Uninsured Motorist Coverage

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Leesbro63
Posts: 6093
Joined: Mon Nov 08, 2010 4:36 pm

Uninsured Motorist Coverage

Post by Leesbro63 » Tue Jan 14, 2020 4:34 pm

I’m in Pennsylvania and my agent says the maximum uninsured/underinsured coverage I can get with my current carrier is $250,000. It’s not clear if I can get more with someone else.

What’s the common amount for the affluent guy who wants ”the good insurance”? $250,000 sounds low to me.

Katietsu
Posts: 2759
Joined: Sun Sep 22, 2013 1:48 am

Re: Uninsured Motorist Coverage

Post by Katietsu » Tue Jan 14, 2020 5:30 pm

Mine is $100000 per person and $300000 per accident.

I think I could add the coverage to my umbrella if I wanted more but I chose not to. I will follow this discussion to see if that was a wise decision.

Topic Author
Leesbro63
Posts: 6093
Joined: Mon Nov 08, 2010 4:36 pm

Re: Uninsured Motorist Coverage

Post by Leesbro63 » Tue Jan 14, 2020 5:32 pm

Katietsu wrote:
Tue Jan 14, 2020 5:30 pm
Mine is $100000 per person and $300000 per accident.

I think I could add the coverage to my umbrella if I wanted more but I chose not to. I will follow this discussion to see if that was a wise decision.
I also have an Umbrella policy, with the same carrier as my base policy. They won't add it beyond the $250,000 that I now have in the base policy.

Katietsu
Posts: 2759
Joined: Sun Sep 22, 2013 1:48 am

Re: Uninsured Motorist Coverage

Post by Katietsu » Tue Jan 14, 2020 5:41 pm

Leesbro63 wrote:
Tue Jan 14, 2020 5:32 pm
Katietsu wrote:
Tue Jan 14, 2020 5:30 pm
Mine is $100000 per person and $300000 per accident.

I think I could add the coverage to my umbrella if I wanted more but I chose not to. I will follow this discussion to see if that was a wise decision.
I also have an Umbrella policy, with the same carrier as my base policy. They won't add it beyond the $250,000 that I now have in the base policy.
I am going by memory but I think the ability to add it to my umbrella only occurred a few years ago as a result of a change in state regulations, not PA.

My feeling was that I have medical insurance, disability insurance, and life insurance to help me move forward in the event of a problem in my life in general.

jbmitt
Posts: 423
Joined: Mon Jul 14, 2008 1:00 am

Re: Uninsured Motorist Coverage

Post by jbmitt » Tue Jan 14, 2020 6:30 pm

You can usually only carry as much UM/UIM as you do liability. The premise is that you can’t insure yourself to a higher standard than you do to others with your liability coverage.

Umbrella policies targeted at affluent/high net worth individuals typically allow the umbrella policy to be endorsed to provide greater UM/UIM limits.

I’d start by inquiring if the your umbrella policy can be endorsed or if you need to find a monoline umbrella policy or move everything as needed.

Our state only requires 25k/50k/10k limits. We carry much higher UM/UIM limits in case my spouse were to be injured as she is the primary breadwinner with a specialized skill set and works on production. Higher limits provide us with a better cushion in case she were injured and unable to work for a period of time.

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