We currently have 50/100 bodily

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PostPosted: Thu Jan 10, 2008 1:00 pm   Post subject: We currently have 50/100 bodily  

We currently have 50/100 bodily injury with 25/50 UIM stacked (3 cars). Our insurance agent recommends we go to 100/300 bodily and 25/50 unstacked because our personal health insurance would step in if it was over the amount. We want to keep our premiums down but don't want to be foolish either. Also, does the stacked cover loss of wages or just medical? Thanks for any insight you can give me!


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PostPosted: Thu Jan 10, 2008 1:09 pm   Post subject:   

Quote:
Also, does the stacked cover loss of wages or just medical?
yes, but it's not the ''stacking'' that covers it, (loss of wage) rather the coverage UM...I agree your BI limits are too low! That covers the injury you cause another...the UM covers you and your occupants and residents....why don't you see what the difference in premium is between the stacking option of 25/50 (times 3) and raising your UM coverages on all three to 50/100 or 100/300 without stacking.....


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PostPosted: Thu Jan 10, 2008 1:55 pm   Post subject: stacked/unstacked  

Raising our BI to 100/300 and leaving UM at 25/50 unstacked is about $100 more per year than having our BI at 50/100 and UM 25/50 stacked. Does that sound like the best way to go? Also, it seems that the BI and UM would not effect each other. I don't understand why upping the BI and unstacking the UM would balance out to a similar coverage. Are the 2 related?


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PostPosted: Thu Jan 10, 2008 1:59 pm   Post subject:   

Quote:
Also, it seems that the BI and UM would not effect each other. I don't understand why upping the BI and unstacking the UM would balance out to a similar coverage. Are the 2 related?
No they are not related at all, with the possible exception that your state required you to carry both...take the bi limit change totally out of the equation, because frankly you need to do that anyway...THEN make the comparisions I mentioned...I think you agent is trying to help you defray the cost of raising your bi limit by dropping your stacking option...which is a good option....check your deductibles, on collision and comp coverage, you'd be surprised how much you can save by raising them from say 250 to 500 or 500 to 1000.00


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PostPosted: Thu Jan 10, 2008 2:03 pm   Post subject:   

So, if I'm understanding you correctly, 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?

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PostPosted: Thu Jan 10, 2008 2:08 pm   Post subject:   

I'm not recommending keeping or getting rid of the stacking option...which ever suits your life...she's right your health carrier will pick up ''medica'' bills from an injury sustained by an uninsured driver, no loss of wage though.....or pain and suffering which UM also covers...so you will have to think about that....really whatever is best for your family....only thing I am recommending for sure is to increase your BI limits...do you know (while wer're at it ha ha) what your PD (property damage) limits are? The too (IMO) should be 100k....gotta run to work now, will check thread again tonight or tomorrow am...hope we were helpful!



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PostPosted: Thu Jan 10, 2008 2:09 pm   Post subject:   

I did just compare the figures for 25/50 stacked and unstacked. It's about $200 /year total for our 3 cars. Would you go with stacked then? We currently have our deductable at $500 so we have looked at that approach too.

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PostPosted: Thu Jan 10, 2008 2:15 pm   Post subject:   

Our PD is at 50,0000. I appreciate any input you have on that too. You've been a HUGE help! Thanks so much.

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PostPosted: Thu Jan 10, 2008 2:32 pm   Post subject:   

I really forgot what the original question was, but something caught my attention - "STACKED" or "UNSTACKED".



Remember, somewhere else in this forum, I made the comment - "There is no such thing as a dumb question". So, I will ask one -



What do these terms mean? I have been in the insurance business for a number of years and I have never heard them before.



Sorry, I haven't yet made a contribution to the actual post.



We recently paid a claim in the amount of $ 8,500 for a telephone pole!

What does a 2008 Lexus cost? How about a $ 250,000 motor home?



Sometimes I think people think $25,000 or $50,000 in Property Damage Liability is more than they really need. With most companies, we can get $100,000 or $300,000 for very little extra premium dollars.



