Uninsured Motorist Coverage-is It Worth It?

[Guest]

I would drop Uninsured Motorist Coverage and add Medpay/PIP. Medpay/PIP is typically cheaper than Uninsured Motorist Coverage. You can purchase coverage for $5000 since you have a $5000 deductible on your health insurance policy.

Only *** agents would ever tell anyone to drop UM or UIM coverages,

So now you have made like 7 consecutive posts, we understand you now.....

I LOVE *** agents like you, this is where I get to sit with a client, explain the differences and actually get the client to pay whatever amount I want them to because I actually give them WHAT THEY NEED and they realize that they need it!

If you give advice like this to clients, you better go get a job at a 1-800 cheap ass insurance company....

When you get called into court trying to explain why you didnt give the client this coverage, and the lawyer asks you how much would this have cost, and you say something stupid like $8 a month, the client says, for that little money I would have bought it if I knew about it. BAM! Game over for you!

 

[b61mack]

itsthe insurance, can't be a P&C agent.

 

[Guest]

itsthe insurance, can't be a P&C agent.

GOD, I hope not

 

[Bob Klee]

GOD, I hope not

Me too RBA!

Only a person with no knowledge of how an auto policy works would give that advice....or the "well trained monkey" at the end of 1800:insurance company.com....that hasn't a clue in the world except to sell the cheapest rate/coverage they can to "win" the business.

Also: Is FL a "PIP" state? I have no idea. TN isn't thankfully. I hate PIP. Just a license to steal for the medical community. In KY where I used to write. It was Amazing how miraculously one was healed when their PIP claim hit $9,999 dollars! [$10k was the minimum required there] Simply Amazing. Chiropractors seemed to be the "best" at those types of miracles.

 

[itstheinsurance.com]

Only *** agents would ever tell anyone to drop UM or UIM coverages,

So now you have made like 7 consecutive posts, we understand you now.....

I LOVE *** agents like you, this is where I get to sit with a client, explain the differences and actually get the client to pay whatever amount I want them to because I actually give them WHAT THEY NEED and they realize that they need it!

If you give advice like this to clients, you better go get a job at a 1-800 cheap ass insurance company....

When you get called into court trying to explain why you didnt give the client this coverage, and the lawyer asks you how much would this have cost, and you say something stupid like $8 a month, the client says, for that little money I would have bought it if I knew about it. BAM! Game over for you!

I'm not an agent I was an Adjuster for 10 years and a Claims Manager for 5 Years until I went into a different side of insurance. I am recommending him to remove it base on his situation. Though it is best to have the coverage many might not deem it necessary. Who doesn't know to buy all the best possible coverages. It cost money and the cost to purchase might not be beneficial.

"So now you have made like 7 consecutive posts, we understand you now....." - Not sure what that is in regards to. Am I not allowed to post 7 consecutive spots? You understand me now? Understand what?

Secondly you don't GIVE the customer coverages you sell it to them. Your job is to explain and recommend not be responsible for every single issue they have. Why are you getting called into court? You're an agent unless you did something shady you shouldn't have anything to be worried about.
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itsthe insurance, can't be a P&C agent.

Nope I'm not I was an Adjuster and a claim manager. That is my perspective on the claims side. The customer is concerned about the cost of insurance. Your job is to explain the benefits of each coverage. Why aren't you guys selling comp/coll coverage with $100 deductibles to everyone? Because it cost too much.

 

[FullAuto]

Why aren't you guys selling comp/coll coverage with $100 deductibles to everyone? Because it cost too much.

No, because when they choose a $500 deductible instead, the most the insured would be out is an additional $400. That's pretty easy to compare a premium savings versus the risk of an additional $400 loss.

Health insurance generally pays a percentage of the cost and you'll still be billed 10-20% after your deductible. I'm sitting at home right now (and will be for quite some time) from a car wreck. My medical bills have already crossed $40k (possibly $50k) and I'll find out Friday when I start physical therapy for the surgery I had last Tuesday. Liability is 25/50/25 minimum in my state. I was hit by a 2003 Suzuki Arrow (read "P.O.S"). I'm not betting on high liability coverage. Even if they had 50/100/50, my medical bills alone will likely pass that when this is finished. Were you a BI adjuster? What's a total claim worth when there's ~$50k in medical bills plus a couple months off work?

