What is your opinion on adding 2-5,000 Medical Payments?

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PostPosted: Fri Jan 11, 2008 12:56 pm   Post subject:   

Sorry about that! Yes, 100k. I believe we were looking at about $200 a year for the medical. I don't want to be cheap but we're getting killed here in Florida with both auto and home owners insurance so I don't want to be wasteful either.

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PostPosted: Fri Jan 11, 2008 1:08 pm   Post subject:   

If you have good health coverage then I'd skip it! Smile



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PostPosted: Fri Jan 11, 2008 3:49 pm   Post subject:   

Quote:
We have raised our PD to 10,000 and BI to 100/300 leaving UIM at 25/50 unstacked. What is your opinion on adding 2-5,000 Medical Payments? We have very good health insurance.
Your carrier allows different BI and UMBI amounts. I always thought they had to be the same? Maybe I'll call my carrier about this to see if I can lower my UMBI.



Here is my perspective...



I think 50/100 on BI is a good lower limit. If 100/300 does not cost much more or if you can afford it, it might be the way to go. I think 100k PD is probably too much. Granted, having too much insurance is not a bad thing... I just think it's not needed. You always have to weight piece of mind and cost. If it's a few dollars more, then why not.
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PostPosted: Fri Jan 11, 2008 5:37 pm   Post subject:   

It was $22 additional per year for our 3 cars to increase from 50,000 to 100,000 PD. Roughly $7 a piece seems like a good investment. I think that's a coverage more people should consider getting. I've learned (and am continuing to learn) an awful lot through my researching this change of policy. This forum has been a tremendous help! Thanks to everyone.

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PostPosted: Sat Jan 12, 2008 10:41 am   Post subject:   

Quote:
Your carrier allows different BI and UMBI amounts. I always thought they had to be the same? Maybe I'll call my carrier about this to see if I can lower my UMBI.
Mine does too tcope my UM (which is required in my state) limit is about half what my BI limit is....



Clearly from the OP's example 100k PD was the way to go, wouldn't you agree? 100k may be too much, but as you said, rather too much than not enough....ESPECIALLY for 7bucks a year for an additional 50k, that one is a no brainer (IMO) ! Course some states, (seems to me from claim transfers etc) BI settlements seem both higher and more frequent...think it's LA whos statute of limitations on BI's is/was (when I was exposed regularly to that states claims) one year, so there was a suit filed in nearly every BI, presumably driving their bi's higher....50/100 is certainly better than 25/50, but I still think I'd feel a whole lot better w/100/300....


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PostPosted: Wed Jan 16, 2008 12:09 am   Post subject:   

Lori, what do you think about $300,000 single limits ?



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PostPosted: Wed Jan 16, 2008 12:44 am   Post subject:   

Jake do you mean for a BI limit? can you get a single amount in your state? or do you mean 100/300 (100 per person 300 per accident?)...That's what I have on the daughters vehicle, and I think on one of ours....or do you mean the PD limit? that would be a lot, but can't hurt...I personally carry 100k on PD



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PostPosted: Wed Jan 16, 2008 3:11 am   Post subject:   

Quote:
Jake do you mean for a BI limit? can you get a single amount in your state? or do you mean 100/300 (100 per person 300 per accident?)...That's what I have on the daughters vehicle, and I think on one of ours....or do you mean the PD limit? that would be a lot, but can't hurt...I personally carry 100k on PD




Basically with $300k single limit (covers BI and auto), you are'nt limited to $100k per person. You can get the full $300k if the accident calls for it. Least that's the way it's written here in Georgia.


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PostPosted: Wed Jan 16, 2008 10:04 am   Post subject:   

really? so are you saying you have 300k (single limit) and that is to cover both the vehicle (you damage) and any injuries ( you are responsible for) per accident? Is that right? As long as the total of both physical and bodily damage don't go over 300k you're protected? Well, I've never heard of that Jake, thanks for that info....That being the case, I'd say that's a "decent" limit of protection.



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PostPosted: Wed Jan 16, 2008 10:58 pm   Post subject:   

Quote:
really? so are you saying you have 300k (single limit) and that is to cover both the vehicle (you damage) and any injuries ( you are responsible for) per accident? Is that right? As long as the total of both physical and bodily damage don't go over 300k you're protected? Well, I've never heard of that Jake, thanks for that info....That being the case, I'd say that's a "decent" limit of protection.




I verified this with a co-worker to make sure, but yes, that's basically what it is. Perhaps check with your underwriters to see what they have. I have not cross checked this for all insurance companies.


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PostPosted: Thu Jan 17, 2008 10:50 am   Post subject:   

I'm betting this is a state deal...not available here (MO)...great information!



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PostPosted: Mon Apr 13, 2009 7:38 pm   Post subject: Stacked UM Coverage  

I have only one car under my auto policy. Currently have PI at 100k/300k and UM stacked at 100k/300k. The premium for the stacked UM is $100 a year more than unstacked.

The question I have is that this seem high and not sure if I need the stacked coverage with only one vehicle.



Thanks

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PostPosted: Tue Apr 14, 2009 9:00 am   Post subject:   

Sorry, but I'm not sure if staking of UM coverage is possible with only one car. Staking can be done when you are insuring multiple cars under a policy and purchasing UM coverage of each. Then in some states you are allowed to seek coverage from each of these coverage if damages exceed the policy limit of one.



Which state are you from? What is the state minimum in your state? We need these information to form a better reply.

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PostPosted: Wed Apr 15, 2009 11:11 am   Post subject:   

Quote:
The question I have is that this seem high and not sure if I need the stacked coverage with only one vehicle
Sorry GMAC, I'm with Simon, I don't see how it's even possible to purchase 'stacking' with one vehicle, what would you stack it with? Please provide additional information including your state.


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PostPosted: Wed Apr 15, 2009 10:38 pm   Post subject:   

Quote:
you'd recommend keeping the stacking option. She said that if you have good medical insurance that they would step in and cover the balance so she thought stacking was not necessary. Does that seem a logical way to think about it?
well sure, I still don't understand how you can even exercise a stacking option with one vehicle...if my state allowed stacking and it was pretty cheap (and it would have to be pretty cheap) then I would certainly opt for it...but not at a high rate


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