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The Water Cooler
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Auto insurance question
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<blockquote data-quote="inactive" data-source="post: 2002618" data-attributes="member: 7488"><p>There is no such thing as Full Coverage. That term generally means comprehensive and collision coverage, but it has no legal meaning. Comprehensive, Collision, UM-UIM, glass, rental, no fault medical payments, residual debt, towing, roadside assistance, etc. are all additional coverages purchased beyond your basic required liability coverage. "Full Coverage" could mean any combination of those your agent may have sold you.</p><p></p><p>Uninsured and Underinsured Motorist UM/UIM covers your bodily injury claim you would be entitled to receive if you were involved in a loss that was not your fault, and the tortfeasor is not insured or was under-insured. If you have health insurance, it would cover your medical bills (subject to the terms of that policy) but it would not cover the general (i.e. pain & suffering, loss of consortium) damages another party would owe you; however, UM-UIM <em>does</em> pay you for that.</p><p></p><p>There is a phenomenon in Oklahoma known as "double dipping" wherein one can legal claim payment for the same loss from multiple coverages. In many cases that is illegal (taking full payment from two carriers for the same property damage, for example), but in OK and some other states there has been legal precedent set that has established double dipping as practice. </p><p></p><p>See here: <a href="http://travislawoffice.com/Websites/travislawoffice/files/Content/912035/UM%20Update%20for%202011%20for%20OAJ.pdf" target="_blank">http://travislawoffice.com/Websites/travislawoffice/files/Content/912035/UM Update for 2011 for OAJ.pdf</a> (page 28-29), or here: <a href="http://voices.yahoo.com/uninsured-underinsured-motorist-coverage-medical-7974268.html?cat=17" target="_blank">http://voices.yahoo.com/uninsured-underinsured-motorist-coverage-medical-7974268.html?cat=17</a> for a brief primer</p><p></p><p>Now, UM is not a bad coverage to have, but you need to weigh the (relatively high) premium to the benefit. If you do not have health insurance, it may be a wise decision. If you are excited by the prospect of truly profiting from an insurance claim (see: double dipping), you may also like UM. For those with health insurance and wish to carry some risk (such as not receiving pain & suffering / general damages) in event of an uninsured driver's loss, it may be wise to waive UM-UIM coverage and save on premium.</p><p></p><p>As noted, UM-UIM is for bodily injury only. It provides no property damage coverage. You must have collision coverage for that, and it is subject to the same deductible regardless of fault or if the other party carrier has insurance (odd coverages or endorsements such as "vanishing deductibles" excluded from the generalization).</p></blockquote><p></p>
[QUOTE="inactive, post: 2002618, member: 7488"] There is no such thing as Full Coverage. That term generally means comprehensive and collision coverage, but it has no legal meaning. Comprehensive, Collision, UM-UIM, glass, rental, no fault medical payments, residual debt, towing, roadside assistance, etc. are all additional coverages purchased beyond your basic required liability coverage. "Full Coverage" could mean any combination of those your agent may have sold you. Uninsured and Underinsured Motorist UM/UIM covers your bodily injury claim you would be entitled to receive if you were involved in a loss that was not your fault, and the tortfeasor is not insured or was under-insured. If you have health insurance, it would cover your medical bills (subject to the terms of that policy) but it would not cover the general (i.e. pain & suffering, loss of consortium) damages another party would owe you; however, UM-UIM [I]does[/I] pay you for that. There is a phenomenon in Oklahoma known as "double dipping" wherein one can legal claim payment for the same loss from multiple coverages. In many cases that is illegal (taking full payment from two carriers for the same property damage, for example), but in OK and some other states there has been legal precedent set that has established double dipping as practice. See here: [url]http://travislawoffice.com/Websites/travislawoffice/files/Content/912035/UM%20Update%20for%202011%20for%20OAJ.pdf[/url] (page 28-29), or here: [url]http://voices.yahoo.com/uninsured-underinsured-motorist-coverage-medical-7974268.html?cat=17[/url] for a brief primer Now, UM is not a bad coverage to have, but you need to weigh the (relatively high) premium to the benefit. If you do not have health insurance, it may be a wise decision. If you are excited by the prospect of truly profiting from an insurance claim (see: double dipping), you may also like UM. For those with health insurance and wish to carry some risk (such as not receiving pain & suffering / general damages) in event of an uninsured driver's loss, it may be wise to waive UM-UIM coverage and save on premium. As noted, UM-UIM is for bodily injury only. It provides no property damage coverage. You must have collision coverage for that, and it is subject to the same deductible regardless of fault or if the other party carrier has insurance (odd coverages or endorsements such as "vanishing deductibles" excluded from the generalization). [/QUOTE]
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