[kkingston57]

Originally Posted by Rainger99

What type of coverage do you have? I was shopping for coverage earlier this year and I could get really cheap insurance if I bought the minimum liability coverage which is 10/20. I paid for the higher coverage.

If you only had a 10/20 policy AND have any assets(besides your home) you are playing with fire. If you rear ended someone and they had minimal injuries the claim against you would be worth more than 10K. Agents do make more money selling higher limit policies but could get in trouble for selling you a 10/20 policy. That was the minimum coverage 40 years ago.

[kkingston57]

Originally Posted by retiredguy123

I have medical insurance that has a $6,000 catastrophic limit. Anything above that is covered 100 percent. Why would I need a redundant policy for injuries? I am not going to hire a personal injury lawyer to sue my insurance company for "pain and suffering" when the lawyer would take 40 percent of the settlement after paying expenses. What limit of UM insurance can you buy that will prevent a financial devastation, and how much would it cost? I would guess that most people with UM insurance don't have enough coverage to even make a difference in their financial situation. For example, $150K in coverage would be woefully inadequate, and the insurance company probably won't sell you much more than that. In my opinion, it is just not worth buying.

UM does not only pay for medical bills and pain and suffering. IF you were still working UM will pay for your lost wages. If retired would not help you.

[Rainger99]

Originally Posted by kkingston57

If you only had a 10/20 policy AND have any assets(besides your home) you are playing with fire. If you rear ended someone and they had minimal injuries the claim against you would be worth more than 10K.

I agree. That is why I have 250/500 and a $1 million umbrella.

[Blueblaze]

Originally Posted by retiredguy123

I had a million dollars in liability with Allstate, and now I have the same amount with State Farm. Several other companies I got quotes from would only offer $250K, which I think in inadequate if you have a personal injury lawsuit against you.

Well, this is me "apologizing profusely". You were right about State Farm. After talking to the agent, I got an even better rate on the cars than they offered on-line and, although the house was the same price as USAA, it's much better coverage, with no special hurricane deductible. My liability is still 3x the vehicle coverage, but now I've got 250/500 on the cars and an additional million-dollar umbrella policy that covers my rent house, even though I left it with Kin. Looks like I'm going to save about $850/year and get much better insurance.

Thanks for the tip!

[TCNY61]

Originally Posted by Rainger99

I agree. That is why I have 250/500 and a $1 million umbrella.

Wife just had a case settled after three years. She was backing up in a parking lot heard a noise and stopped. Her bumper had the paint rubbed off for about 10 inches long and 1 inch wide. The other car had a small dent behind the rear door. Insurance paid over $6000 to fix the dent and another $30,000 because they said they were not able to work for the last three years. Insurance didn't want to pay $5000 to get a doctor to look at his medical records and see what a jury might do. They had two other cases in the past where they sued also.

[Cybersprings]

Originally Posted by retiredguy123

I had a million dollars in liability with Allstate, and now I have the same amount with State Farm. Several other companies I got quotes from would only offer $250K, which I think in inadequate if you have a personal injury lawsuit against you.

From what I have heard (I know what that is worth), even the $1million does not cover what you could end up being sued for after a bad accident. But it does get you much better lawyers from the insurance company for the case because it is now at an amount that catches their attention. I am not offering that as fact, just a thought.

[retiredguy123]

Originally Posted by Cybersprings

From what I have heard (I know what that is worth), even the $1million does not cover what you could end up being sued for after a bad accident. But it does get you much better lawyers from the insurance company for the case because it is now at an amount that catches their attention. I am not offering that as fact, just a thought.

That is my understanding also. People who only have $10K liability coverage may just get a check from the insurance company and be told that they are on their own.

[Keefelane66]

Just received a quote from Progressive $700 more annually than AARP/Hartford.