Uninsured / Underinsured Motorist Coverage

[VolAgent]

Can't disagree with you there.

I will add though that this coverage can change people's lives, for better or worse, if you have the opportunity to educate a customer that didn't see the importance before, you could be saving someone from financial ruin and losing quality of life after an accident.

Bertolinoins didn't say not to try and educate them about it. He just said when they start valuing $50 a year more than having UM/UIM to match policy limits, move on.

 

[kongsmasher]

Health insurance may not pay for injuries related to an auto accident.

Anyone agree with this. What is the accident was your fault? I can't imagine a health insurer denying that.

Also, not only is the um low, the liability is low also.

If you break it down roughly, a good rate for me is about 30 per month for liability and 30 for comp and coll. Um is through the roof....what are you guys seeing?

 

[winnersgetdinners]

Anyone agree with this. What is the accident was your fault? I can't imagine a health insurer denying that.

Also, not only is the um low, the liability is low also.

If you break it down roughly, a good rate for me is about 30 per month for liability and 30 for comp and coll. Um is through the roof....what are you guys seeing?

health insurance will pay for medical injuries, BUT, if you have scarring it will not cover cosmetic surgery. thats what medical payments are for. i am speaking for massachusetts specifically, but i am sure similar rules apply to other states.

um/uim are usually some of the cheaper parts of the policy, even at high limits (i pay less than $100/year combined at 250/500 for my own policy).

 

[Krocker360]

Some of the smartest words ever said about sales.

nice words, I will remember those words, might work whenever I'm on the field.

 

[Bertolinoins]

My best childhood friend is a big Personal Injury Attorney in town. IfI have a potentially good client that is balking on this coverage or an umbrella I will get him on the phone and let him rattle off a half dozen horror stories of some family getting creamed by an uninsured/underinsured driver and it leading to their financial ruin because all they had was a $50k um limit and the other driver was "judgement proof". I sell a lot of umbrellas that include UM for the full $1m limit after these calls.

 

[infoe]

My best childhood friend is a big Personal Injury Attorney in town. IfI have a potentially good client that is balking on this coverage or an umbrella I will get him on the phone and let him rattle off a half dozen horror stories of some family getting creamed by an uninsured/underinsured driver and it leading to their financial ruin because all they had was a $50k um limit and the other driver was "judgement proof". I sell a lot of umbrellas that include UM for the full $1m limit after these calls.

I'm not a huge believer of UM and maybe you can educate me as an insurance agent why I should be.

In Florida;
10,000 mandatory PIP is paid out first
followed by a combination of at fault party BI and not at fault party's health insurance (one subrogating to the other)
then lastly if all if this were not enough (very poor health policy)
then UM would kick in.

It seems like a lot of hoops to jump if you have health insurance before UM pays out.

I've spoken to some agency peers they feel the same way.

By the way hope all is well with you Joe, have not been on here in a while....been very busy writing business.

 

[Guest]

I'm not a huge believer of UM and maybe you can educate me as an insurance agent why I should be.

In Florida;
10,000 mandatory PIP is paid out first
followed by a combination of at fault party BI and not at fault party's health insurance (one subrogating to the other)
then lastly if all if this were not enough (very poor health policy)
then UM would kick in.

It seems like a lot of hoops to jump if you have health insurance before UM pays out.

I've spoken to some agency peers they feel the same way.

By the way hope all is well with you Joe, have not been on here in a while....been very busy writing business.

I'm not a huge fan either if someone has medical insurance. Seems to me a Med Pay is a better way, it will cover deductibles and doesn't matter who is at fault. Plus, it's a lot cheaper.

 

[BlockO]

Seems to me a Med Pay is a better way, it will cover deductibles and doesn't matter who is at fault. Plus, it's a lot cheaper.

Not always true about being a lot cheaper! That varies from state to state and company to company. In some states, just the opposite is true.

For minor injuries, med pay/pip/may be enough. But for major injuries, UM covers things that med pay doesn't. Examples: lost wages, pain and suffering, disability, future medical expenses.

It's the major accidents where UM coverage becomes so important. Which is why companies require waivers for those reject UM coverage..... That's where a lot of lawsuits come from.

 

[VolAgent]

Not always true about being a lot cheaper! That varies from state to state and company to company. In some states, just the opposite is true.

For minor injuries, med pay/pip/may be enough. But for major injuries, UM covers things that med pay doesn't. Examples: lost wages, pain and suffering, disability, future medical expenses.

It's the major accidents where UM coverage becomes so important. Which is why companies require waivers for those reject UM coverage..... That's where a lot of lawsuits come from.

The state requires the wavier in Tennessee.

There are a lot of things government does wrong, but if they actually require you to acknowledge giving up certain coverage I believe there must be a good reason.

 

[BlockO]

The state requires the wavier in Tennessee.

I won't be surprised if more states do that as well. There's just too many ambulance chasing lawyers clogging up the court system.