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Check your auto insurance policy.

Old 04-15-2009, 03:55 PM
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Default Check your auto insurance policy.

A quick lesson in regards to uninsured/underinsured policy limits. A differance in the amount of coverage from 100k / 300k to 300k / 900k would have been $6.00 per month increase in premium. In the event that somebody hits you with no or little coverage this differance could sure pay alot of bills. Everyone needs to check their policy don't find out the hard way.

Last edited by NewMoon; 04-15-2009 at 04:30 PM.
Old 04-15-2009, 04:25 PM
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Just FYI, I'm in the northeast with full coverage, including glass, $500 ded, 100-300k, 3 vehicles all less than 6 y/o, 3 drivers (one in assigned risk) all clean licenses, no accidents, paying $344/mo, $4100/yr
Old 04-15-2009, 04:31 PM
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NewMoon, hope you were not involved in an accident.

As mentioned above, I also carry $300K per accident and I have a $1 million umbrella liability policy too. It's called insurance for a reason.

pbr, are you in NY or NJ? I guess MA isn't that bad, I also have 3 cars (2008, 2006, 1999) and I pay $1950 per year for the cars.
Old 04-15-2009, 05:06 PM
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UP here in vermont assigned risk is 2500 and up per year for one depending on the infraction!
Old 04-15-2009, 07:24 PM
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gf, check your umbrella policy...most dont extend uninsured coverage just liability.
Old 04-15-2009, 07:56 PM
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Say someone hits you and puts you out of work for a few years or longer and you have injuries that incapacitate you. I think what the OP is saying is that if that person has only $100K of insurance, you are going to have a very hard time collecting more than the $100K (less 1/3 to a lawyer if you need one) the way the state laws protect homes, retirement assets, etc. You better have good health and disability insurance, PLUS (the point the OP is making) you need good uninsured/underinsured insurance to compensate you for other injuries.

If you are lucky (NOT) enough to be hit by someone with a lot of assets, you may be ok. However, the average person has a home and retirement assets and not much more. If they hit you, you would be dismayed to find out how little you may be able to collect - generally only what little insurance they have. I have a friend who found out the hard way. Out of work, severe injuries that pretty well eliminate any quality of life, and so far no compensation for the life he lost beyond a shot at $100K of insurance.
Old 04-16-2009, 03:40 AM
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Originally Posted by Frank007 View Post
Say someone hits you and puts you out of work for a few years or longer and you have injuries that incapacitate you. I think what the OP is saying is that if that person has only $100K of insurance, you are going to have a very hard time collecting more than the $100K (less 1/3 to a lawyer if you need one) the way the state laws protect homes, retirement assets, etc. You better have good health and disability insurance, PLUS (the point the OP is making) you need good uninsured/underinsured insurance to compensate you for other injuries.

If you are lucky (NOT) enough to be hit by someone with a lot of assets, you may be ok. However, the average person has a home and retirement assets and not much more. If they hit you, you would be dismayed to find out how little you may be able to collect - generally only what little insurance they have. I have a friend who found out the hard way. Out of work, severe injuries that pretty well eliminate any quality of life, and so far no compensation for the life he lost beyond a shot at $100K of insurance.
Frank you hit it on the head!

Unfortunately my wife did find out the hard way being hit by a underinsured motorist. Speaking to the Insurance Company rep handling our claim I was told that under/un-insured coverage is becoming a major problem as people are driving without coverage or lowering their coverage to the bare min. to save money. I for myself had never much thought about having somebody hitting us who was not insured well. That mistake by me cost my wife 200K. Thankfully my Wife is doing better but only after being out of work almost 2-years and having major surgery. Do yourself a favor and check your policy limits. As I stated above with my insurance it cost me an extra $6.00 per month to increase my coverages from the 100k to 300k per person coverage. I only wish I would have 2-years ago.
Old 04-16-2009, 08:42 AM
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Umbrella policies (like gf discussed above) will cover the insured's liability to a third party who is injured because of the insured's negligance. But the umbrella policy will not compensate the insured who is injured by an uninsured, or under insured third party.
Old 04-16-2009, 08:53 AM
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Newmoon - thanks for the (timely) info and sorry to hear about your wife - hope she has a full recovery.

Last week I went through all of my insurance policies to make sure I am fully covered for a number of things - found a few surprises including the lower limits on some of my auto's. Now in the process of changing everything...and fwiw you can get uninsured coverage on your umbrella policy.

Last edited by FireFly; 04-16-2009 at 09:05 AM.

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