mandated - don't take an agents word for it.
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Old 11-25-2007, 09:09 PM   #6
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Another source for car info:

DMV.ORG - The Unofficial Guide to the DMV

It is an 'unofficial' site for every state's Department of Motor Vehicles, with info on just about anything to do with a car.

You can find your state's insurance minimums by

1) clicking on your state
2) looking on the Left menu under "DMV Guide", and clicking on the subheading "car insurance".

It should list the minimum insurance for your state.

Usually (AFAIK), state minimums usually apply to liability only - not coverages like medical payments or collision for your auto.
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Old 11-25-2007, 10:07 PM   #7
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General rule of thumb is to never pay someone to insure against a loss that you can afford to bear. Unless there is some seriously irrational pricing in the insurance market (happens sometimes), you generally come out ahead by self insuring. Unless you are unlucky.
Agree with Nords,

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Old 11-26-2007, 03:02 PM   #8
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Hi - this is Justin Schmitt with USAA corporate communications. We saw your posting, and want to help if we can. Understanding the nuances of auto insurance coverages can be a challenge for anyone; at USAA, we have a portion of our Web site designed to help people better understand auto coverages and help them make informed and appropriate coverage decisions. Here’s a handy link, for your reference: https://www.usaa.com/inet/ent_utils/McStaticPages?key=insurance_auto_coverage

The coverages you mentioned in your blog are listed under the “Protection for You and Your Passengers” section.
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Old 11-26-2007, 06:53 PM   #9
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Yikes! Do ya'll feel monitored
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Old 11-26-2007, 07:21 PM   #10
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Yeah that was a little freakish. Megacorp has the computer scanning for any references to their name.

Agree with brewer $115 payment for $2,500 coverage is a loss you can afford and a ridiculous price.

On the other hand I do have medical coverage on the Auto Insurance as my Megacorp claims this is a requirement in order to be covered with our Company medical plan for medical bills resulting from an auto accident. I'm not sure if they can make that stick but in the event of a six or seven figure medical bill is not when I would want to be fighting that so I just cave in and pay as instructed.
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Old 11-27-2007, 05:29 PM   #11
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While looking at my auto coverage I noticed that I had $2500 of coverage for Personal Injury Protection that was costing me $115 per year. It seems to me that I already have medical coverage with my medical insurance so I declined the coverage.
I remember questioning this before and was told that it would cover the mdical coverage of my passengers who may not have medical insurance. At that time, I was probably in my late teens or early 20's, so a lot of my passengers didn't have medical benefits through parents or work yet.
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