Do you have enough uninsured / underinsured motorist coverage?

[Slopoke]

wow you just put into perspective the huge risk i've been taking... there's a saying that when your neighbors bear sets on fire, put yours in water. I'm going to call my insurance Co today. I too am of the minimum insurance groups. I do have a badass health insurance through work though. Will ask questions prob the extra cost is a no brainer.. just like the $30 extra i pay a year for air-lift coverage.

BUT before i do that, i want to offer my help. I don't know what sort of help you need, but if it can alleviate your burden on you and your family with a chore here and there i'd be more than glad to. Just shoot me a pm and ask without shame. I know from personal experience that a little help goes a big way. Your story sucks, its a nightmare that nobody deserves to be put through. Message heard loud and clear.. specially when i have a wife with kid on the way.

Wow! Thanks for the offer of help! But at this stage in my recovery, I'm able to do most things around the house, my daughters boyfriend does my yard and my wife and two daughters take care of all the other things that I can't do. I also have a brother, friends that are close to me that have offered and given their help. So thank you very much for your offer of help, but we have most everything under control.

 

[ThumperX]

Well that all depends on how much the person has for coverage. The insurance payment from the person who hit me was $15,000 total. That's how much liability coverage he had and he has no assets, so there is nothing to gain by going to court. So the rest is going to come from my insurance.

And if you don't have medical insurance the balance comes out of you.
As for "stacking"
Usually if you have medical insurance your UM coverage will go to pay the medical costs back to the carrier of your medical policy.
For instance:
Say you have Kaiser:

You are involved in a major injury crash.
The person that hit you is 100% at fault.
They are uninsured
Your UM will pay Kaiser back within your limits

Say they have insurance but it's the state minimum 5/15
Your bill is $60K
Your UM will pay Kaiser the balance after the $15K is applied.

It gets very tricky when you have a huge bill AND missed work because insurance companies are much better than you at getting their money back.

 

[russ69]

Guys, this is a good reminder to make sure that you have enough insurance to cover YOUR costs. That is what insurance is, you are protecting your assets. This is important stuff for you 25-55 year olds. Even with good insurance and no money coming in, a lot of people could be in huge financial trouble because of a serious disability. Make sure you have some money saved up for a rainy day.

 

[NoneMoreBlack]

For instance:
Say you have Kaiser:

You are involved in a major injury crash.
The person that hit you is 100% at fault.
They are uninsured
Your UM will pay Kaiser back within your limits

Say they have insurance but it's the state minimum 5/15
Your bill is $60K
Your UM will pay Kaiser the balance after the $15K is applied.

It gets very tricky when you have a huge bill AND missed work because insurance companies are much better than you at getting their money back.

Not to beat a dead horse here, I am very much a novice in these matters.

So say I have 100k in UIC, and my medical bills total $150k; the other party is uninsured and has no assets. I do have health insurance (as it so happens, Kaiser). My UIC coverage pays out the full limit to Kaiser, which really has no impact on me either way since my medical expenses are covered after I pay out of pocket up to my maximum annual deductible. In this scenario, since there is no leftover money in my policy, I get nothing for lost wages, suffering, etc. Correct?

 

[Slopoke]

Not to beat a dead horse here, I am very much a novice in these matters.

So say I have 100k in UIC, and my medical bills total $150k; the other party is uninsured and has no assets. I do have health insurance (as it so happens, Kaiser). My UIC coverage pays out the full limit to Kaiser, which really has no impact on me either way since my medical expenses are covered after I pay out of pocket up to my maximum annual deductible. In this scenario, since there is no leftover money in my policy, I get nothing for lost wages, suffering, etc. Correct?

I do believe you are correct. There will not be any monies left over for your pain and suffering or other things.

 

[ThumperX]

Not to beat a dead horse here, I am very much a novice in these matters.

So say I have 100k in UIC, and my medical bills total $150k; the other party is uninsured and has no assets. I do have health insurance (as it so happens, Kaiser). My UIC coverage pays out the full limit to Kaiser, which really has no impact on me either way since my medical expenses are covered after I pay out of pocket up to my maximum annual deductible. In this scenario, since there is no leftover money in my policy, I get nothing for lost wages, suffering, etc. Correct?

This is one of these dicey slippery slope things. Often, I suggest a consultation with an attorney before you sign anything. Sometimes there is hidden insurance that the at fault driver may not know they have in the form of umbrella coverage.

I recently went from a 100/300K Liability to $500K. For a long time coverage wasn't offered beyond $300K without an umbrella policy.

 

[KooLaid]

I max mine out on every option possible. It's too tiny of a difference for hugely greater coverage

 

[NoneMoreBlack]

This is one of these dicey slippery slope things. Often, I suggest a consultation with an attorney before you sign anything. Sometimes there is hidden insurance that the at fault driver may not know they have in the form of umbrella coverage.

I recently went from a 100/300K Liability to $500K. For a long time coverage wasn't offered beyond $300K without an umbrella policy.

Yeah, I think the only sensible thing for me to do is call both my health provider and my moto insurer and talk through these points with them.

Thanks for the help guys.