ExFlyBoy5
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I have been reading quite a bit of a blog (can't recall the name) that was mentioned here in the forums. He's a patent attorney that lives in Georgia and hands out advice for all sorts of things. One thing he mentions that carrying uninsured/underinsured coverage is a real waste of money. He basically said that this is nothing more than giving you the "right" to sue your own insurance company.
So...my hypothetical is that I don't need this coverage. It is a sizable expense and I assume that since I carry comp/collision, the UIM is really of little value. If someone hits me and runs off, then I am able to file a claim under the comp coverage (although minus the deductible). Also, in Georgia it's estimated that about 11% of driver (as of 2012) don't have ANY insurance, so the odds of being hit by an uninsured motorist is remote.
Another argument for HAVING UIM coverage is for medical payments. However, it appears that most of the medical coverage is usually in the neighborhood of 25K, which is pretty low. Also, I have excellent health coverage, so even if I had to absorb these costs, the maximum out of pocket would be relatively low.
What is the opinion of some of you smarty folks out there?
So...my hypothetical is that I don't need this coverage. It is a sizable expense and I assume that since I carry comp/collision, the UIM is really of little value. If someone hits me and runs off, then I am able to file a claim under the comp coverage (although minus the deductible). Also, in Georgia it's estimated that about 11% of driver (as of 2012) don't have ANY insurance, so the odds of being hit by an uninsured motorist is remote.
Another argument for HAVING UIM coverage is for medical payments. However, it appears that most of the medical coverage is usually in the neighborhood of 25K, which is pretty low. Also, I have excellent health coverage, so even if I had to absorb these costs, the maximum out of pocket would be relatively low.
What is the opinion of some of you smarty folks out there?