by Guest » Thu Jan 10, 2008 01:00 pm
We currently have 50/100 bodily injury with 25/50 UIM stacked (3 cars). Our insurance agent recommends we go to 100/300 bodily and 25/50 unstacked because our personal health insurance would step in if it was over the amount. We want to keep our premiums down but don't want to be foolish either. Also, does the stacked cover loss of wages or just medical? Thanks for any insight you can give me!
Posted: Thu Jan 10, 2008 01:09 pm Post Subject:
Also, does the stacked cover loss of wages or just medical?
yes, but it's not the ''stacking'' that covers it, (loss of wage) rather the coverage UM...I agree your BI limits are too low! That covers the injury you cause another...the UM covers you and your occupants and residents....why don't you see what the difference in premium is between the stacking option of 25/50 (times 3) and raising your UM coverages on all three to 50/100 or 100/300 without stacking.....Posted: Thu Jan 10, 2008 01:55 pm Post Subject: stacked/unstacked
Raising our BI to 100/300 and leaving UM at 25/50 unstacked is about $100 more per year than having our BI at 50/100 and UM 25/50 stacked. Does that sound like the best way to go? Also, it seems that the BI and UM would not effect each other. I don't understand why upping the BI and unstacking the UM would balance out to a similar coverage. Are the 2 related?
Posted: Thu Jan 10, 2008 01:59 pm Post Subject:
Also, it seems that the BI and UM would not effect each other. I don't understand why upping the BI and unstacking the UM would balance out to a similar coverage. Are the 2 related?
No they are not related at all, with the possible exception that your state required you to carry both...take the bi limit change totally out of the equation, because frankly you need to do that anyway...THEN make the comparisions I mentioned...I think you agent is trying to help you defray the cost of raising your bi limit by dropping your stacking option...which is a good option....check your deductibles, on collision and comp coverage, you'd be surprised how much you can save by raising them from say 250 to 500 or 500 to 1000.00Posted: Thu Jan 10, 2008 02:03 pm Post Subject:
So, if I'm understanding you correctly, you'd recommend keeping the stacking option. She said that if you have good medical insurance that they would step in and cover the balance so she thought stacking was not necessary. Does that seem a logical way to think about it?
Posted: Thu Jan 10, 2008 02:08 pm Post Subject:
I'm not recommending keeping or getting rid of the stacking option...which ever suits your life...she's right your health carrier will pick up ''medica'' bills from an injury sustained by an uninsured driver, no loss of wage though.....or pain and suffering which UM also covers...so you will have to think about that....really whatever is best for your family....only thing I am recommending for sure is to increase your BI limits...do you know (while wer're at it ha ha) what your PD (property damage) limits are? The too (IMO) should be 100k....gotta run to work now, will check thread again tonight or tomorrow am...hope we were helpful!
Posted: Thu Jan 10, 2008 02:09 pm Post Subject:
I did just compare the figures for 25/50 stacked and unstacked. It's about $200 /year total for our 3 cars. Would you go with stacked then? We currently have our deductable at $500 so we have looked at that approach too.
Posted: Thu Jan 10, 2008 02:15 pm Post Subject:
Our PD is at 50,0000. I appreciate any input you have on that too. You've been a HUGE help! Thanks so much.
Posted: Thu Jan 10, 2008 02:32 pm Post Subject:
I really forgot what the original question was, but something caught my attention - "STACKED" or "UNSTACKED".
Remember, somewhere else in this forum, I made the comment - "There is no such thing as a dumb question". So, I will ask one -
What do these terms mean? I have been in the insurance business for a number of years and I have never heard them before.
Sorry, I haven't yet made a contribution to the actual post.
We recently paid a claim in the amount of $ 8,500 for a telephone pole!
What does a 2008 Lexus cost? How about a $ 250,000 motor home?
Sometimes I think people think $25,000 or $50,000 in Property Damage Liability is more than they really need. With most companies, we can get $100,000 or $300,000 for very little extra premium dollars.
If I were a homeowner, with at least two vehicles, I would have no less than $300,000 CSL. In fact, I would place a $3 Million umbrella policy on my homeowners. When people take other people to court these days, they are after blood!
Posted: Thu Jan 10, 2008 02:45 pm Post Subject: stacked/unstacked
If a policy is stacked, the amount covered is multiplied by the number of cars that are covered. With 25/50 stacked and 2 cars on the policy, you would actually have 50/100 UM coverage. With 3 cars it would be 75/150.
Posted: Thu Jan 10, 2008 02:48 pm Post Subject: Property Damage
You've made an excellent point on the property damage coverage. I cringe to think of how we could be devestated by an opportunistic suer. Thanks!
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