Quote:
Originally Posted by Chatbrat
We insure with Geico--since we have great health insurance- we decided to drop uninsured motorist insurance- it saves us close to $500/yr
Geico advised us to do it
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Hard to believe Geico recommended dropping UM (uninsured motorist) insurance.
Uninsured and underinsured (UIM) provides you with coverage for damages caused by an uninsured or underinsured motorist. It covers not only medical expenses, but also pain and suffering etc.
UM and UIM are usually written together so if you have dropped UM have you also dropped underinsured coverage?
Consider a recent golf cart accident in the Villages. Woman passenger falls out of golf cart in early AM. Ends up in hospital where she dies a few days later. She was a passenger and driver at fault.
Aside from her medical bills, she is entitled to recover for her pain and suffering prior to her death. Upon her death, her estate and heirs are entitled to make a claim for her wrongful death. The claim for those two elements are worth in the 100's of thousands.
So if the golf cart has no insurance, she can collect from her UM coverage. If he las limited coverage, say 50K per person, than UIM coverage applies since the claim is worth more than the available limits of the at fault driver.
Or just assume you are a avid golfer. You sustain a severe shoulder injury in an accident where the other driver is at fault, and you can never golf again. Your medical bills are paid by your "great" health insurance, but if you are 62 years old and looked forward to another 15 years of golf, what's that worth? UM/UIM pays your for that disability.
You need UM and UIM coverage to protect yourself and family members. Dropping it is a big mistake