Auto Insurance REVIEW & Medical Coverage

[MasterSolenoid]

I'm going to meet with my Insurance Agent tomorrow.
I need to discuss my 'current' coverage and see if I can drop/reduce any.

Currently I have:
Liability: Personal is 100,000/300,000/ Property is 100,000
Personal Injury Protection: (No-Fault) is 50,000
Uninsured/Underinsured: 100,000/300,000
Collision and Comprehensive: NONE

What bothers me is I have:
Basic Economic Loss (covers lost wages / I'm retired)
Additional Personal Injury Protection (don't know what this is)

I feel:
Insurance is for major expenses. I can self insure the small stuff.

I'm thinking:
1) Drop the Basic Economic Loss 'and' Additional Personal Injury Protection
2) Reduce Uninsured/Underinsured from 100,000/300,000 TO 25,000/50,000

Question: Anybody rely on their Auto Insurance to pay Medical Bills ?
That's what I have decent Health Insurance for

It's not really a matter of saving money, it's just cleaning up my Policy & coverage.
Not that it matters, but my next premium is $234 / 6 Months

If anyone has personal experience/regrets, please comment.
Thank you.


Master Solenoid

 

[WhyMe]

add up all your assets and start from there. if you have nothing , there really is no reason for excess coverage . if your assets are let say 1 mil, then you should buy enough to cover that . any good attroney is gonna check nexus to see what you have in a lawsuit . get enough to cover that

 

[CKN]

Originally Posted By: MasterSolenoid
I'm going to meet with my Insurance Agent tomorrow.
I need to discuss my 'current' coverage and see if I can drop/reduce any.

Currently I have:
Liability: Personal is 100,000/300,000/ Property is 100,000
Personal Injury Protection: (No-Fault) is 50,000
Uninsured/Underinsured: 100,000/300,000
Collision and Comprehensive: NONE

What bothers me is I have:
Basic Economic Loss (covers lost wages / I'm retired)
Additional Personal Injury Protection (don't know what this is)

I feel:
Insurance is for major expenses. I can self insure the small stuff.

I'm thinking:
1) Drop the Basic Economic Loss 'and' Additional Personal Injury Protection
2) Reduce Uninsured/Underinsured from 100,000/300,000 TO 25,000/50,000

Question: Anybody rely on their Auto Insurance to pay Medical Bills ?
That's what I have decent Health Insurance for

It's not really a matter of saving money, it's just cleaning up my Policy & coverage.
Not that it matters, but my next premium is $234 / 6 Months

If anyone has personal experience/regrets, please comment.
Thank you.


Master Solenoid



















This is "throw away money" for anybody that carries it. If you have medical coverage-and anybody who rides with you has medical coverage-it is indeed "double coverage".

 

[Leo99]

What state are you in? In NJ, your uninsured = your liability. They stay equal. My insurance company itemizes each line item.

Here is what I have:


Currently I have:
Liability: Personal is 500,000/500,000/ Property is 500,000 $468
Personal Injury Protection: (No-Fault) is 250,000 $138
Uninsured/Underinsured: 500,000/500,000 $145
Collision and Comprehensive: yes $347
Basic Economic Loss Don't have this
Additional Personal Injury Protection 10,000 $1

 

[Audios]

Id be careful cutting too much off the under/non insured motorist, a friend of mine dealt with this (NJ as well) and luckily had enough coverage. You be surprised at how much telephone poles cost to replace!!!

 

[azjake]

) Reduce Uninsured/Underinsured from 100,000/300,000 TO 25,000/50,000

Depending upon the difference in cost you may want to re-think reducing this.
Yes, your health insurance should cover you, but if you're seriously injured and have 100,000+
in medical bills what is the out of pocket using your health insurance? In today's world you can easily
rack up over 100,000 in cost especially if you need rehab for several months to get back on your feet.
Also if you are seriously injured you can't work and that means loss of a paycheck...

 

[Vern_in_IL]

Originally Posted By: azjake
) Reduce Uninsured/Underinsured from 100,000/300,000 TO 25,000/50,000

Depending upon the difference in cost you may want to re-think reducing this.
Yes, your health insurance should cover you, but if you're seriously injured and have 100,000+
in medical bills what is the out of pocket using your health insurance? In today's world you can easily
rack up over 100,000 in cost especially if you need rehab for several months to get back on your feet.
Also if you are seriously injured you can't work and that means loss of a paycheck...


Also helicopter evacs are not cheap! BTW what company has the best coverage when it comes to uninsured, under-insured? I'm capped at 100,000 with my agent. A college friend of mine is being sued because she rear ended this family, now one of the guys say they can't perform their job, and maxxed out the insurance. Now they are suing for millions.

 

[Imp4]

If you have any sort of net worth whatsoever, you should add an umbrella policy.
A $1 million policy can be had within the $500/year range.
Often this is a rider or supplement to your home owners policy.
Note that the issuing company may require you to maintain certain levels of home owners/automotive coverage in order to qualify for the umbrella.
This is money well spent for the peace of mind around protecting any sort of significant net worth.

BTW, this question is much more appropriate for a finance related forum. Try out Bogleheads.com forum for a crowd with much more comprehensive insight into this topic.

 

[vwmaniaman]

I have a State Farm policy on our home. We had a water line to the refrigerator break while we were on a 10 day vacation. What a mess. We were out of our home for 4 months. Cost them plenty. We have 2 cars insured with them and an umbrella policy. They require 500K/500K for the policy.

 

[JMJNet]

Check with "One State Beyond" to see what is the lower limit on those coverages?

 

[Indyvwhonda]

Based on the type of coverage you have I presume you are in NY...

I suggest keep 100/300k for the bodily injury and un/under (injury claims add up quickly)
Keep 100k property damage liability (Likely won't save much by lowering)
If you are indeed in NY Basic PIP 50k is required
You likely do not need additional PIP and Optional Basic economic loss

Yes, I have a background in insurance.

 

[MasterSolenoid]

Originally Posted By: Imp4
If you have any sort of net worth whatsoever, you should add an umbrella policy.
A $1 million policy can be had within the $500/year range.
Often this is a rider or supplement to your home owners policy.
Note that the issuing company may require you to maintain certain levels of home owners/automotive coverage in order to qualify for the umbrella.
This is money well spent for the peace of mind around protecting any sort of significant net worth.

BTW, this question is much more appropriate for a finance related forum. Try out Bogleheads.com forum for a crowd with much more comprehensive insight into this topic.


OP here,
Yes, I should have checked at Bogleheads first.
But they can be kind of Snobs, I'm more of a Get Hands Dirty Kind of Guy.

What I think I'm going to do is:
Remove any Lost Income benefit (I'm retired)
I considered an Umbrella Policy, but for me right now, I will:
Increase Bodily Liability from 100,000/300,000 TO 250,000/500,000

Thanks to all for your answers.


The Master Solenoid

 

[MasterSolenoid]

Op here,

Went to talk to Insurance Agent.

I ended up dropping the Lost Income Benefit (I'm retired)
and reducing the Personal Insurance Protection to $50,000 (I do have Health Insurance)

By doing that, I was able to increase my Bodily Liability from 100,000/300,000 TO 250,000/500,000
for only $5.00 more.

I asked about 1 million coverage for an Umbrella Policy and was quoted $140.00 for (1) year.
Sounds good and I will be getting that.

Hope this gets someone thinking.