I have always carried UM coverage. The cost continues to escalate. I am in FL, carry 250/500 liability, and the UM portion of my premium is now almost 50% of the total bill. My renewal with Progressive is $833 for 6 months, so the UM is about $400 of it.
I have been trying to do a deep dive into what I am really getting for that. It really seems like almost all of it is duplicate coverage.
- Spouse and I are retired so lost wages coverage is not an issue.
- We are both on traditional Medicare with plan N supplements so our medical costs are well covered.
- UM in Florida does not cover property damage so that is a non issue. We always carry collision anyway.
- Regarding pain and suffering recovery, in FL it requires permanent disabling injury to get a judgement.
In the case of a really bad accident with an UM, the UM coverage would be the first to cover all medical. I can easily see where that coverage would be fully expended before you even got to covering pain and suffering damages. Without the UM my Medicare would cover all the medical anyway.
Also, I have personally seen many situations where people have been injured in a car accident and they have to constantly fight with the auto insurance company to approve medical procedures, rehab, etc. leaving me with the impression that you would be better off just having your medical insurance (Medicare for us) cover the care.
So what am I missing? Has anyone here in a similar situation dropped UM?
I have been trying to do a deep dive into what I am really getting for that. It really seems like almost all of it is duplicate coverage.
- Spouse and I are retired so lost wages coverage is not an issue.
- We are both on traditional Medicare with plan N supplements so our medical costs are well covered.
- UM in Florida does not cover property damage so that is a non issue. We always carry collision anyway.
- Regarding pain and suffering recovery, in FL it requires permanent disabling injury to get a judgement.
In the case of a really bad accident with an UM, the UM coverage would be the first to cover all medical. I can easily see where that coverage would be fully expended before you even got to covering pain and suffering damages. Without the UM my Medicare would cover all the medical anyway.
Also, I have personally seen many situations where people have been injured in a car accident and they have to constantly fight with the auto insurance company to approve medical procedures, rehab, etc. leaving me with the impression that you would be better off just having your medical insurance (Medicare for us) cover the care.
So what am I missing? Has anyone here in a similar situation dropped UM?
Statistics: Posted by MyTurn — Tue Jan 23, 2024 5:00 pm — Replies 15 — Views 752
