Uninsured Motorist Auto Coverage
 

Are you over paying for uninsured motorist coverage on your auto insurance when you Medical Advantage Insurance plan covers you in a auto accident?

Here's 50 posts to chew on:

https://www.talkofthevillages.com/fo...sured+motorist

Thanks
I do remember reading this some time back.
Trouble is, now I'm really confused. :duck:

I don’t think so. Medicare or Advantage plans still have things they will not pay for. Some example you might have copays/coinsurance for ER or hospital stays, max out of pocket deductible, ambulance or medivac if needed, possible dental etc. After going through the plan thoroughly, decided worth the extra coverage especially given the high number of underinsured or not insured on the roads.

I have read and I fully understand what uninsured motorist insurance covers and what it does not cover. It is mostly, but not completely, redundant with my health insurance. In my situation, I would never file a claim for this insurance, so, to me, it would be a waste of money. For the expenses that it covers, I can afford to self insure. So, I choose to not pay for it and save a few hundred dollars. I would suggest that everyone research and understand what you are paying for because most people I have discussed this with do not understand the coverage. Good luck.

OP, this is one person's take on UM. Please read the other thread and decide after thoroughly discussing this coverage with your agent. It all depends on how much exposure you can bear financially.

I agree (and do not carry uninsured/underinsured motorist coverage). I do believe, however, that if you check, you will find that if you were seriously injured and you carried said coverage you can sue for damages other than purely medical reimbursement AND since the other motorist has no coverage, your own insurance will pay -- hence you would be in fact suing yourself (successfully) for additional monetary compensation.

I agree and I do understand the UM coverage. But, I am not interested in paying a premium so I can sue myself. Also, when you sue yourself, the maximum payout is limited to the the coverage limit that you pay for. Most insurance companies will only allow UM coverage up to $300K, which is not enough to hire a good lawyer, who would take 40 percent of the settlement anyway.

This covers both uninsured and underinsured motorists. I always laugh when I hear someone is self-insured. I will always have uninsured motorist coverage.

The lawyers will sue the other motorist and will try to extract every penny from them or their company or anyone else who may be responsible.

You don't need uninsured motorist insurance to sue the other motorist.

Florida has a lot of uninsured motorists

Do what you want to do. The average person does not understand, why they should have this coverage. I suspect they see the large premium cost and say I don't need that.

Uninsured Motorist Coverage in Florida: The Truth About Uninsured Motorist Coverage

I suspect that most of the approved UM claims are for medical treatment for people under 65 who do not have adequate health insurance. So, if you have excellent health insurance, the UM premium would mostly be used to subsidize people who don't. In my opinion, that is not a good deal.

My insurance agent admitted to me that, in order to be paid for "pain and suffering" or a long term illiness, I would need to hire a lawyer and sue the insurance company. Also, not a good deal because the lawyer would take 30 to 40 percent of any settlement as a fee. That is why I self insure.

Yes, it's so worthless that 20 states or more insist insurance companies must provide this coverages to insureds. After all law makers are just trying to enrich insurance agencies that probable don't want to be on the hook for it anyway.

Self insure, that's a joke unless you have an extra million to cover your butt. Your not covering a $3,000. root canal with self insurance in a car accident.

So true

That does not make any sense at all. Why should you pay any of your medical expenses or rehab when the uninsured motorist caused the damages ? If the other driver is at fault, they would be held responsible.

Who Pays Medical Bills After A Florida Car Accident? | The Florida Law Group

I'll bet you a dollar that less than 10 percent of drivers with UM insurance have a million dollars or more in coverage. Most insurance companies will not even sell you more than $300K. And, even if you have $300K, the lawyer will take 30 to 40 percent of it. Also, I believe that the primary purpose for UM insurance is to pay for the medical bills of people who don't have adequate health insurance, so the state doesn't get stuck with the indigent bill.

My purpose is to get people to understand what they are buying with their auto insurance because most people are paying for UM coverage, but they cannot explain what it covers. If you don't believe me, ask a few people.

I have excellent health insurance to pay for my medical bills and rehab. Why should I pay for redundant coverage?

Last line is somewhat true. If you had bad injuries or died, the insurance company should voluntarily pay you the limit if it is 300K. If your claim is worth <300k the attorney will use his/her expertise to get you the value of the claim and protect you in the settlement. Insurance companies can match the limit. If you have 500K in liability coverage you can buy UM up to 500K

If a person does not have any insurance of low insurance limits, they probably have 0 assets and you will not be able to recover anything from them. In addition, Florida has laws which protect them from paying claims. Main reason why OJ Simpson moved to Florda after he lost his civil case

Even $500K in personal liability is hard to find. I have $1 million in personal liability with State Farm, but I had to shop around to get it. Geico would only offer me $250K in liability coverage. These insurance companies want to make a quick profit on low coverage policies.

