OT---Auto Insurance?

Jiles

Well-known Member
I never totally understood what uninsured motors coverage is all about.
I think it covers my medical bills if I am injured in an accident if the other driver doesn't have insurance.
It seems to me that I do not need that coverage because my Medicare along with my medical coverage would cover my medical bills.
Strange that I have to sign a release to refuse this coverage.
What am I missing?
 
I could be wrong but it covers your vehicle if other driver is at fault and has no insurance also. It is cheap and I think you should keep
it. If you sign a waiver and are in accident with uninsured and its their fault your insurance will not cover you I believe. I think there is
also underinsured on the policy.
 
You are correct that it covers should the other person not have insurance. However, typical health insurance might refuse to pay if injury is caused by an auto accident. The two are separate and rarely talk to each other or need to. Keep the coverage. It is like an absolute minimum policy rider, but could actually save more than it costs should you need it. There are actually quite a lot of un- and underinsured drivers on the road today.
Of course, that keeps our costs going up and making more folk decide to forgo their insurance, making our costs go up and more folk . . . . .and so on.
 
It covers you if you're in an accident with someone who doesn't have insurance and it's their fault.

I know first hand, 'cause it worked for me several years ago. A woman who had no insurance ran into me, and it was clearly her fault. My uninsured motorist insurance paid for the damage to my vehicle, minus my deductible. My insurance company then went after to woman to try to get their money back, and the rep from my company told me if they collected anything, I'd get my deductible refunded right off the top. Of course, I never heard any more about it.

It's cheap, and with all of the minorities and others running around without insurance nowadays, it would be hard to justify NOT having it.
 
I think all of the replies below are right on. One thing I may add. I think if you do not have full coverage on your vehicle and the other person is at fault and uninsured you will not get damages for your vehicle
 
(quoted from post at 15:37:22 07/14/18) I could be wrong but it covers your vehicle if other driver is at fault and has no insurance also. It is cheap and I think you should keep
it. If you sign a waiver and are in accident with uninsured and its their fault your insurance will not cover you I believe. I think there is
also underinsured on the policy.

I don't think I would call it cheap, it is about half of my policy...and you can't just put it on one vehicle, it is all or none. It adds up when you have 4 vehicles insured. I have a beater with no collision, but am required to have uninsured because of the others, which takes it up to $400 a year. If insurance companies weren't so greedy their wouldn't be so many uninsured drivers out there...end of rant.
 
There is uninsured bodily damage; uninsured property damage; and underinsured insurance.
What you can get depends on what state you live in.

The property damage pays to fix your car if the other driver was at fault.
Collision coverage will do this same thing but with a deductible.

The bodily damage pays for medical bills.
Health insurance will cover the same thing but with your deductible and copay.

So why do you need either.
It has no deductible or copay so if you are in a tight budget you may consider it.
It also covers medical cost of people not on you health insurance.
Friends riding in your car; your grand kids or grown kids ect........
The thing that makes uninsured coverage so expensive is it pays Pain and Suffering also.
 
We, wife and I, had a severe accident in 2008 and were not at fault. Our
claim was not settled till Dec. 2014. Our damages totalled 6 figures, and
the person who caused the accident had 30k of liability insurance. Sure was
glad we had it.
 
Here in Ky. uninsured insurance is required, its not an option. However underinsured is not required but a must have. I personally know 2 parties who were involved in car crashes totally caused by the other driver who had barely enough insurance to still be driving a car, and who was to all intents and purposes judgement proof. without underinsured coverage the costs personally would have been bankrupting. In one case the cost of the helicopter ride to an out of state hospital( don't get me started on that) was 54,000 dollars.
 
Here in Ky. uninsured insurance is required, its not an option. However underinsured is not required but a must have. I personally know 2 parties who were involved in car crashes totally caused by the other driver who had barely enough insurance to still be driving a car, and who was to all intents and purposes judgement proof. without underinsured coverage the costs personally would have been bankrupting. In one case the cost of the helicopter ride to an out of state hospital( don't get me started on that) was 54,000 dollars.
 
Go look. You call them greedy but most insurance companies only make between 5 and 7% net profit per year. That's about standard for most businesses. What cost so much are medical, litigation and repairs.

My wife hit a turkey a couple of months ago with our 2013 Yukon. 2700 bucks. New hood, grill and AC condenser plus paint. 2700 bucks! Several years ago it was a Suburban and a deer. That was almost 4500. No injuries. Right now we are just about even with what we have paid in with this company and what they have paid out.

Last claim I worked for an auto accident the med exceeded the 100,000 coverage on the policy. Lucky for the owner they had stacked their personal injury on several vehicles. They actually had 300,000 per person coverage because of that. That only cost a few bucks a month. They went over 200,000 for the driver and front seat passenger.

But you figure that an ambulance is going to cost at least 1K if it's a local volunteer and more if it's a professional service. Air ambulance is just crazy. About the cheapest ride in going to be in the 10's of thousands of dollars. Then add in what the care at the hospital is.

Funny thing is the state governments what the insurance companies to report to them is someone cancels coverage. That's because a lot of people buy coverage to get tags/plates then cancel before the monthly payments kick in. Where the problem is most states what the insurance companies to pay the cost or keeping track and reporting. The insurance companies know that insurance is expensive. They don't want to be the ones who do something that will add to the cost of insurance because someone wants to cheat the system.

Now depending on the state the rates vary but 25% or more may be uninsured. Now this is from a long time ago. I don't know what the figure is today but it was 1 in 4 drivers were going to be involved in an accident each year. And 1 in 4 may be uninsured.

Rick
 
I agree its easy to blame the insurance companies but as you pointed out repair costs have gone thru the ceiling and the sue happy folks which includes about every person and lawyer
that can get a dime when there is an accident are driving rates up.How many times you ever heard "Well the insurance is going to pay for it" as in who cares how much it costs as long as the insurance is paying.Also a person's driving record has a big affect on how much they pay as it should.
 
Don't forget how much money the insurance companies spend on advertising telling you how good the will treat you if you have an accident less advertising and more concern for the insured would help the bottom line.
 

If it was as useless as you say it is then it would not be something that millions of us carry. Do not count on anyone else, including Medicare, to pay your bills if you have turned down the opportunity for private insurance to pay. You would need to check for sure, but I don't see how you can make that decision on your own that would obligate Medicare to pay bills that could potentially be a million dollars or more.
 
It also covers 'hit and run' accidents.
I got the left rear corner of my pickup rear-ended by another pickup truck a few years ago.
It happened so fast it took me a few minutes to realize I have been hit.
I thought the guy would stop but he kept on going. I just saw out the corner of my eye that he had a cattle bumper on his front.
That's all I could tell the officer, it was a large dark four wheel drive pickup with a cattle bumper on the front.
My insurance covered all the damage cost.
 

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