Mlaw's Public Service Announcement--Auto Insurance

Discussion in 'The Howard Stern Show' started by Mlaw, Feb 6, 2016.

  1. Mlaw

    Mlaw Quite Contrarian VIP Gold

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    Anyone who owns a car, or lives in a household with cars, should have auto insurance, it's a no-brainer right? Well there are different types of insurance, and different amounts. Most people think about insurance as it relates to damage done by them. However, you should be especially concerned about coverage for when you are injured by someone else's negligence.

    In addition to liability coverage in an amount that exceeds the value of your assets, make sure you buy:

    the maximum amount of PIP (personal injury protection) coverage--DO NOT TAKE A DEDUCTIBLE
    MEDPAY (medical payments) again no deductible
    UI (unisured/underinsured) coverage. You should have at the very minimum $100,000/300,000--in benefits, I recommend $500,000/1,000,000

    UI provides benefits to you, or members of your household who are injured as the result of someone without insurance, or with insufficient insurance. Every owner of a policy should buy it. You can't use someone else's policy (generally) if you own your own.

    Every state is different, but it's critical that you examine your policies to make sure that if the unthinkable happens, you will able to recoup your lost wages, medical bills, and pain and suffering.

    :hat:

    [​IMG]
     
    Last edited: Feb 6, 2016
    XuXu, Snort, seƱor pedro and 6 others like this.
  2. AmishGirl

    AmishGirl Well-Known Member VIP

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    I'll have to check mine.
     
  3. Lance Murdock

    Lance Murdock Well-Known Member

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    um/sum is critical but you can't have your um/sum be higher than your liability which sucks
     
  4. synch22

    synch22 Well-Known Member

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    Question, if you get a $1 mil umbrella policy, can you reduce some of your auto coverages?
     
  5. Mlaw

    Mlaw Quite Contrarian VIP Gold

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    Often times the Umbrella will require a certain minimum on your auto policy --usually 100,000/--and many Umbrellas don't cover UI claims
     
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  6. synch22

    synch22 Well-Known Member

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    Thanks will review my limits per your post.
     
  7. Mlaw

    Mlaw Quite Contrarian VIP Gold

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    It's well worth it
     
  8. Birddog

    Birddog Well-Known Member

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    This is exactly why I recommend to my customers increasing all underlying limits to 1 million and then purchasing an umbrella on top of that if needed.
     
  9. Mlaw

    Mlaw Quite Contrarian VIP Gold

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    The other thing to consider, generally you can't "stack" coverage, which means if you get in an accident with someone who has $20,000 in coverage, the first $20,000 in UI coverage is offset---so if you have a $100,000 policy, you can get only $80,000
     
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  10. Turtle Man

    Turtle Man Hello Darling Gold

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    I enjoyed the little picture of fake cars crashing
     
  11. Mlaw

    Mlaw Quite Contrarian VIP Gold

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    Uninsured/underinsured coverage costs insurance companies a lot of money when they have to pay it out. Most claims must go to arbitration, so they aren't costly like litigation is, so they don't want you to buy it
     
  12. XuXu

    XuXu Well-Known Member

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    Don't forget about full tort.
     
  13. HS Cult Leader

    HS Cult Leader Elite Member Gold

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