If I were a homeowner, with at least two vehicles, I would have no less than $300,000 CSL. In fact, I would place a $3 Million umbrella policy on my homeowners. When people take other people to court these days, they are after blood!



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PostPosted: Thu Jan 10, 2008 2:45 pm   Post subject: stacked/unstacked  

If a policy is stacked, the amount covered is multiplied by the number of cars that are covered. With 25/50 stacked and 2 cars on the policy, you would actually have 50/100 UM coverage. With 3 cars it would be 75/150.

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PostPosted: Thu Jan 10, 2008 2:48 pm   Post subject: Property Damage  

You've made an excellent point on the property damage coverage. I cringe to think of how we could be devestated by an opportunistic suer. Thanks!

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PostPosted: Thu Jan 10, 2008 11:19 pm   Post subject:   

One thing to rememeber, UIMBI/UMBI does not _only_ address medical bills. What would address the loss wages. What about pain and suffering. Is having a few cracked ribs or major surgery and being laid up in a bed worth just having your medical bills paid? What about someone taking care of your day to day activities (such as cleaning, etc)?



Also keep in mind that being underinsured for liability is not as simple as having limits high enough to cover whatever might happen. Most assests cannot be touched and as long as a person has decent limits, the other part will usually just take what is there (in the worst case senerio).[/justify]

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PostPosted: Fri Jan 11, 2008 11:31 am   Post subject:   

Quote:
Our PD is at 50,0000. I appreciate any input you have on that too. You've been a HUGE help! Thanks so much.
I'm gonna guess that your comma is correct and your zero's are not, meaning 50k in coverage... Wink (I'm the queen of typo's so not slammin' you....just clarifying!) Personally I wouldn't have less than 100k....think about this , you (or your teenager) for whatever reason, side swipes a couple of cars, then maybe runs into a house...you think 25 or even 50k is gonna cover that? maybe...but I doubt it....and shoot you total a new car, even a GM or Ford, and you're talking over 20k...scary when I see low pd limits...as an adjuster I tell people (even when I'm working their coll/comp claim) ''hey, just to let you know you have 10k pd limits...and I just want to make sure you understand what that means''....



tcope is right ''most of the time''
Quote:
the other part will usually just take what is there (in the worst case senerio)
However I have seen excess judgements, with the insured's pay check having a garnishment on it for the rest of their lives (probably) to pay this excess...



Not sure tcope about this...what do you mean? or where did this info come from I've never heard this (sure don't mean it's not true! Rolling Eyes I'm routinely wrong or learn something new daily)
Quote:
Most assests cannot be touched and as long as a person has decent limits
What would the 'most assets' and ''decent limits'' mean, if it's an excess judgement then even decent limits would be insuffiencent right? straighten a girl out would ya?



Quote:
I have been in the insurance business for a number of years and I have never heard them before.
Ins Maze all states don't allow stacking (UIM and UM are the ONLY coverages I've ever heard that allow stacking by the way)....some do some don't some states allow you to be charged a premium for the 'option' of stacking some (most i think) if they 'allow' stacking it is simply a law and no premium is charged...I'll bet either your home state doesn't allow it or you've been lucky enough to not have any claims in your agency that exceed your clients original um/uim limit.... Wink


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PostPosted: Fri Jan 11, 2008 12:26 pm   Post subject:   

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.

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PostPosted: Fri Jan 11, 2008 12:50 pm   Post subject:   

Quote:
We have raised our PD to 10,000
Now, you're just trying to give me a stroke aren't you! LaughingVery HappySurprised you mean of course 100k right?
Quote:
What is your opinion on adding 2-5,000 Medical Payments? We have very good health insurance
. Well, it's not a necessity if you have good health coverage, however if your state allows 'double dipping' (meaning you get to keep it and not refund it to your health carrier) it can be a sweet deal Wink BUT in my area anyway (MO) medpay coverage (premiums) are really really high anymore, and I dropped it from my policys.


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