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whizkon | Auto Insurance - Uninsured/Underinsured? |
I have auto insurance coverage. I understand the various coverages included in the current policy. 1)Liability a)Bodily Injury b)Property Damage 2)Personal Injury Protection (madatory in MN) 3)Comprehensive 4)Collision 5)Uninusred
6)Under Insured.
Question is can I cancel Uninsured and Under insured coverages? What are the pros and cons ? Ours is a no-fault state
Even If I do not have uninsured/under insured, am I supposed to be covered under my own liability ceverage ? |
 |
 
MSAD
|
You are not covered under your liability coverage. You can't be liable to yourself. You can't go to the court house and file a law suit against yourself. You can't garnish your own wages to pay yourself for a judgment.
You can cancel Uninsured and Under insured. But it's incredibly stupid to do so.
Uninsured -- If you get hit by someone who does not have insurance (and there are a whole lot of them) then your policy picks up to pay what the other person's policy should have.
Under-insured -- if you get hit by someone - they have insurance but your injuries are so bad they do not have enough insurance to pay for your entire claim, your policy will pick up and pay up to your Under- insured limit.
Again, I highly recommend both. Even if you just have them at state minimum limits -- that's better than not having either at all. |
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fighting saints
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Ah, MN my beloved home state.
Not to be rude, but IF you are thinking of canceling the uninsured coverage (UM) and/or the Under Insured coverage (UIM) to save a few bucks then you really don't understand the coverages on your policy.
There are NO pros to canceling the coverage even if you are allowed to.
I need to make sure that you understand what the phrase "no-fault" means in MN. It does NOT have anything to do with determining who is at-fault for an accident. MN follows Comparative Negligence Laws which allow both drivers in an accident to be found partially at fault.
The ONLY thing "no-fault" refers to in MN (and every other state but MI) is that your own auto insurance must pay your accident related medical bills regardless of who is at-fault.
Also, you are in NO way covered under your own liability policy for any injuries you receive. The liability portion of your policy ONLY covers the people that you injure when you are at-fault for an accident. It will not cover your injuries or med bills in any way, regardless of who is at-fault for the accident.
I am ashamed to admit that after handling claims in MN for more than 20 yrs I'm not sure if UM/UIM is mandatory, but I don't recall seeing any policies without those coverages.
I doubt you will be allowed to drop the UM/UIM coverages, but if you are allowed..........don't do it.
Even though auto insurance is mandatory in MN, there are still tons of uninsured drivers in MN. The cost of insurance in MN is relatively high and so many people have stopped paying their insurance when they need food and gas.
If you were injured by an uninsured driver or an underinsured driver and you didn't have the UM/UIM coverage you would be screwed. The ONLY coverage on your policy that you could use for injuries would be the Personal Injury Protection (PIP) and that would only pay for med bills and a portion of any lost wages. The PIP coverage does not allow for any payment for pain and suffering which the UM/UIM does. Without that coverage you would be stuck suing the uninsured or underinsured driver. Good luck collecting on that.
I hope this helps you.
Good Luck |
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Ricky Bobby
|
Until recently I worked in insurance and I would pretty much always recomend UM and UIM coverages. Like Sue said they are generally very inexpensive and are a good coverage to have.
Breif Descriptions/ Examples
Uninsured Motorist:
Someone hits you and you end up suing them in court and you are awarded a judgement. But guess what? They don't have any insurance, and since they didn't have money for insurance, they don't have money to pay you either. This coverage allows you to collect the amount from your company, up to the specified limits.
Underinsured Motorist:
Very similar to UM, except in this case the person you sued DID have insurance. The catch? Your judgement was for $100,000 but their policy only covers them up to $20,000. This person is "under-insured". If they are unable to pay you the rest, you can collect from your company, up to the specified limit.
The things you can sue another person for are governed by state law and will vary from state to state. If you have any questions, call your agent and have them explain it further. That is what they get paid for. If they can't/ won't do it then find a different agent. |
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Sue
 |
First, I don't think there are ANY pros. The coverage is VERY cheap. ALWAYS match YOUR liability limits with the uninsured/underinsured limit. YOUR liability will never cover YOU, it only covers the other party if you are at fault in an accident. Uninsured/underinsured may or may not be mandatory (they are in my current and my past state - my past state was a PIP state).
If you decide to delete this coverage, if you are allowed, remember, people cancel their insurance all the time & have uninsured accidents (just do a search on Yahoo answers to find several questions regarding this, the question is asked almost daily). So, if you are seriously injured & are unable to work again, how will your family survive? How will you pay your bills? If you have uninsured motorist coverage, it will cover you for your pain & suffering & lost wages (if lost wages are not covered by your PIP).
Underinsured motorist is very important too. Many people run around with minimum limits ($15,000 per person/$30,000 per accident in some states, some are higher but not much, some are LOWER), how far would these limits get you if you were seriously injured?? Not far... If you have uninsured motorist coverage, it would kick in after the limits of the at fault party's insurance is exhausted & pay, depending on your injury, up to your policy limits.
In both of these cases, YOUR insurance company will attempt to collect what they paid you from the other party at NO additional cost to you (just your premium cost for these coverages). They have attorneys to go to court to get judgements, but also, they can attach wages, seize assets, put liens on homes, etc. If you tried to do this yourself, it would cost you lots of time & effort & the attorney would take at least 30-40% of your judgement & then you still have to try to collect. Why not let your insurance company do that FOR you, for essentially nothing.
If you have a good agent, they will make you sign off on deleting the uninsured/underinsured motorist coverage & will be SURE you know exactly what you are doing. |
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bud68
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The danger in doing so is that if you incur injury or loss due to the actions of an uninsured driver (and they are involved in a disproportionately large share of accidents), you are unlikely to recover anything from the other party. |
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Pyar
 |
Connecticut is also a no fault state ... I've never even been offered .. uninsured or underinsured insurance. |
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Steve S
 |
The cost is minimal for this coverage. Liablity covers others outside your car. Uninsured and underinsured covers people near and dear to you inside your car. I think you would be foolish to not take it and the insurance company will have you sign a statement that you have been offered this coverage and you are declining it. That is to protect them in court. If someone hits you with less coverage or no coverage compared to what you have this protection allows your insurance company to protect you. If you decline it you will be taking the other party to court on your time and your dollar. Hope that helps. |
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