Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Old 10-25-2020, 04:32 AM   #41
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 37,931
Quote:
Originally Posted by Secondact View Post
Insurance agent here. Some states require uninsured motorist coverage, so you may not have a choice about paying for it. This covers injuries to you and passengers if you’re in a car accident caused by:
  • A driver who doesn’t carry any liability car insurance.
  • A driver who doesn’t have enough liability insurance to cover your medical bills.
  • A driver whose insurance company denies coverage or goes out of business.
Uninsured motorist coverage can pay for:
  • Medical bills.
  • Lost wages if you can’t w*rk because of the car accident.
  • Pain and suffering compensation.
  • Funeral expenses.
I strongly recommend the coverage for all of my clients. About 15% of drivers carry no insurance and a significant percentage carry state minimum limits. Medicare or health insurance will not cover long term nursing care, nor will it compensate for life changing injuries.
It covers other passengers in my vehicle as well as me and my property. We pay quite a bit for it added to our umbrella policy. TX is rife with uninsured/underinsured drivers. State minimums are low for affordability reasons.
__________________
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-25-2020, 06:22 AM   #42
Recycles dryer sheets
INTJ10's Avatar
 
Join Date: Feb 2011
Posts: 141
Quote:
Originally Posted by harley View Post
Very strange. I talked to my FL agent, and it appears that uninsured motorist coverage is almost half of my total premium. I looked into dropping it from $1M/$1M to $100K/$100K, and it would decrease the cost by about 35%. Basically from $360/year/vehicle to $220/year/vehicle. That's significant but I'm not sure if it's worth the decrease in coverage. I'll have to think about it.



I'm assuming there's a major issue with uninsured motorists in FL, compared to what I'm seeing others here talking about.


In Florida, there are low insurance minimums so you basically are paying for insurance for someone who injures you but has little coverage.
INTJ10 is offline   Reply With Quote
Old 10-25-2020, 06:28 AM   #43
Thinks s/he gets paid by the post
grasshopper's Avatar
 
Join Date: Oct 2010
Posts: 2,459
Going to town for me means shopping within one mile of Mexico. I pay $95 for under/uninsured every 6 months. That said my car insurance is still very inexpensive. If I go into Mexico I just walk.
__________________
For me experiences are not good or bad, just different
grasshopper is offline   Reply With Quote
Old 10-25-2020, 07:37 AM   #44
Thinks s/he gets paid by the post
 
Join Date: Feb 2014
Posts: 3,046
Quote:
Originally Posted by MarieIG View Post
I haven't done auto since dinosaurs roamed the earth, and only NY, so take this with a grain of salt.

There is a lot on that list that Medicare won't pay. For example pain and suffering. Moreover, doesn't the insurance for the (medical) under the auto policy kick-in first, i.e. primary to Medicare? (If Medicare isn't paying the bill in the first place, they don't get paid back for it.)

Secondly, (and again, my knowledge is limited) say you are badly injured, and the party who causes the accident has a wopping 15k in BI limits or (State requirements differ), flees the scene or is uninsured.

Your attorney settles with the carrier for the tort feasor for their policy limits and then (again this is NY) submits a demand for arbitration for the policy limits of your Under Insured Policy. That may result in a settlement with your carrier; or it may go to Arbitration.

But - like life insurance - better if you never need it.

But - this is kinda like life insurance - better if you never need it.

Can Medicare get involved, yes, although typically their liens are much smaller than you might expect and are negotiable by your attorney. (Yes, you most likely would want an attorney to deal with this so you don't make any missteps which could either cost you access to your policy or fail to iron out any Medicare issues; such as whether or not a Medicare set aside is necessary.
Wouldn't OOP Medicare costs be picked up by your Medigap policy?
jim584672 is offline   Reply With Quote
Old 10-25-2020, 08:25 AM   #45
Thinks s/he gets paid by the post
 
Join Date: Aug 2014
Location: Chicago West Burbs
Posts: 2,996
Quote:
Originally Posted by audreyh1 View Post
It covers other passengers in my vehicle as well as me and my property. We pay quite a bit for it added to our umbrella policy. TX is rife with uninsured/underinsured drivers. State minimums are low for affordability reasons.
Back to the original question WRT dropping the coverage if you are on Medicare. UIM and UM coverage covers the passengers, which includes your children and grandkids while in your car. They don't have Medicare. I will keep that coverage, thank you.

In the above situation, I wonder if Umbrella insurance would cover the children's and grandkids' expenses even though it was found you were not at fault, i.e. legally liable. Another question, which is primary in insurance, the auto policy or Medicare? How are multiple people allocated to the limits? Could you choose to use Medicare for yourself, leaving the full limits of the auto policy for the kids and grandkids? Or is there some other method?

