Uninsured / Underinsured Motorist Coverage

[AgentProvocateur]

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.

I thought most states require a signed form to reject um/uim or select lower limits than the liability limits?

UM is mandatory in Oregon.

 

[Guest]

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.

That's why I said if someone has medical insurance I'm not a fan of UM. It is fine for those folks without it. However, if you have Medicare or a good health insurance plan then your medical bills are covered, you just need help with the deductible.

Things must really be different in Ohio, cause here UM doesn't cover pain and suffering. It is a product that covers actual loss sustained (i.e. medical bills, lost wages).

I present UM to all clients, but for most Med Pay is sufficient for their needs. Plus here you can get $10K med pay for less than half of what state minimum limits on UM are. The med pay pays regardless of fault, which I think is the best thing going for it.

 

[VolAgent]

If insurance is "expensive" what does that mean?

 

[Guest]

If insurance is "expensive" what does that mean?

Either there are many claims or very few claims but the few claims are of an extremely large amount.

The latter is the problem in this state, with most of the money going to reimburse Medicare or health insurance companies for medical and hospital bills.

In my short 4 years I've never had a claim where UM paid out to anyone other than another insurance company or Medicare. Although, I know it does happen. I've just been lucky.

 

[FullAuto]

Either there are many claims or very few claims but the few claims are of an extremely large amount.

The latter is the problem in this state, with most of the money going to reimburse Medicare or health insurance companies for medical and hospital bills.

In my short 4 years I've never had a claim where UM paid out to anyone other than another insurance company or Medicare. Although, I know it does happen. I've just been lucky.

In Oklahoma, there are limited subrogation rights on UM claims. Hospital liens don't apply to UM, neither does work comp liens. I'm not sure about health insurance.

Med Pay doesn't pay lost wages or pain & suffering. I was off work 7 months after my wreck. I (my attorney) am currently in negotiations on the UM settlement for my claim. It is well into 6 figures and the only lien on it will be my attorney so I will get a large portion of it. I had just under $200k in medical bills.

I did not have enough UM coverage when I was hit and would have been screwed if I was driving my own car. Since I wasn't driving my car, I have UM claims on 2 policies and that's the only reason I'll see anything. I have since raised my UM to 500/500 and I'd be really interested in pricing a UM umbrella if I could find someone that could quote me one for this state.

Working auto claims, in Oklahoma, I see plenty of examples where people wished they would have had more UM coverage (and liability).

 

[spolanco]

You should check out the insurance laws in the state of NY.