uninsured motorist

[moneymaker]

Motorcycle insurance almost doubled so looked into it and uninsured motorist was added to my renewal. It almost equals what I pay for bodily injury plus collision plus medical, the only way that would make sense to me is if nobody else had insurance. Don’t like paying for other peoples insurance so was just wondering how many people out there pay for uninsured motorist? Have health insurance and don’t put many miles on the bike so to me it doesn’t make sense. Could be the ratio of getting hurt on motorcycle to a car equals the ratio of insured to uninsured drivers. http://www.autoinsurance.org/how-many-drivers-dont-have-auto-insurance/
I guess it makes sense if 7 times more likely to get hurt on motorcycle than a car.
http://www.iii.org/issue-update/motorcycle-crashes “Motorcyclists were about 26 times more likely than passenger car occupants to die in a crash per vehicle mile traveled in 2013 and five times more likely to be injured, according to NHTSA.”

[no_such_reality]

I think they’ve lumped uninsured and underinsured together.

So you’re paying more because the majority carry the minimum.

[moneymaker]

true true $15k does not go as far as it used to.Funny thing is 7 times more coverage does not cost 7 times as much, maybe twice if that.

[CafeMoto]

I carry 300K liability 100K property damage, no uninsured, no collision or comp (theft). Costs me $290 a year (two liter bikes). Clean record, 40 yrs old…
I have health insurance, longterm disability, and 1MM in death/dismemberment. Wear full gear no matter how hot.
Not sure what more insurance is smart to add, umbrella? I am less worried about myself and more worried about covering another persons loss. Does any homeowner insurance kick in after 300K?

As far as living forever, you ride a moto you take your chances. I typically ride at the crack of dawn while fewer are about, and roll back into San Diego extra carefully. Enjoy your rides mate.

[Coronita]

[quote=CafeMoto]I carry 300K liability 100K property damage, no uninsured, no collision or comp (theft). Costs me $290 a year (two liter bikes). Clean record, 40 yrs old…
I have health insurance, longterm disability, and 1MM in death/dismemberment. Wear full gear no matter how hot.
Not sure what more insurance is smart to add, umbrella? I am less worried about myself and more worried about covering another persons loss. Does any homeowner insurance kick in after 300K?

As far as living forever, you ride a moto you take your chances. I typically ride at the crack of dawn while fewer are about, and roll back into San Diego extra carefully. Enjoy your rides mate.[/quote]

I can’t speak about motorcycle insurance, but wrto umbrella insurance. It’s there mainly to cover liability for anything in excess of your liability on each of your insurance coverage.

Your homeowner’s insurance only covers things related to your home (including liability on your property). Your auto or motorcycle insurance only covers liability related to things you do on those things…If you get umbrella, your umbrella would cover liability above the amount of your liability on each of your other types of insurance (homeowner, auto, motorcycle). So in your case, if get into an accident with your motorcycle, and someone sues you above $300k and wins, your motorcycle insurance would pay $300k, and anything above that would be covered by your umbrella.

Umbrella covers liability above your homeowners/auto/motorcycle. It extends liability on your rental properties, watercrafts, etc. In some cases, even when the event doesn’t occur with your home,auto,motorcycle. The caveat is it usually requires a minimum liability coverage for home, auto, motorcycle, and every watercraft, airplane, property you own (including rental properties). I think my minimum liability is $250k. If you don’t keep the minimum liability for each property, the umbrella won’t kick in for anything.

Umbrella was actually pretty cheap for me. I think It was $500 /year for a multi-million policy from my employer discount….You want a large umbrella liability coverage, because if someone comes along and sues you frivolously you want a big insurance company with their lawyers to make sure the other guy doesn’t win.

[CafeMoto]

thank you Flu. I will look into an umbrella

[Coronita]

[quote=CafeMoto]thank you Flu. I will look into an umbrella[/quote]

I’m not saying you need to get umbrella. I’m just saying what some people get it for…It’s probably the first step towards asset protection, since for a few hundred a year, it can provide a pretty good shelter for your net worth.

As the saying goes, part of your life you spend on trying to build your net worth. The rest of your life, you spend trying to protect it from all the vultures, lol.

FWIW: some umbrella insurance actually have what’s called I think excess personal liability. That often extends to issues in the 21st century like, being sued for libel or slander on Yelp, if you happen to post a negative review that is construed as a malicious attack against a business owner. Yeah, I know go figure.

If you’re concerned about asset protection, you probably should consult with an attorney that is knowledgeable in this area. Not solicit internet advice. Most of the time, it’s wrong.

All I can say, is out of all the thing you can cheapen out in life, you don’t want to cheapen out on liability insurance, especially if you stand to lose out a lot, especially in CA. I mean, consider this. You are a landlord, and your tenant decides to raise a pit bull without telling you, and the pit bull bites your tenant’s friend while he is visiting. Does it fall under your tenant’s renter’s insurance (which hopefully he has and that you insisted him provide you a copy each year), or does it fall under your rental’s liability insurance, or both? What if the tenant’s friend ends up suing you? You want to pay legal costs alone?

[Coronita]

…oh and Moneymaker, if it makes you feel any better, I have no tickets and no accident, and yet my insurance goes up every 6 months for the past 3 years.

My latest renewal is around $990/6months for 4 cars.

[scaredyclassic]

i sleep better with umbrella policy.

[joec]

I think if anything happens at any rental property, the person would just sue everyone possible and then let the lawyers sort it out…

Usually, the lawyers, if they have a decent enough case would just take the case since they have a high chance of winning and will prob just work for some settlement.

The legal system is why some of my relatives refuse to move to the US since they have a lot of wealth in Asia…

Course, I don’t see what stops China from just stepping in and taking everything as well and locking them up for some political offence…

[La Jolla Renter]

[quote=joec]I think if anything happens at any rental property, the person would just sue everyone possible and then let the lawyers sort it out…

Usually, the lawyers, if they have a decent enough case would just take the case since they have a high chance of winning and will prob just work for some settlement.

The legal system is why some of my relatives refuse to move to the US since they have a lot of wealth in Asia…

Course, I don’t see what stops China from just stepping in and taking everything as well and locking them up for some political offence…[/quote]

That’s why so many high net worth people buy in Florida. California sucks for home asset protection.

[Author]

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