by Guest » Sat Oct 01, 2005 11:02 am
For the last five years I am driving my car. Thank god I have not yet received any ticket, fines nor my car has collided. Well I think this is my time to drop insurance coverage like the collision coverage. Can I do that now?
Posted: Sat Dec 29, 2007 01:30 pm Post Subject:
So, I am not gonna change a thing,
CHECK THOSE DEDUCTIBLES ! :wink: and any other coverages that may not be a necessity to you...thanks for all the advice Lori, you have been very helpful, I appreciate all the time and effort that you have put into this.
my pleasure, truly
Posted: Sat Dec 29, 2007 05:06 pm Post Subject:
I still have some time, I will review everything about twenty times, I probably will revisit with some more questions.
Looking over the policy I have $50,000/$100,000 per person/Accident UM on each vehicle, without stacking/full tort. Can you look at this for me please Lori or explain it a little more. Is this something that I could stack, and what is the difference between stacking and without stacking? Would stacking be just as good, since one sits most of the time?
Also have
Bodily injury...... full tort
$50,000/ $100,000 per person/accident
Property damage $50,000 per accident
Posted: Sat Dec 29, 2007 11:53 pm Post Subject:
Stacking doesn't protect YOU re:if you injury another person. I don't know of any state that would allow you to stack your BI coverages (injury to another person that you are liable for).PA has some funny laws though, I'll try and check those for you tomorrow morning (grandson is not letting Nana work very well now! :wink: )..so you see you ONLY have 50k per person, 100k per accident, I think that is too low, I would carry a min. of 100k per person....(tell me if you don't understand this)...50k (as you can see from this forum) injury isn't uncommon..
As to your PD limit, again I think a little low I would ( and do) carry 100k...50k isn't awfully low, and would 99% of the time handle any pd exposure...but I always worry about (with my luck) lets assume I cause an accident that thru some chain reaction causes damage to four cars, then they all run into a house or something....wouldn't take long to eat up 50k fixing all of those cars....and a house! :roll:
Stacking (only allowed stacking I am aware of) relates to UM and UIM. If you are injured by an uninsured (or underinsured) motorist and your state allows UM/UIM stacking and you have two policys such as you mentioned, then there is a limit of 100k per person per accident (assumes you have two policys with 50/100 um coverage) ...your UM coverage is probably fine, especially if your state allows stacking, and see you can't sue yourself for being under insured on your UM coverage (does that make sense?).
This isn't what you wanted to hear I know, that I think your BI (especially) limits are too low... :cry: What does anyone else think? Maybe I'm more paranoid than others being an adjuster for so many years and seeing excess policy limit claims over the years... :roll:
Still girl friend....the deductibles...and do you have any other coverages? Such as road side assistance? rental? accidental death? voluntary med pay? Do you have both vehicles with the same carrier (multi car discount), do you have ALL of your insurance with the same company (companion policy discounts), any chance you're 48 or so? The company I have all of my insurance with also has a '48 plus' discount that once the youngest driver in the house reaches 48 (23rd of this month thank you very much! :wink: ) we get another discount...I'm sure other companies have similar discounts different ages maybe...
Let me know what you think...I'd also like to hear from the others particularly agents what they think about this...and the limits....???????????????????????????????
Posted: Sun Dec 30, 2007 02:01 pm Post Subject:
Lori, I am going to Pm you the company name, see what you think, I had coverage through a local carrier and then got this coverage through my union hall promotion. I have no local contact on this insurance, everything is done online or over the phone, which I am ok with as long as I am truly covered the way I should be.
Posted: Fri May 28, 2010 08:19 pm Post Subject: Comp/Coll
This is an older post but since I came across it in a Google search I feel there may be a folk like me that still read this info. There are a number of posts here encourageing you to not drop Comp/Coll on older vehicles. This is contrary to financial advice by most reputable organizations (such as the Insurance Information Institute). If you are "uncomfortable" not having Comp/Coll, or if you believe you are "tempting fate," these are psychological issues that play into the hands of insurance companies. Insurance is (or should be) a financial decision - what else does insurance provide other than money? Fear of being sued shouldn't play into this decision - Comp/Coll has no impact in this area, to my understanding. Be sure to purchase the inexpensive uninsured motorist insurance just in case the driver at fault is uninsured or underinsured.
Insurance companies sell you Comp/Coll insurance because they feel they will get more money from you than they will have to pay getting your vehicle repaired. If you drive safely, they are almost certainly correct. So if you can stand the low probablility that you as a safe driver will total your vehicle due to your own fault, keep this money in your pocket. Maybe the reason you don't think you can afford to have your vehicle totaled is because you are spending thousands evey year for insurance you don't use. You are much more likely to save money this way than paying money to the insurance company.
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