Uninsured motorist insurance.

Discussion in 'Touring Models' started by horizonchaser, Apr 28, 2011.

  1. horizonchaser

    horizonchaser Senior Member Contributor

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    I recall reading on this forum some strong recommendations for having at least $100,000. uninsured motorist insurance. I have the standard 20k-40k coverage and I thought that would be enough. I have pretty good medical insurance at work so I am thinking why should I go for the extra expense of adding more coverage? Can you please convince me of the benifits of doing that when I already have insurance? I feel like I am making a mistake by only having the basic uninsured motorist coverage on my bike. Thanks.
     
  2. Mavagrand

    Mavagrand Senior Member

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    I don't carry uninsured b/c I have medical insurance through my job. It's been my experience UM only kicks in after your other policies have paid and, even then don't cover what you'd expect. Hear in Florida UM can double a premium so I don't carry it. Be interesting to see some responses to this post.
     
  3. TopSgt

    TopSgt Member

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    In Texas we have many people who drive without license or insurance. If they hit you they leave. The cost of everything is then yours to pay. Vehicle, medical, lost wages, passenger lawsuit, and whatever. I have heard of family and friends filing a law suit and telling the rider/driver "I don't want to do this but I have bills from the accident and medical cost and my lawyer says you are the only one we can find to sue." I don't let anyone ride in my truck or on my bike. I still carry lots of unisured motorist insurance.
     
  4. TXMikey

    TXMikey Junior Member

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    TopSgt makes a lot of good points. There can be a lot of expenses that you may not think of until after you need the coverage and don't have it. Yes, your health insurance at work may cover your medical bills, but what if you are injured seriously enough that you cannot work and lose your job? Will you get to keep your health insurance if you are unemployed? What about lost wages, your deductible and copaayments on your health insurance, or other expenses you may have? What if you have to hire someone to take care of your household, which would not be covered by any health insurance, or you have to go into long-term care such as a nursing home? Health insurance typically doesn't cover that.

    For full disclosure, I work as a claims adjuster and have handled injury and fatality auto and motorcycle claims for 25 years. There's not a week that passes that I don't see a claim here in Texas where the at-fault person has no insurance, or too little insurance. Like TopSgt said, many of them simply get out of the car and run away when they have an accident.

    Yes, auto insurance is very expensive, and many people cannot afford any more than the minimum limits. Unfortunately, these are the same people who most need the higher uninsured motorist limits. I have to pay those same high rates; I don't receive any discount for working for the insurance company.

    Another thing to consider: If your health insurance pays for medical bills incurred in a motor vehicle accident, they are going to expect to be reimbursed those expenses out of any liability settlement you might receive from an at-fault person's liability insurance. Their expenses could easily exceed the available limits if the at-fault person only carries the state minimum. Here in Texas that is 30/60/25. ($30K BI per person, $60K per accident, $25K property damage). If there are 3 people seriously injured, that $60K limit isn't going to go very far.

    One recent claim I've seen in the past week has a $56,000.00 hospital bill for an overnight stay. That doesn't include any of the doctors' expenses; only the hospital. The at-fault person only has a 30/60 policy. Fortunately, the person carried uninsured motorist coverage, PIP, and health insurance to help with the bills, but none of those will be able to cover his lost income while being on disabilty except for the uninsured motorist coverage.

    For older riders who may receive Medicare benefits, if they pay for any medical expenses from a motor vehicle accident they expect to be paid back. In fact, a recent Federal law requires insurance companies to report all injury claims to Medicare so they can determine if there's any funds they can recover. Failure to repay them can be a criminal offense for the person receiving the benefits.

    I'll get off my soapbox now. Do I think uninsured/underinsured motorist coverage is important to carry? YES. Do I carry more than the minimum limits? ABSOLUTELY.

    Just remember, there are more expenses when you are hurt in a MVA than just the medical bills.
     
  5. kemo

    kemo R.I.P

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    It seems to me that if you are caught in Ontario with no insurance the max fine is $5000.
    Ken
     
  6. horizonchaser

    horizonchaser Senior Member Contributor

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    Thanks everyone for some really good points. As much as I really dislaike paying insurance ( any insurance!), I will up my policy from 20-40K to 100k-300K. I can't bump it up any higher without an umbrella policy, that's what my agent tells me anyway. So I told her to giver me the 100-300k policy. What's not so bad about this is that it will only cost me an additional $50.00 a year for that cheap insurance. You see I drop all of my MC coverage from Nov. through April because I don't ride here in the Northeast during those months. That in turn reduces my full coverage from roughly $430.00 to half that amount, which is pretty reasonable I think. Again, my thanks to all and lets hope that none of us ever have to use our dang insurance because filing a claim is never a good thing!
     
  7. fin_676

    fin_676 Experienced Member Staff Member Moderator Contributor

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    In the UK insurance is mandatory on all vehicles and if a vehicle is found on the road with no insurance then it can be seized and crushed all occupants of the vehicle will be left at the roadside
    due to the integration of driver vehicle licensing agency with central insurance databases and automatic registration number reading equipment in police cars the on board computer in the police car will alert the officer to a vehicle violation so they don't even need to check just pull you over and take your vehicle
    All medical expenses are paid for through national insurance contributions which pay for a national health service so those that work and pay their taxes pay for everyone in the country

    Brian
     
  8. Jack Klarich

    Jack Klarich Expert Member

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    IMO as long as the Insurance Companies pay to be Lobbyists Insurance is not going to get any cheaper. That said I would carry as much as your budget can afford, you never know when you may need it, one more thing way back and I mean way back in civics class we were taught it was a crime to drive with out a license and insurance:s
     
  9. horizonchaser

    horizonchaser Senior Member Contributor

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    Yeah but that only applies to the law abiding citizen! :)
     
  10. R_W_B

    R_W_B Senior Member

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    I read each reply and they just about covered it. I can only add that I used to not buy uninsured coverage for all my younger life because it can substantially increase the premium amount. However in 1996 a guy ran a red light and hit me on the driver side right at the door. We were both in cages, me in my little Ford Ranger and him in his big heavy old Buick.

    The Buick tried to come inside the cab with me. Crushed the whole driver side of my cab, bent the front axle up against the engine block, ripped the clutch peddle thru the floorboard and almost got my left foot in the process, but luckily just scraped and cut it up some. Witnesses said my head flopped out thru my window and bounced back up off his hood. That cut my left ear off (they sewed it back on). The impact broke the 7th verterbra in my neck and left me with pain that gets worse the older I get. The past few years I don't sleep very long at a time before I wake up in pain and have to change positions.

    The guy that hit me had the State minimum insurance. It did not cover all my medical bills but fortunately I had enough PIP coverage on my policy to pay those and my lost wages. I say 'enough' since I went back to work in 8 weeks as soon as they pulled the cast off my neck. If I had been disabled longer it would have been another story. But there was no more money left for my physical therapy so they taught me how to do that myself at home. My right arm was partially paralized and it took me 6 months to get a close to normal strength back to it. But I got nothing for the injury or any future costs that may come. The doctors tell me I now need a vertebra fusion to stop my pain. My lawyer told me he could have gotten me an easy 100 grand for my injuires if I had underinsured motorist but I did not at the time. That money would pay for the operations I need.

    I do buy uninsured and underinsured coverage ever since that accident. Will it ever pay off. I honestly don't know. It's a decision each person has to make. But just thought I would let you know what the results were for me when I chose not to have it.