BTW, our costs are $40 per 6 months for 2 cars, both with collision coverage.
CRLLS is offline   Reply With Quote
Old 10-25-2020, 08:29 AM   #46
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
athena53's Avatar
 
Join Date: May 2014
Posts: 7,306
Quote:
Originally Posted by CRLLS View Post
<snip>
In the above situation, I wonder if Umbrella insurance would cover the children's and grandkids' expenses even though it was found you were not at fault, i.e. legally liable. Another question, which is primary in insurance, the auto policy or Medicare? How are multiple people allocated to the limits? Could you choose to use Medicare for yourself, leaving the full limits of the auto policy for the kids and grandkids? Or is there some other method?
Ooh, full employment for lawyers! Auto coverage is primary but I'm guessing Medicare will tell you how much reimbursement they want before you and any passengers collect under the policy.

Quote:
Originally Posted by INTJ10 View Post
In Florida, there are low insurance minimums so you basically are paying for insurance for someone who injures you but has little coverage.
I know- it kinda sucks. I'm paying to protect myself from people who don't buy insurance (or enough insurance) but if I injure someone in an accident they've won the friggin' lottery since I have an Umbrella policy under high underlying limits.

When I was in consulting we had a prospective client that wanted to develop an auto insurance product that was pretty much aimed at people who intended to drop coverage. You paid in monthly installments, you got your insurance card after the first installment so you could get your tags or renew registration, then you stopped paying. We never did get their business and were just as glad.
athena53 is offline   Reply With Quote
Old 10-25-2020, 10:25 AM   #47
Thinks s/he gets paid by the post
 
Join Date: Oct 2019
Posts: 3,652
At the moment I don't have UI/UIM coverage, I'm adding it tomorrow.
I recently applied for an Umbrella policy. It came back with stipulations regarding uninsured motorist. I could get those covered, but the additional premium was
91% of the cost of the original Umbrella.
So I'm going to get the UI/UIM coverage on my auto and see what else I can do to lower the cost of the umbrella. As it stands they want $559 for $1M of coverage.
Time2 is offline   Reply With Quote
Old 10-25-2020, 10:30 AM   #48
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 11,197
Yep, FLA has many uninsured motorists and thus very high premiums for this type of coverage.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 10-25-2020, 10:34 AM   #49
Full time employment: Posting here.
 
Join Date: Dec 2016
Location: Living the Dream!
Posts: 839
Only used my uninsured coverage once. Uninsured driver in a parking lot reversed all the way across the lot right into my legally parked car while I was sitting in it. I knew he was uninsured when he said “let’s not involve insurance companies” and “that’s not too bad of a dent”. If I wasn’t sitting in the car I’m pretty sure he would have driven away after caving in the rear quarter panel of my nearly new Subaru.

Two good things came out of this. I turned him into Dept of Motor vehicles and they put a hold on his license so he cannot renew again until he shows proof of insurance. And no deductible or hassle with the other driver to pay to get my car fixed. Insurance company handled all that.
1242Vintage is offline   Reply With Quote
Old 10-25-2020, 11:54 AM   #50
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 16,972
Quote:
Originally Posted by 1242Vintage View Post
Only used my uninsured coverage once. ..

Two good things came out of this. I turned him into Dept of Motor vehicles and they put a hold on his license so he cannot renew again until he shows proof of insurance. And no deductible or hassle with the other driver to pay to get my car fixed. Insurance company handled all that.
Too bad it was not the law when UI motorists are caught/found, seizure and forfeiture of the vehicle is mandatory.
Otherwise, they just go driving the next day.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is offline   Reply With Quote
Old 10-25-2020, 02:16 PM   #51
Thinks s/he gets paid by the post
 
Join Date: May 2006
Location: Orlando
Posts: 2,636
Quote:
Originally Posted by harley View Post
Very strange. I talked to my FL agent, and it appears that uninsured motorist coverage is almost half of my total premium. I looked into dropping it from $1M/$1M to $100K/$100K, and it would decrease the cost by about 35%. Basically from $360/year/vehicle to $220/year/vehicle. That's significant but I'm not sure if it's worth the decrease in coverage. I'll have to think about it.

I'm assuming there's a major issue with uninsured motorists in FL, compared to what I'm seeing others here talking about.
DH and I live in the Orlando area and carry uninsured motorist, bodily injury, non-stacked with limits of 100k/300k. That is less than the 300k/500k liability limits I must carry due to my umbrella policy. My umbrella policy does offer uninsured coverage.

The cost is $314 annually for two vehicles or 17.3% of our total premium (full coverage, low mileage). I purchase it to cover any required medical treatment not covered by DH's Medicare+Supplement or to provide my treatment of choice since I get my health care from the VA.

For awhile, I had higher medical payments coverage ($0 now) and no uninsured motorist coverage but, for some reason that I don't recall, I switched over to uninsured motorist coverage.
Buckeye is offline   Reply With Quote
Old 10-25-2020, 08:42 PM   #52
Thinks s/he gets paid by the post
 
Join Date: Oct 2020
Location: Sugar Land, Texas
Posts: 1,185
Never had UI/UM coverage in my lifetime.
F.I.R.E User is offline   Reply With Quote
Old 10-26-2020, 04:49 AM   #53
Thinks s/he gets paid by the post
 
Join Date: Oct 2019
Posts: 3,652
Quote:
Originally Posted by F.I.R.E User View Post
Never had UI/UM coverage in my lifetime.

