Golf cart insurance question
 

I did review the thread from last year about cart insurance. I did notice a large swing is premiums presented....some under $100 per year others over $100 per year.

When I look at details of my quotes the one item that can make the prmium more or less than $100 per year is the uninsured motorist. The amount for uninsured can easily be 1/3 to 1/2 more annual premium.

What is the opinion regarding the need for uninsured motorist in a golf cart.

Seriously ? This is Florida...

none, as long as you only get hit by insured motorists!!!

Just trying to understand the big swing in premiums presented in the thread with no details to compare.

I think the largest swing in coverage costs relate to limits and deductibles.

Another items............you might want to have your golf cart listed on your umbrella liability policy (if you have one)......it's about a $25 all.

Seriously, I would guess the premium is based on actuarial calculations regarding accidents involving uninsured motorists, and like RD stated, "This is Florida" It may be percentage wise higher than the same coverage on your auto, perhaps because of the higher likelihood of serious injury as well cart damage costs when cart meets car. Insurance companies have these kind of costs pretty much nailed down---we all know they don't LOSE money!

I looked at my policy and the uninsured motorist is 20% of the policy.

And of course the other variable folks leave out when they tell their premium is what year is the cart.

Yep, "limits and deductibles".

I insure what I can't afford. Can I afford to lose a $5,000 cart??.......yes, it will be painful, but I can afford it. Can I afford to lose a $15,000 cart........Hmmmm, maybe I should not have a $15k golf cart.

I insure my home, my auto, my liability risk. I use to insure my life (for my dependents), but not any more.

I was told by my agent that uninsured motorist coverage is high in FL because FL has the highest number of uninsured drivers in the country.
(He also said insurance is high in New Jersey because they have the highest rate of insurance fraud).

With no facts to conclude from, I would venture a "guess" that the number of uninsured over the highway motor vehicles is a significantly different percentage (much higher) that the number of uninsured golf carts. With the golf carts of course being much lower percentage.

And Florida's minimum liability & property damage is a joke. 10K on each. Underinsured protection is a no brainer as well.

btk: Normally the largest charge is for collision. Its wise in my view to carry collision on a car or cart until the value is such that you can self insure and can drop the coverage. . Premium may also be affected if you carry all of your coverages with the same insurance carrier. Its also wise to carry an umbrella policy which are in most cases reasonable. chances of this policy coming into play are low but given this litigious society and plaintiff attorneys who would be honored to handle people's claims its a smart move.

The way umc was explained to me is that it only provides medical coverage for you and your passengers if the other motorist is at fault and doesn't have insurance. If you have comprehensive and liability coverage, your vehicle is covered, and your passengers can seek damages through your liability coverage.

Look at both uninsured and under insured coverage. If you get hit in your cart by someone with 100,000 of liability insurance and your bills total 200,000 you will need under insured coverage for the extra 100,000. The answer depends on how much you need insurance vs what you can afford to pay out of pocket if someone hits you and they can not pay all your bills.

I consider the Villages a high risk area for carts. Lots of traffic and more importantly lots of visitors that could be distracted.

yep, your right Uninsured motorist means you are insuring yourself against others liability because they were irresponsible and refused to carry liability insurance. Under-insured the other guy at fault only carries $100,000 liability but the resulting injuries/damage are in excess of his $100,000 so your policy comes into play.

I am a believer in insurance and I am a believer in the fact that I hope I never have to use any of it

Have life insurance? Bad news, sooner or later it gets used. Now if they only offered tax insurance.........

Golfcart Insurance
 

My policy with Foremost went up by 65%. Looking to get another quote. Could anyone give me info on other insurance companies that insure golfcarts?
thanks

I agree. Less expensive to carry insurance than pay for attorneys or sign over your assets. I have the same coverage on my carts as my cars plus the umbrella. You have to know that if something happens with injury you will be sued.

I don't think this is correct. If your passenger is injured in an accident in which you (the driver) are at fault, then their injury is covered under your liability coverage. If the other driver is at fault, and uninsured, then I do not think your liability coverage comes into play. They would have to see if their own UM/UIM coverage would cover the loss.

Would depend on policy language, of course.

If your golf cart was damaged, you would be covered by your collision coverage (except for whatever deductible you have).

Uninsured/Underinsured motorist also covers for pain and suffering and death. You should also make sure you purchase Guest Passenger liabilty in addition to bodily injury to others.

Average golf cart polcy is around $100.00 year. Check this potential claim out.

You pick up your neighbor and head to the square for lunch. You and your neighbor are talking and for a split second you look up and there is some debris on golf cart path. You quickly try to avoid and hit a curve. Your passenger is thrown from cart and hits the pavement and is injured badly. Your carry $250,000 per person up to $500,000 per accident limits. Payout for injuries is $250,000.

Not even takng into account any other damages, premiums are low for coverage you receive.

As for what type coverage lmits one should carry...if your agent does not discuss what your exposure is and offer sufficient lmits to protect your assets then they are not doing their job

The cost for carts are based on ACV just like an auto. Newer carts have a higher collision premium. As the cart ages the premiums decrease. Because there is no blue book value for carts most companies average cost new out of factory. A 2016 Streetrod and a 2016 Yamaha would be rated almost the same. Most golf carts are bought for golf courses. % wise not enough carts overall for compaies to spend a lot of money to do studies, crash test and research. Premiums are based on number of carts insured verus claim payouts. Age of driver, driving records, how cart is used, location etc. that is really all they have to go on.