So if this thread starter took your advice in my situation, the other driver's liability would (probably) pick up the first $25k, their med pay would take the next $5k and health insurance the remaining ~$20k... at 80%, sticking them with a $4k bill. But with minimum UM coverage (for my state), all the $25k would be paid without med pay coverage or if there was med pay, the remaining $5k would pay lost wages, pain & suffering, etc.

I'm not sure if this is how it works everywhere, but where I'm at, I have to carry med pay on every vehicle but UM only on 1 car in the house. In this part of the country, it's common to have 3+ cars per household. Until I sold my motorcycle this past April, I had 6 auto policies for quite a few years. Now I'm down to 5 with med pay on 4 of them but only 1 UM premium.

I didn't see that you specified, but if you were a BI adjuster & claims manager, this stuff should be painfully obvious to you. BI adjusters see this stuff all day, every day. They have WAY more exposure to what's paid out than agents. If anyone should be an advocate for UM coverage, it should be a BI adjuster. You post like you were a PD adjuster, a very sheltered PD adjuster... on fire side.

 

[Guest]

youdontknowinsurance.com.....if your not an agent, then you better learn to keep your mouth shut about things you dont know and dont understand and giving out wrong info.

Most agents will have "requirements or minimums" that we will only write, and having un, uim (do you know what that means) is a REQUIREMENT in my agency! If they dont want it, I send them down the road to an *** like you who will sell them a policy with out it, AND if you knew anything about being an agent, you might know how cheap UM, UIM coverages really are!

So far this year, I have had a 100,000 UM payout and a 250,000 UM claim pending payout, and niether claim the clients were in their own car, they were in someone else's car! and you would have only given the client 1,000 in med pay, well, your the ***, I did things right and have clients and referrals for life because I KNOW WHAT I AM DOING to protect my clients.

So it is OBVIOUS you are clueless as to what an agents job really is or how to cover someone, you have the mentality of a company man of how not to pay claims,

And yes, agents can get called into court for E&O claims, have seen it, and I can say, I am confident, it wont ever happen to me because I have learned how to do things write and have minimums or requirements that I will write.

Clients come to ME because I am an insurance agent and know and understand insurance, most clients dont know, after I explain things to them so they understand it, I can get them to pay whatever amount I want them to (within reason of course).
I have quoted people at minimum coverages, explained things to them and walk out the door with contracts for 250/500 with umbrellas because things have finally been explained to them, you know, doing an agents job and covering them CORRECTLY!

ya, you are understood now, that you really dont know about insurance and how to protect a client, obvious now.

I have quoted people at 100/300 and 250/500, guess how much cost difference that is? you dont have a clue, I have seen it be $10 PER MONTH including the same for UM, UIM, I have seen it be 0.93 a month, with hartford, well, as an AGENT, they dont even get the option of 100/300 now.....

So, idontknowinsurance.com go climb back into your little cubby hole at your captive office and try to figure out how to avoid paying another claim, because you sure dont know **** about being an agent,

 

[Bob Klee]

RBA.

I LOVE the way you protect your clients! You & i do have a lot in common after all

You are the type agent that I want to deal with & send my friends/family to. You understand how to protect your customers.

FYI: Largest claim I had pay out was $500k on the auto & on top of that the $1 million PUP. Clients kid was driving back from TX on spring break with 3 other friends in his Toyota Truck. Rolled the truck somehow & both his son & another kid on board spent almost 1 year in the hospital. Other kid will never walk again:( Was he happy he had a Professional agent to take care of him? you bet! I'd just been referred to this wealthy individual 3 months before & re-worked all his coverages. Otherwise, he'd have had 100/300 and they'd have been after him & his business.

Easiest business to write is the ones where you do it right! Customers for life.

 

[aacards8]

Not only should you not drop it but you should raise it (and the lia limits of course) to at least $100/300. It costs a little more but if you had a major claim it will save your ass(ets!)

Also consider Umbrella coverage. It's dirt cheap and can be of great value in the event of a lawsuit against you. I'm attaching an article from the New York Times that describes the benefits of Umbrellas.

Umbrella Coverage for Preventing Your Ruin - NYTimes.com

 

[superfly33]

The only thing I would drop is your agent for saying that.