Who knows auto insurance? Ins outs loopholes

[bluex]

I see alot of confusion and lack of understanding about auto insurance. As it is a significant expense with even more significant ramifications attached, for any law abiding person, it pays to get oneself at least a working knowledge of your policy’s and what they cover and what you donor don’t need, as well as understanding of how others policies can benefit or hurt you. (Like the state min coverage and how to defend against that)
Furthermore, insurance companies are a retail business and they make money on sales. The more policemen the more adders they can sell you, the more $ they make. They don’t make jack **** selling state min coverage liability policies because these are the highest risk customers. They make $ selling adders like UIM BI and PD, BI polices, towing and service packages, more liability coverage than you need, etc.
UIM is a sham because you have to have full collision to get UIM. So now you have 2 coverages for the same thing (your cars damage) and the only difference is UIM is zero deductible. So you pay $150 per term for UIM and after 2-4 years you’ve paid more than your deductible would cost to use collision coverage.
BI for self? Like UIM, if you have normal health insurance, you’re only gambling your health ins deductibles and co pays to get your injuries fixed. And if it’s serious you probably ain’t got enough BI to cover it anyways.
All food for thought.
Not only is coverage expensive, but so is getting hosed by not knowing what’s covered and what isn’t.

I'm going to disagree with you on the BI coverage. It is to help reimburse you for co-pays, deductibles, an things your health insurance doesn't cover once they find out the injury is from a auto accident an they want reimbursed.

Also the under/uninsured is very helpful on a serious accident with multiple occupants as those coverages can be applied for medical issues also. With the current costs of vehicles an medial the state minimums are a joke an won't cover anything really.

OP go get a auto injury lawyer. This is a complicated incident with multiple vehicles/people/policies and you'll need experienced help. I've been there an ya they take a cut but overall you'll come out better in the end. The insurance companies are not going to treat you fairly, not even your own, you need someone on your side....

 

[Grit dog]

I'm going to disagree with you on the BI coverage. It is to help reimburse you for co-pays, deductibles, an things your health insurance doesn't cover once they find out the injury is from a auto accident an they want reimbursed.

Also the under/uninsured is very helpful on a serious accident with multiple occupants as those coverages can be applied for medical issues also. With the current costs of vehicles an medial the state minimums are a joke an won't cover anything really.

OP go get an auto injury lawyer. This is a complicated incident with multiple vehicles/people/policies and you'll need experienced help. I've been there an ya they take a cut but overall you'll come out better in the end. The insurance companies are not going to treat you fairly, not even your own, you need someone on your side....

One could literally inspire themselves against or for about everything imaginable. And your ins co could send you a fruitcake every Xmas.
It depends what other coverages you have. If you have really schitty health insurance with high deductibles and limited coverage like maybe some low income program provided by the state then I may agree with your view.
Although in that situation, anyone at the poverty level isn’t driving around a car with full coverage and ala carte coverages on their state minimum policy. They’re (or I’m ) lucky if they’re insured at all.
But I haven’t seen any “normal” employer sponsored or good marketplace insurance that can or does limit coverage based on the cause of injury.
ASSUMING you have normal/decent health coverage, UIM BI is the same waste of money. And UIM PD is as well because again, you’re only gambling your collision deductible.
Example, I insure an avg of 6-7 cars (although the squares and old Jeep are not much of this equation). Say 4 cars and UIM PD is $40/car. Thats $320/year. My deductible is $1000. So I’d have to get a car wrecked by an uninsured driver more frequently than every 3 years to make UIM PD a good financial decision.
Fortunately I haven’t proven myself wrong and hope not to. But even if it happened I wouldn’t be spending much more. Whereas if you take the coverage you’re spending it guaranteed with the same unlikely chance it will pay off.
That is small $ but add in UIM BI, high medical coverage, towing, super duper rental reimbursement and a host of other coverages that you’re unlikely to use, even though individually they’re cheap pretty soon you’re adding a couple hundred $ per vehicle every 6 months.
I’m also selective on what I insure. Sure it could bite me, but the law of averages says if I launch 1 uninsured $10k Snomobile off a cliff accidentally but haven’t been paying $700/year for 3 sleds for the last 30 years, I can absorb that $10 k pretty easily and saved $20k over the years.
But I insure the boat because it’s a higher risk and the insurance cost vs replacement value is far less than

 

[bluex]

I get what your saying 100%, but you also have to be disciplined enough to put your "savings" up an be your own insurance at that point. 98% of people in this country won't do that.

My example is, your stuck in the car at the wreck for 45 mins an have to be cut out. The time and extraciation automatically triggers a lifeflight by ems protocol. That helicopter ride is $68k an your health insurance will 100% deny it with no exceptions because it was due to an auto accident. They will also deny the next one when you are suspected of and showing all the signs of a stroke, because the head injury that caused it was from that auto accident. There went nearly $150k in 2 weeks. Who can cover that on their own? Your state minimums definitely wont. We won't even tack on the hospital stays, ambulance fees, tests, scans etc...

People please check with your health coverage about how that would work for you as every plan is different. Don't get hit with a surprise reimbursement bill once they find out someone else is to blame. It depends on how your plan is setup an your states laws on if they can request repayment when they have covered stuff due to an accident.

 

[Sad Sack]

@Ricko1966

How ya holding up dude?