Insurance: options when hit by uninsured motorist

Surely Out of Luck!

OK, the 's word' isn't correct, but the correct word would get this message deleted and a nasty-o-gram to me from the moderator!

You probably were hit by either an illegal immigant with no drivers license or a thief driving a stolen vehicle.

On of the reasons to carry collision.

Replies to this message:

eaglejoeli (Dec 23, 2006 6:18 pm)

#103 of 159 Re: the guy who hit me left his car and ran away [bolivar] by eaglejoeli

Dec 23, 2006 (6:18 pm)

Replying to: bolivar (Dec 23, 2006 4:51 pm)

That stinks! I couldn't believe my own eyes. why would anyone escape the accident scene and abandone his own minimvan

#104 of 159 This is the reason to carry by marsha7

Dec 23, 2006 (7:15 pm)

collision and also uninsured motorists insurance, in the event you were injured...apparently, you were not injured, so you could argue that all you needed was collision...

I guess what bothers me is to read all these posts by people who, in my mind, innocently dropped certain insurance coverages (or never had them to begin with) thinking they are saving money on premiums...you know the coverages I recommend: medpay ($50K minimum), uninsured motorists, rental car insurance...if your car is worth over $4K then you should have comp and collision if paying for the damages would be financially difficult and the premiums are reasonable...

Then, they are involved in a wreck with someone else at fault who:
a. does not have insurance
b. does not have ENOUGH insurance for the 7 people they injured (like minimum limits of $25K/$50K)
c. has an liability insurance that takes 3 weeks to accept liability, so they lose their job because, w/o rental car insurance, they cannot get to work
d. is seriously injured but, w/o medpay, can't get anyone to pay their bills

I hate to tell the absolute truth, but for MOST folks (not those with an extra $10K in cash just sitting around to replace the beater when it is wrecked), you should plan on spending the remainder of your driving life with maximum coverage of ALL the coverages available to you...stop planning on cutting corners and dropping coverages because the folks who post here of often the result of someone buying minimum coverage and thinking they are beating the system...

You ARE beating the system, until you suffere injury or damages with ANOTHER driver who is beating the system, and now you are victimized twice...

Carry all the coverage you can, as only those with $$$ can "afford" to drop coverages, as, by definition, they have the $$$ to absorb other types of losses...

For the person who has less than a few thousand $$$ in the bank, carry all coverages possible, and stop trying to cut your coverages, as the posters on these topics are what happens when you do not have the coverage and cannot afford the out-of-pocket cost...

Merry Christmas to all...

Replies to this message:

jlawrence01 (Dec 23, 2006 8:39 pm)

#105 of 159 Re: This is the reason to carry [marsha7] by jlawrence01

Dec 23, 2006 (8:39 pm)

Replying to: marsha7 (Dec 23, 2006 7:15 pm)

I agree with you completely.

The problem that I have is that under the current system, those with marginal financial means are ENCOURAGED to carry the lowest legal minimum insurance. If they have an at-fault accident, they are judgment-proof. Ever sue a person with no resources? If you are successful, the file bankruptcy almost immediately.

Personally, I carry full collision/comprehensive on my beater as I rent cars fairly often and need the coverage on the rental vehicle (without paying the ridiculous CDW fees).

#106 of 159 I see your point by marsha7

Dec 26, 2006 (7:55 pm)

in essence, the worthless are encouraged to carry minimum coverage to remain worthless if they injure someone...the only poetic justice for that is when one of "them" injures another one of "them" so they egt a dose of their own worthlessness...

I had a client recently who suffered $29K in meds and she complained loudly how rotten it was that the liable party only carried the minimum $25K in insurance...

When I asked for her insurance, she also only carried the $25K minimum, and when I brought this to her attention and asked how would it be if the shoe was on the other foot, she clammed up rather quickly...

That is the only karma one can hope for, is that the minimally insured deadbeat encounters the same situation...

I had a case a number of years ago, $250K in meds (yes, a quarter of a million dollars, fractured bones, burst spleen and in a coma for 30 days)...coulda been the big one, but the at-fault party only had $25K in insurance and lived in a 20 year old trailer...that is the case that convinced me to purchase an additional umbrella policy to raise my own uninsured/underinsured motorists policy to 1 million dollars, as any one of us can be seriously injured, possibly crippled (and, obviously, killed) and that UM policy of 1 mil would adequate compensate the injured and pay the med bills, too...

Replies to this message:

gogiboy (Jan 03, 2007 2:44 pm)
- cccompson (Jan 03, 2007 3:48 pm)
- jlawrence01 (Jan 03, 2007 4:03 pm)
  - gogiboy (Jan 04, 2007 11:31 am)

#107 of 159 Re: I see your point [marsha7] by gogiboy

Jan 03, 2007 (2:44 pm)

Replying to: marsha7 (Dec 26, 2006 7:55 pm)

marsha7--

I apologize if you have already addressed this earlier in this forum, but I was wondering what/how much insurance you recommend the average middle class couple (no kids, no accidents) should carry? We currently carry the typical 100/300 coverage for comp/collision/medical as well as something for uninsured motorists on our 02 Rav4. I'm carrying liability and uninsured only on my 94 Civic and 92 MR2. What is your best guess as to cost for a $1M umbrella UM Policy? Is there something that can be carried on our house that can be used also for UM? We've been with the same mainstream insurer for about 20 years and have our house insured with the same company. I would definitely like to be as prudent as possible as well as protect our assets. As the old axiom goes. "it's the cheap man that pays the most."

Gogiboy

Replies to this message:

cccompson (Jan 03, 2007 3:48 pm)
jlawrence01 (Jan 03, 2007 4:03 pm)
- gogiboy (Jan 04, 2007 11:31 am)

#108 of 159 Re: I see your point [gogiboy] by cccompson

Jan 03, 2007 (3:48 pm)

Replying to: gogiboy (Jan 03, 2007 2:44 pm)

My two cents on this is that if you have any assets or a good income, 100/300 is too low. You'd be surprised how fast a hospital bill can hit 100K. In addition to protecting myself, I want to be sure that if I hurt someone, they are properly compenstated - figure a minimum of 500/500.

Call your agent for a quote an umbrella. You'll likely be surprised at how inexpensive it is.

#109 of 159 Re: I see your point [gogiboy] by jlawrence01

Jan 03, 2007 (4:03 pm)

Replying to: gogiboy (Jan 03, 2007 2:44 pm)

Gogiboy,

That depends on your situation - how many vehicles and houses and the state you live in.

I have a $2M excess liability coverage for about $250-300/ year billed annually. YMMV.

Just remember one thing? If you kill someone with your vehicle, what's it going to cost you? A lot more tahn the state-mandated 25/50/25 coverage.

Replies to this message:

gogiboy (Jan 04, 2007 11:31 am)

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