Uninsured
 

This coverage also covers “underinsured “ for when the cost is greater than written.

Passengers injured
 

Don’t think Medicare or Medicare advantage plans cover all treatments. Big question is what if you have 3 passengers in your car and they are injured by an uninsured motorists . Who pays for their treatment of permanent disability and can’t work ?
I would definitely pay for uninsured motorists insurance or inform your passengers you don’t have uninsured motorists insurance before driving.
In addition if you do receive a settlement for an accident involving a uninsured motorist, Medicare , Medicare advantage and or the veterans administration will put a lien on your settlement and go after you for full price for any treatment you receive from them .

Settlements
 

Keep in mind your health insurance that paid for your treatment will put a lien on your settlement to get reimbursed usually at full price. Plus what about passengers in your car your driving if they are injured, killed or permanently disabled?

One solution maybe....no insurance no registration. You lapse on you insurance the insurance company notifies the state and police agencies. If you are caught driving uninsured you are fined and the car is impounded until it is insured.
I believe this is what is done in other states. Maybe our governor can propose this.

Not sure I understand. If you don't have any UM coverage, there will be no UM settlement. So, your health insurance will pay for your medical treatment. To me, that is an advantage of not having UM insurance. Who wants to deal with their auto insurance company for medical treatment if you already have health insurance?

You are correct that passengers are covered if you have UM insurance. But, I expect my passengers to have health insurance like I do.

Uninsured motorist insurance is optional in Florida. But, regarding the mandatory insurance, I don't know why Florida doesn't require insurance companies to issue a sticker for the vehicle to prove that the car is insured, like the state does with the registration sticker.

Passengers
 

That might be fine for you but what if you have three passengers in your car your driving?

I don't feel responsible for insuring passengers against an uninsured motorist. Although, I agree that it may be a good idea to notify passengers that the vehicle doesn't have UM coverage. Note that I do have plenty of personal liability coverage to cover an accident where I am at fault.

The coverage covers everyone in your car. Your personal medical plan covers just you.

Your heath insurance will not pay for the damage to your vehicle or property.

If your $50,000 vehicle is totaled by an uninsured motorist, there is less than a 1% chance you’ll be able to recover ANY money from him directly. Even if you get a judgment and garnish his wages (If he has wages) you won’t get the whole $50,000 back in your lifetime.

Yes, you need uninsured motorist coverage.

If I had to sue the insurance company (I would be suing the insurance company, not myself) I would much rather get 70% of $300,000 - which would be a net $210,000 - than to have chosen ahead of time to get ZERO.

My auto agent can tell dozens of stories about people who were in accidents, and the claim adjusters paid them a fair amount from the uninsured motorist coverage without the need to involve lawyers..

No sensible lawyer will take a lawsuit against a person with no assets on a contingency basis. You’ll be paying the lawyers by the hour.

So, no, you don’t need uninsured motorist insurance to sue the driver or the other car. But you also won’t receive enough from him in your lifetime to cover the attorneys fees, much less your losses.

Saw a contractor's truck doing business in TV with out-of-state and expired plates.
Smart guy.
No need to buy insurance as required to register or renew your Florida license plate.
So, we can assume he has no car (truck) insurance.

I checked his business on MyFloridaLicense.com - pretty fast and easy.
Has no business license in Florida.

Why are you employing criminals ?
And you wonder why your car insurance is so high.

Your vehicle is covered by your collision insurance, not UM insurance.

I totally agree.

I think your real purpose is to get other people to stick their necks out and take on additional risk like you have done. After all, a State Farm insurance agent gave you this great advice. I wonder if that agent would be on the hook for costs you may be incurring due to lack of UM insurance...

According to my agent, their company would not pay for expenses beyond normal medical treatment unless I hired an attorney and sued them. My main point is that UM insurance is primarily designed to cover normal medical treatment that is already covered by my health insurance policy. Most UM claims will pay for the medical bills for people who have inadequate health insurance. I don't have inadequate health insurance.

Not true. When I spend money, I want to know what I am paying for. I think that people should research what they are buying before they decide to buy it. There is plenty of evidence on this thread and other threads that many people are buying UM insurance, but they do not understand what they are actually paying for. I don't care if people buy UM insurance or not, but I think they should make an informed decision based on a full understanding of what it covers and what it doesn't. After all, that was the OP's original question.