Insurance coverage question
11-12-2022, 02:17 PM
#16
I just looked at my State Farm policy coverage page and I can see why the OP is confused. The page says "Uninsured Motor Vehicle Coverage" and "Underinsured Motor Vehicle Coverage" which gives the impression we are talking about property damage coverage but right underneath it says "Bodily Injury Limits". So it's saying when an uninsured or underinsured motor vehicle hits your car or hits you and injures you, you have $250,000 coverage per person or $500,000 coverage per accident. Again, nobody needs $100,000 uninsured motorist property damage coverage and I doubt any insurance company sells it because we all have collision and comprehensive coverage that pays for damage to your car.
Last edited by AlterZgo; 11-12-2022 at 02:28 PM.
11-12-2022, 02:24 PM
#17
Rennlist Member
Example, I googled that term for NY and got this: Uninsured Motorists Coverage
This mandatory coverage applies only in regard to bodily injury due to accidents occurring in New York State, and does not cover auto body damage to your car or damage to other property.
Last edited by Scott P; 11-12-2022 at 02:25 PM.
11-12-2022, 02:27 PM
#18
That doesn't make any sense. Do you have collision coverage? I assume you do. There is no limit to collision coverage. It pays for the full value of the car less your deductible regardless of who hits your car. Again, you do not need $100K uninsured property damge coverage because it doesn't matter whether the person who hits your car is insured or not since your collision covearge would pay for the repairs or the total loss value of your car. You only need your deductible covered which your uninsured motorist property damage coverage will take care of.
11-12-2022, 02:37 PM
#19
11-12-2022, 02:54 PM
#21
Thanks. Still not sure what the point is to have that coverage when we have collision coverage that pays for repairs to the car regardless of who hits it. It would be paying for double coverage for no reason whatsoever. I suppose it would be useful if one decides they don't need collision coverage and choose to just buy uninsured property damage coverage? That would be insane IMO.
11-12-2022, 03:24 PM
#22
Instructor
My suspicion is that somewhere in the fine, fine print some lawyer(s) have inserted some wording that says in effect first recourse for collision damage is AT FAULT driver/their insurance. If they have no/inadequate insurance your insurer will pay up to the stated limit. If YOU are at fault, your collision would pay. I strongly suspect there are terms/limits and conditions on collision coverage. OP's issue/concern which I share,is still valid. I'm guessing all this varies considerably based on State insurance provisions.
11-12-2022, 03:27 PM
#23
My suspicion is that somewhere in the fine, fine print some lawyer(s) have inserted some wording that says in effect first recourse for collision damage is AT FAULT driver/their insurance. If they have no/inadequate insurance your insurer will pay up to the stated limit. If YOU are at fault, your collision would pay. I strongly suspect there are terms/limits and conditions on collision coverage. OP's issue/concern which I share,is still valid. I'm guessing all this varies considerably based on State insurance provisions.
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Scott P (11-12-2022)
11-12-2022, 03:59 PM
#24
GEICO can do both uninsured and underinsured property damage in my state (SC) 250k, Amica can do 200k
Statefarm, Allstate, Progressive, nationwide do 100k for underinsured property damage and 250 for uninsured property damage.
I know that I have collision but I didn’t know why there was underinsured property damage limit.
Thank you all for the time.
11-12-2022, 04:05 PM
#25
RL Community Team
Rennlist Member
Rennlist Member
I’ve been with State Farm for over 30 years. I’ve had multiple claims in that time including auto and home. Two of my home claims were from natural disasters. Every single time they were awesome to deal with. I’ve been very pleased. My experience is across four different states, so it’s not agent dependent either.
I’ve been with them so long that I have several discounts built in. Anytime I’ve looked to change, the insurer I look at provides a nice teaser rate for the cars, but everything else is so much higher that my annual total is more expensive.
I’ve been with them so long that I have several discounts built in. Anytime I’ve looked to change, the insurer I look at provides a nice teaser rate for the cars, but everything else is so much higher that my annual total is more expensive.
11-12-2022, 05:02 PM
#26
A Personal Liability Umbrella Policy is meant to protect you from when you are liable for someone else's damages, not when an uninsured driver damages your property or injures you.
EVERYBODY on this forum needs to have an umbrella policy because we all have assets and/or make good money and we are targets for people who will sue us to get our money and assets. Buy your umbrella policy from State Farm or whoever you want, but get one. I have found State Farm's umbrella policy to be reasonbly priced. I think I pay about $400 for a $2 million umbrella policy which sits on top of my auto and homeowner's insurance policies.
If you don't have an umbrella policy and/or you have low liability limits for your regular auto policy and you accidentally hurt someone or a guest trips and falls in your house and they sue you, they very likely won't accept just your auto or homeowner's liability limits and will come after you personally. Attorneys do a great job manufacturing fake, expensive claims.
EVERYBODY on this forum needs to have an umbrella policy because we all have assets and/or make good money and we are targets for people who will sue us to get our money and assets. Buy your umbrella policy from State Farm or whoever you want, but get one. I have found State Farm's umbrella policy to be reasonbly priced. I think I pay about $400 for a $2 million umbrella policy which sits on top of my auto and homeowner's insurance policies.
If you don't have an umbrella policy and/or you have low liability limits for your regular auto policy and you accidentally hurt someone or a guest trips and falls in your house and they sue you, they very likely won't accept just your auto or homeowner's liability limits and will come after you personally. Attorneys do a great job manufacturing fake, expensive claims.
11-12-2022, 06:43 PM
#27
There are other types of insurance that takes care of your own injuries just as there are other types of cars that can transport big stuff.
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1BTD (11-12-2022)
11-12-2022, 07:19 PM
#28
What does one have to do with the other? You are very odd. To expect a personal liability umbrella policy to pay for your own injuries is akin to complaining that a 992 sucks because it doesn’t have a truck bed and you can’t use it to carry home a couch that you bought at a furniture store.
There are other types of insurance that takes care of your own injuries just as there are other types of cars that can transport big stuff.
There are other types of insurance that takes care of your own injuries just as there are other types of cars that can transport big stuff.
You’re young and not thinking about the real reason you have insurance, and that’s the unexpected. You don’t want a limited umbrella policy. You want an endorsement for underinsured And uninsured.
But in your space you have it all figured out so it’s good for you. Carry on.
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Scott P (11-12-2022)
11-12-2022, 07:32 PM
#29
Rennlist Member
What does one have to do with the other? You are very odd. To expect a personal liability umbrella policy to pay for your own injuries is akin to complaining that a 992 sucks because it doesn’t have a truck bed and you can’t use it to carry home a couch that you bought at a furniture store.
There are other types of insurance that takes care of your own injuries just as there are other types of cars that can transport big stuff.
There are other types of insurance that takes care of your own injuries just as there are other types of cars that can transport big stuff.
11-12-2022, 07:46 PM
#30
So your in a hospital after a really bad accident and your wife is staring at you and saying are you OK? And you’re like no I’m not OK I’m really hurt. She/He is looking at you saying so we have insurance to cover this right? and you’re saying yes, of course we have an umbrella from State Farm….
Guess what? they’re going to deny your claim and you get zero. And then you go to a lawyer like me and say, how can that possibly happen? I’ve been paying them for 20 years blah blah blah.