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 11:19 pm Post Subject:
One thing to rememeber, UIMBI/UMBI does not _only_ address medical bills. What would address the loss wages. What about pain and suffering. Is having a few cracked ribs or major surgery and being laid up in a bed worth just having your medical bills paid? What about someone taking care of your day to day activities (such as cleaning, etc)?
Also keep in mind that being underinsured for liability is not as simple as having limits high enough to cover whatever might happen. Most assests cannot be touched and as long as a person has decent limits, the other part will usually just take what is there (in the worst case senerio).[/justify]
Posted: Fri Jan 11, 2008 11:31 am 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.
I'm gonna guess that your comma is correct and your zero's are not, meaning 50k in coverage... :wink: (I'm the queen of typo's so not slammin' you....just clarifying!) Personally I wouldn't have less than 100k....think about this , you (or your teenager) for whatever reason, side swipes a couple of cars, then maybe runs into a house...you think 25 or even 50k is gonna cover that? maybe...but I doubt it....and shoot you total a new car, even a GM or Ford, and you're talking over 20k...scary when I see low pd limits...as an adjuster I tell people (even when I'm working their coll/comp claim) ''hey, just to let you know you have 10k pd limits...and I just want to make sure you understand what that means''....tcope is right ''most of the time''
the other part will usually just take what is there (in the worst case senerio)
However I have seen excess judgements, with the insured's pay check having a garnishment on it for the rest of their lives (probably) to pay this excess...Not sure tcope about this...what do you mean? or where did this info come from I've never heard this (sure don't mean it's not true! :roll: I'm routinely wrong or learn something new daily)
Most assests cannot be touched and as long as a person has decent limits
What would the 'most assets' and ''decent limits'' mean, if it's an excess judgement then even decent limits would be insuffiencent right? straighten a girl out would ya?I have been in the insurance business for a number of years and I have never heard them before.
Ins Maze all states don't allow stacking (UIM and UM are the ONLY coverages I've ever heard that allow stacking by the way)....some do some don't some states allow you to be charged a premium for the 'option' of stacking some (most i think) if they 'allow' stacking it is simply a law and no premium is charged...I'll bet either your home state doesn't allow it or you've been lucky enough to not have any claims in your agency that exceed your clients original um/uim limit.... :wink:Posted: Fri Jan 11, 2008 12:26 pm Post Subject:
We have raised our PD to 10,000 and BI to 100/300 leaving UIM at 25/50 unstacked. What is your opinion on adding 2-5,000 Medical Payments? We have very good health insurance.
Posted: Fri Jan 11, 2008 12:50 pm Post Subject:
We have raised our PD to 10,000
Now, you're just trying to give me a stroke aren't you! :lol: :D :o you mean of course 100k right?What is your opinion on adding 2-5,000 Medical Payments? We have very good health insurance
. Well, it's not a necessity if you have good health coverage, however if your state allows 'double dipping' (meaning you get to keep it and not refund it to your health carrier) it can be a sweet deal :wink: BUT in my area anyway (MO) medpay coverage (premiums) are really really high anymore, and I dropped it from my policys.Posted: Fri Jan 11, 2008 12:56 pm Post Subject:
Sorry about that! Yes, 100k. I believe we were looking at about $200 a year for the medical. I don't want to be cheap but we're getting killed here in Florida with both auto and home owners insurance so I don't want to be wasteful either.
Posted: Fri Jan 11, 2008 01:08 pm Post Subject:
If you have good health coverage then I'd skip it! :)
Posted: Fri Jan 11, 2008 03:49 pm Post Subject:
We have raised our PD to 10,000 and BI to 100/300 leaving UIM at 25/50 unstacked. What is your opinion on adding 2-5,000 Medical Payments? We have very good health insurance.
Your carrier allows different BI and UMBI amounts. I always thought they had to be the same? Maybe I'll call my carrier about this to see if I can lower my UMBI.Here is my perspective...
I think 50/100 on BI is a good lower limit. If 100/300 does not cost much more or if you can afford it, it might be the way to go. I think 100k PD is probably too much. Granted, having too much insurance is not a bad thing... I just think it's not needed. You always have to weight piece of mind and cost. If it's a few dollars more, then why not.
Posted: Fri Jan 11, 2008 05:37 pm Post Subject:
It was $22 additional per year for our 3 cars to increase from 50,000 to 100,000 PD. Roughly $7 a piece seems like a good investment. I think that's a coverage more people should consider getting. I've learned (and am continuing to learn) an awful lot through my researching this change of policy. This forum has been a tremendous help! Thanks to everyone.
Posted: Sat Jan 12, 2008 10:41 am Post Subject:
Your carrier allows different BI and UMBI amounts. I always thought they had to be the same? Maybe I'll call my carrier about this to see if I can lower my UMBI.
Mine does too tcope my UM (which is required in my state) limit is about half what my BI limit is....Clearly from the OP's example 100k PD was the way to go, wouldn't you agree? 100k may be too much, but as you said, rather too much than not enough....ESPECIALLY for 7bucks a year for an additional 50k, that one is a no brainer (IMO) ! Course some states, (seems to me from claim transfers etc) BI settlements seem both higher and more frequent...think it's LA whos statute of limitations on BI's is/was (when I was exposed regularly to that states claims) one year, so there was a suit filed in nearly every BI, presumably driving their bi's higher....50/100 is certainly better than 25/50, but I still think I'd feel a whole lot better w/100/300....
Posted: Wed Jan 16, 2008 12:09 am Post Subject:
Lori, what do you think about $300,000 single limits ?
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