I never have had it either. But in order to reduce the cost of my umbrella, I'm going to get it. Also, I have just found that 26% of Florida drivers are uninsured. It comes down to, now that I have a nest egg, I want it protected.
Time2 is offline   Reply With Quote
Old 10-26-2020, 05:52 AM   #54
Thinks s/he gets paid by the post
 
Join Date: Mar 2009
Posts: 2,975
Here in Michigan insurance changed to drop the requirement for everyone to carry unlimited bodily injury coverage. After investigating we kept the unlimited coverage. The same logic we will use to buy a Medicare supplemental plan G.

Pay up to cover the possibility of a major catastrophe and skip the little stuff like extended warrantys, trip insurance for domestic travel, life insurance at our age etc.
__________________
Took SS at 62 and hope I live long enough to regret the decision.
foxfirev5 is offline   Reply With Quote
Old 10-26-2020, 07:13 AM   #55
Thinks s/he gets paid by the post
 
Join Date: Oct 2019
Posts: 3,652
I think Florida has a silly low minimum requirement for liability.
From the Florida regs.

Must "have a minimum of $10,000 in PIP AND a minimum of $10,000 in PDL"
Time2 is offline   Reply With Quote
Old 10-26-2020, 07:28 AM   #56
gone traveling
 
Join Date: Sep 2003
Location: DFW
Posts: 7,586
I am a bit surprised at this discussion. Unless you have been thru a serious accident with catastrophic injuries that results in long term disabilities or pain/suffering, you may not realize the importance of these coverages, especially if you live in a state where the other party may have no insurance or is under insured.
eytonxav is offline   Reply With Quote
Old 10-26-2020, 08:06 AM   #57
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
athena53's Avatar
 
Join Date: May 2014
Posts: 7,306
Quote:
Originally Posted by DFW_M5 View Post
I am a bit surprised at this discussion. Unless you have been thru a serious accident with catastrophic injuries that results in long term disabilities or pain/suffering, you may not realize the importance of these coverages, especially if you live in a state where the other party may have no insurance or is under insured.
I agree- if you have decent health insurance I suppose they get stuck with the medical bills if the at-fault driver is uninsured or under-insured, but that doesn't pay for home help (cleaning, cooking) if you need it, wage loss or other damages not covered by a standard medical insurance policy.
athena53 is offline   Reply With Quote
Old 10-26-2020, 08:57 AM   #58
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
Quote:
Originally Posted by athena53 View Post
I agree- if you have decent health insurance I suppose they get stuck with the medical bills if the at-fault driver is uninsured or under-insured, but that doesn't pay for home help (cleaning, cooking) if you need it, wage loss or other damages not covered by a standard medical insurance policy.
True, but do I need $500k coverage for home help, et al... wage loss doesn't apply if retired... or would $100k be enough?
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56
pb4uski is offline   Reply With Quote
Old 10-26-2020, 09:07 AM   #59
gone traveling
 
Join Date: Sep 2003
Location: DFW
Posts: 7,586
Quote:
Originally Posted by pb4uski View Post
True, but do I need $500k coverage for home help, et al... wage loss doesn't apply if retired... or would $100k be enough?
When my son was almost killed by a 15 yo fleeing the police in a high speed chase who T-boned him, I had $300K and immediately after that bumped my coverage to $500K. The kid had taken his parents car and they were significantly under-insured and had no assets. This is a no-brainer for me.
eytonxav is offline   Reply With Quote
Old 10-26-2020, 10:58 AM   #60
Recycles dryer sheets
 
Join Date: May 2014
Posts: 91
Quote:
Originally Posted by DFW_M5 View Post
When my son was almost killed by a 15 yo fleeing the police in a high speed chase who T-boned him, I had $300K and immediately after that bumped my coverage to $500K. The kid had taken his parents car and they were significantly under-insured and had no assets. This is a no-brainer for me.


I agree! I was in the insurance industry for many years. One claim that stuck with me. Insured’s daughter and two of her girlfriends (all 17) were out late playing bingo. Stopped at a red light on way home, uninsured drunk driver plowed into the back of her car, none of the girls survived. The $500,000 uninsured limit under the policy was paid out within 30 days. Very important coverage, regardless of any other possible insurance that may apply.
Time2re is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
How much do you pay for uninsured/underinsured drivers ? ownyourfuture FIRE and Money 21 04-29-2019 05:00 PM
Uninsured/Underinsured Auto Coverage? ExFlyBoy5 FIRE and Money 29 10-01-2014 07:46 AM
Poll Uninsured and under insured motorist coverage amounts summer2007 FIRE and Money 5 07-09-2009 12:23 AM
Uninsured and underinsured motorist coverage summer2007 FIRE and Money 39 08-21-2007 08:03 AM
Uninsured Motorist on Auto Ins. Arin38 FIRE and Money 21 06-08-2005 07:04 AM

» Quick Links

 
All times are GMT -6. The time now is 09:57 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.