Auto insurance questions - UIM

[Hall]

They actually would cover that if you took reasonable steps to secure it

I was thinking more of a scenario where the owner started the car and left it to warm up or left it running while at a gas station, for example. Cases where the owner is pretty negligent.

 

[92saturnsl2]

Just a side note;
I am not in anyway, shape or form known as someone who is a "cheap" person.
I just LOVE making money using my computer. Always loved computing and have been making money with them since 1995. Been saving money and ordering online even back then, when my now family members/siblings/parents act would be like "you gave out your credit card numbers on the computer!?!?!?" *LOL*
Ahh... credit cards another thread someday... people to this day still do not understand they are not responsible for fraud on a credit card and why they should never use a debt card. Though I just did post in another thread, this year was an extraordinary one as far as cash back, credit cards companies paid my wife and I cask back (in rough numbers) over $2000 .... all for nothing. Granted you do need a good credit score but that goes for ins too.

Yeah I think I was part of that thread, I've made a small fortune in credit card / online savings signups, plus cash back this year.

Another trick to saving money on car insurance is paying in full. What I'm noticing in this last round of quotes is that the delta between monthly autopay and pay in full is getting larger. The two best rates I've found so far save $100-150 by paying in full. By my calculations, even if someone didn't have the money up front, they'd actually save money by putting the entire chunk on a moderately high interest credit card, and revolving the balance each month (assuming they pay it off incrementally over 6 months).

 

[eljefino]

Another trick to saving money on car insurance is paying in full. What I'm noticing in this last round of quotes is that the delta between monthly autopay and pay in full is getting larger. The two best rates I've found so far save $100-150 by paying in full. By my calculations, even if someone didn't have the money up front, they'd actually save money by putting the entire chunk on a moderately high interest credit card, and revolving the balance each month (assuming they pay it off incrementally over 6 months).

Yeah insurance companies play the stock market big time. If they had your money for six months they could really do something with it.

This is why when the market's gone sour, insurance rates have gone up.

 

[alarmguy]

Yeah I think I was part of that thread, I've made a small fortune in credit card / online savings signups, plus cash back this year.

Another trick to saving money on car insurance is paying in full. What I'm noticing in this last round of quotes is that the delta between monthly autopay and pay in full is getting larger. The two best rates I've found so far save $100-150 by paying in full. By my calculations, even if someone didn't have the money up front, they'd actually save money by putting the entire chunk on a moderately high interest credit card, and revolving the balance each month (assuming they pay it off incrementally over 6 months).

Yeah, you were I think.
Same here, always pay ins in full, actually I pay everything in full including cards.
and .. to amend my credit card post in that other thread, It might have to be updated as my wife and I were given $800 this year in cash simply for accepting 4 new credit cards. We will use 2 of them and cancel after the first year promotion wears off, other 2 will keep, re-evaluate which others to cancel. Example, I already have a Chas cash back card but they offered another one, I accepted the $200 they gave me for accepting the card and they are also giving me 5% off all groceries I buy for the first year. After that I will cancel.
More or less, much like the credit card companies use the public to make money, I am one of the people that use them to make money. I never allow them to make money off me in the form of interest or fees.

 

[alarmguy]

I was thinking more of a scenario where the owner started the car and left it to warm up or left it running while at a gas station, for example. Cases where the owner is pretty negligent.

The reason one carries insurance is to cover yourself for your negligence. The insurance is on the vehicle for whatever happens to it, your car is always covered to protect you from loss (or the bank who owns it/loan) no matter what you do unless there is some written exclusion in your insurance documents. Which there never would be nor be allowed.

 

[twouvakind]

UIM coverage also helps you if in that same situation, you have serious injuries. Best of my knowledge, it can apply to a passenger as well for a not-at-fault accident. It's way beyond what med-pay or group insurance provides. Example is the drunk who hits you with low liability limits (if any) and you or a passenger have permanent injuries.

To simply say "I'll sue the guy", good luck with that if he makes little money or just moves on. You're still stuck with the residual of a permanent injury.

To claim it, you act as a plaintiff against your own carrier to get that money. It isn't inherently a pretty process but if you have a permanent injury it can be very very helpful. I have 250k UIM on my two vehicles; the additional premium is negligible. Some might not agree with my approach, and that's fine and I certainly hope I never have to use it.

HTH

I wholeheartedly agree with your approach. My mantra is "buy as much insurance as you can afford" and be prepared to sue your own carrier if they balk at paying an underinsured motorist claim/coverage. USAA for example...ask me how I know.

 

[Doc8404]

My auto insurance renews next month and Geico has raised my rates almost 20% (Merry Christmas!) despite not having any claims or violations. I shop around every 6 months religiously, and sadly, Geico is still the least expensive for the amount of coverage I want, of all the major carriers I've tried.

My question is pertaining to Uninsured Motorist / Underinsured Motorist coverage. The various insurance websites explain that it covers bodily injury resulting from un/underinsured motorists. How does that benefit me beyond my regular health insurance, which I assume would cover injuries from an auto accident? My health insurance has a very low annual deductible/max out of pocket cost, so I'm not particularly worried about that.

Every state is different.
Anyone that is posting and doesn’t know your state should stop typing.

I will stop typing.

 

[alarmguy]

Every state is different.
Anyone that is posting and doesn’t know your state should stop typing.

I will stop typing.

Yes, very true.

 

[alarmguy]

I wholeheartedly agree with your approach. My mantra is "buy as much insurance as you can afford" and be prepared to sue your own carrier if they balk at paying an underinsured motorist claim/coverage. USAA for example...ask me how I know.

You post a really good point but it is true, as another posted, every state is different so what may work in NJ won't work for example here and very well maybe why these rates are much higher in other states.
For example I know NY has no fault laws, lived there most my life before moving here but doubt I would be able to here based on rates. though now seeing your post, on one boring day I may look into it but kind of know what the answer will be, not that I care much, my insurance is so dirt cheap and I carry a pretty darn robust liability portion.

 

[Hall]

Every state is different.
Anyone that is posting and doesn’t know your state should stop typing.

Multiple commenters, myself included as I recall, included a disclaimer related to "it depends on your state", but you're right.

 

[Doc8404]

Multiple commenters, myself included as I recall, included a disclaimer related to "it depends on your state", but you're right.

Agreed.

Next will be

“You’re changing your oil incorrectly. Let me tell you how to do it. Please note that I have never opened the hood of any vehicle.”