Got hit by an underinsured driver!

[Zorba]

No. At least, not with State Farm.

There are two un-/under-insured additions to my policy. One for personal injury ($54.45/6 months) and one for property damage ($1.80/6 months).

Collision does NOT cover property damage from un-/under-insured drivers.

ZV

I guess it probably depends on the state and/or company. In Oklahoma un/under is for medical and either comp or collision pays for property. There may be a rider you can add if you don't have full coverage; I've always had full coverage so IDK.

I know this, because I've never had a separate rider for un/under property and I've had to use my insurance for a hit and run. And my Brother has had to use his for an uninsured motorist.

Edit: I can't remember for sure if it was comp or collusion that paid, but I know it wasn't my UM/UIM coverage.

 

[Zorba]

The reason your company (but certainly not all) maxes out at 500K is because most people who have assets to protect and are looking for more coverage will purchase a separate umbrella policy which is supplemental to your auto and home insurance liability limits. I am sure your insurance policy offers umbrellas.

Umbrella policies are not uncommon, and do the same thing as choosing a policy over 500K (if available) in giving you additional coverage if you need it.

You only purchase insurance for things you cannot afford to replace. If there is a chance 500K+ can be taken from you in a single lawsuit, it is not unreasonable to spend a few hundred dollars on additional coverage.

If your assets are not valued high enough to justify this coverage, then you can also make an argument as is the case with many Americans.

The reason your logic is flawed is you are saying "this policy is good enough for everyone unless you drive a Veyron" or "don't always drive perfectly," way too much of a blanket statement.

I just want to add to this. Umbrellas are actually much better than just adding higher limits to your car. Umbrellas will cover all personal liability. So if someone gets hurt on your property. Or your gas grill blows a hose and burns down your house and your neighbor's, etc.

My 100/300/100 on my car costs like $75/year more than state minimum, and my $1M umbrella costs about $175/year.

BTW: I've never had an at fault accident, or even a ticket but my assets are worth well more than $175/year.

 

[desura]

Update: my insurance company, after 3 weeks of foot-dragging, finally took care of the car.

I have the sneaking suspicious that the jerk who caused the wreck will get away scot-free, relatively, for his actions. Fairly annoying.

15k minimum insurance should not be allowed. Min ought to be 100k...

 

[Midwayman]

Update: my insurance company, after 3 weeks of foot-dragging, finally took care of the car.

I have the sneaking suspicious that the jerk who caused the wreck will get away scot-free, relatively, for his actions. Fairly annoying.

15k minimum insurance should not be allowed. Min ought to be 100k...

FWIW you'd probably just end up with more uninsured drivers. People with that low of insurance typically have really low wages, really low assets. They'll just run the slight risk of getting pulled over vs paying for it. Just like all the people driving without a license. With all the illegals around here its pretty easy to tell as they're driving conspicuously under the speed limit so they won't get stopped.

 

[cabri]

Update: my insurance company, after 3 weeks of foot-dragging, finally took care of the car.

I have the sneaking suspicious that the jerk who caused the wreck will get away scot-free, relatively, for his actions. Fairly annoying.

15k minimum insurance should not be allowed. Min ought to be 100k...

Insurance mins are set by each state.

Contact your state legislature to attempt to get them raised.

 

[desura]

FWIW you'd probably just end up with more uninsured drivers. People with that low of insurance typically have really low wages, really low assets. They'll just run the slight risk of getting pulled over vs paying for it. Just like all the people driving without a license. With all the illegals around here its pretty easy to tell as they're driving conspicuously under the speed limit so they won't get stopped.

The guy was driving a 30k-40k car. Which ironically hardly had any damage to it.

 

[NoCreativity]

I just want to add to this. Umbrellas are actually much better than just adding higher limits to your car. Umbrellas will cover all personal liability. So if someone gets hurt on your property. Or your gas grill blows a hose and burns down your house and your neighbor's, etc.

My 100/300/100 on my car costs like $75/year more than state minimum, and my $1M umbrella costs about $175/year.

BTW: I've never had an at fault accident, or even a ticket but my assets are worth well more than $175/year.

I've got an umbrella. Funny thing is it costs me next to nothing. I have to spring for the highest level of liability but the discount for another policy nearly offsets the cost of the increased protection and umbrella policy.

Glad your insurance is stepping up to the plate OP. Sucks that a worthless idiot gets away with crap like this though.

 

[Midwayman]

The guy was driving a 30k-40k car. Which ironically hardly had any damage to it.

Then he's just a moron. Wonder if he has such a bad record that he can't get more for a reasonable price?

 

[Jimzz]

Then he's just a moron. Wonder if he has such a bad record that he can't get more for a reasonable price?

Just because he was driving does not mean it was his car. The guy who hit my truck did not have insurance and the car he was driving was not his.

 

[Midwayman]

Just because he was driving does not mean it was his car. The guy who hit my truck did not have insurance and the car he was driving was not his.

If you have permission to drive, insurance follows the car. Found this out rather decisively with a state supreme court decision.

 

[jagec]

Won't your own coverage subrogate whatever is left? That is, your insurance comps you and they then go after the guys assets to make themselves whole?

That's exactly what will happen. But it may well count as a claim if they can't get enough assets out of the guy to pay for everything.

OP, hope you've got accident forgiveness.

Not carrying comprehensive and uninsured/underinsured coverage is a mistake, no matter how crappy your car is.

 

[Zodiark1593]

That's exactly what will happen. But it may well count as a claim if they can't get enough assets out of the guy to pay for everything.

OP, hope you've got accident forgiveness.

Not carrying comprehensive and uninsured/underinsured coverage is a mistake, no matter how crappy your car is.

On older cars, comprehensive is frigging cheap. Plus, having the local suicidal deer populace in charge of my finances isn't very high on my list of good things.

 

[desura]

Then he's just a moron. Wonder if he has such a bad record that he can't get more for a reasonable price?

He was young and either Indian or Middle Eastern. I'd say it was a case of penny-wise pound foolish.