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Car Insurance Tip I Just Found Out

Discussion in 'Ferrari Discussion (not model specific)' started by Dr Tommy Cosgrove, Mar 1, 2005.

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  1. Dr Tommy Cosgrove

    Dr Tommy Cosgrove Three Time F1 World Champ
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    #1 Dr Tommy Cosgrove, Mar 1, 2005
    Probably everybody already knows this but just incase; My policy is with State Farm here in Alabama. I was reviewing it last week with my agent (after 7 years of just paying it and not giving it anymore attention) and I asked about the "uninsured motor vehicle" portion of my coverage. Like an idiot I always thought that covered damages to my car if I was hit by someone with no insurance. Evidentally it doesn't cover ANY damage to my car. It only covers my medical costs if I am injured. For those of you who already have a good personal medical insurance policy you may want to drop this part since you are already paying once for it at work.
    Don't laugh to hard at me for not already knowing this. Just one of those things I didn't think about when I saw it a hundred times before.
     
  2. FarmerDave

    FarmerDave F1 World Champ
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    #2 FarmerDave, Mar 1, 2005
    In Texas, there's two different uninsured/underinsured motorist coverages.... UM/UIM Bodily Injury, and UM/UIM Property Damage. The former is what you're describing, the latter describes what you "thought" you had. In TX, you can coose to purchase one or both... If you don't live in TX, YMMV...
     
  3. AzN-TriNi

    AzN-TriNi Formula Junior

    Oct 24, 2004
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    #3 AzN-TriNi, Mar 1, 2005
    thanks for the tip, i learn something new!
     
  4. Dr Tommy Cosgrove

    Dr Tommy Cosgrove Three Time F1 World Champ
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    #4 Dr Tommy Cosgrove, Mar 1, 2005
    Yep, I see that now.
     
  5. Horsefly

    Horsefly F1 Veteran

    May 14, 2002
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    #5 Horsefly, Mar 2, 2005
    I have State Farm for my daily driver truck. According to State Farm's code numbers, I am insured for "U" and "U1". On the back of the ID card, "U" is listed as Uninsured Motor Vehicle-BI, which, according to my agent, is coverage against "bodily injury" (BI). The code "U1" is listed as Uninsured Motor Vehicle-PD, which, according to my agent, is coverage against "property damage" (PD). Code "W" is for "UNDERinsured Motor Vehicle" which I also have. Check the fine print at the bottom of your insurance card in your wallet and/or glove compartment.
     
  6. Mike C

    Mike C F1 Veteran
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    #6 Mike C, Mar 2, 2005
    FYI, according to my Allstate agent, in Alabama and other states without Uninsured Motorist Property Damage, your car would be still be repaired/covered under your Collision policy (though subject to your deductible) in the case of an accident with an uninsured motorist.
     
  7. 2000YELLOW360

    2000YELLOW360 F1 World Champ

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    #7 2000YELLOW360, Mar 2, 2005
    The good doctor should stick to practicing medicine. Don't follow his advice. The uninsured motorist is buying insurance for those that are either uninsured or underinsured. Examples of why you need such insurance:

    1. You get hit by an uninsured idiot, and he turns you into a quad. You can't work any more. Medical insurance sure isn't going to cover your living expenses, is it? Nope, your going to need compensation for your out of pocket wage loss, the pain and suffering, etc.

    2. You get hit by an underinsured idiot, who has the minimum (In California 15/30) Your not a quad but you're out of work for say 6 months. Bad for your financial situation, and medical insurance isn't going to pay for any of those costs and wage loss are they?

    A lot of you own motorcycles. YOU NEED UNINSURED MOTORIST for your motorcycle. 80% of motorcycle vs. Car collisions are the car's fault. In some states 50% of the people driving are not insured, and a substantial portion have the minimum. If you get seriously hurt you'll need this coverage.

    I wouldn't have any medical insurance on the car if you have an adequate medical policy, but eliminate the uninsured/underinsured coverage, I wouldn't, and I'd have the limits as high as I could get them.

    Dr. Tommy, no insult intended by my first remarks just pointing out what I know about this issue.

    Art
     
  8. Dr Tommy Cosgrove

    Dr Tommy Cosgrove Three Time F1 World Champ
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    #8 Dr Tommy Cosgrove, Mar 2, 2005
    Art,
    Thank you for pointing this out. In addition to a big medical policy I also have two disability policies that, according to my agent, is a "piece of gold". He can't even write what I have now so I am well covered with both personal income loss and income loss for my practice (two separate policies). In my particular case I would just be paying twice for the same thing.

    No offense taken. You know more about that end of it then I do.
     
  9. Horsefly

    Horsefly F1 Veteran

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    #9 Horsefly, Mar 2, 2005
    But what if you're relying upon your employer's medical insurance to cover you in case of a personal injury accident, and then one day at work you get fired or laid off, would you then walk out to your car for a gloomy unemployed and medically UNINSURED ride home?
     
  10. Dr Tommy Cosgrove

    Dr Tommy Cosgrove Three Time F1 World Champ
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    #10 Dr Tommy Cosgrove, Mar 2, 2005
    I am self-employed. In my case that would not ever be a problem.
     
  11. ben, lj

    ben, lj Formula Junior

    Aug 23, 2004
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    #11 ben, lj, Mar 2, 2005
    Yep, differs by state. For example, in Fla it's medical only but in CA it's both.
     

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