We have no choice for uninsured/underinsured motorists here. I have never had rental insurance, the last time I was involved in an accident, the place I took it to gave me a car to use for free...a little perk to get more business. I have a 500 dollar deductible right now but our vehicles are getting older so it is about time to drop the comprehensive and collision. That would cut our insurance premiums almost in half. My hubby drives a heavy pick-up truck, his insurance premium is double mine because of the damage his vehicle can cause due to weight, plus his vehicle is fully equipped. if we were to get a newer car, I think we would go with the 1,000 dollar deductible next time and save a few hundred dollars, He has been in accidents, where he has done like $1,000 dollars in damage to the other car (he has a habit of backing into people cause he can't see the one corner of his truck). We just pay the people instead of claiming it anyway because the extra $500 dollars we pay out of pocket is cheaper than what the insurance premiums would be if he ended up claiming the little fender benders. His truck never gets damaged, just the old paint chips on the bumper.
I have underinsured/uninsured protection and had to use it about 4 years ago. I also carry the rental insurance because it is not that expensive in the scheme of things. I carry $100 deduction on Comp and $500 on colision. I shop around and change companies every couple of years to get better rates. Ken
You might want to read below before before you drop PIP. It not only covers you but any passengers or pedestrians no matter who is at fault, plus there is no co-pay or deductible, unlike like most personal health plans. If it were my choice, I would drop Rental coverage and keep PIP. What are the costs of these coverages in the quotes you received? Below if from the Washington State Insurance Commissioners Office. Personal Injury Protection Insurance Personal Injury Protection (PIP) Personal Injury Protection (PIP) is an insurance coverage for medical and other expenses resulting from an automobile accident, for people specified in the policy, regardless of who is at fault in the accident. Is it required by law? Washington's Mandatory Insurance law does not require PIP coverage on automobile policies. An insurance company is required to offer you the coverage when you buy an automobile policy. If you don’t want it you can reject it in writing. If you haven't signed the rejection the company must add the coverage and charge you a premium for it. (RCW 48.22.085 through RCW 48.22.100 and WAC 284-30-395) Who is covered? The person named in the policy as the 'named insured', and residents of the named insured's household related by blood, marriage or adoption, step or foster children are covered for injuries incurred in an accident. Also passengers or pedestrians are covered. These people will be eligible for payments no matter who is at fault in the accident. What does PIP cover? PIP covers reasonable and necessary medical expenses for injuries sustained in an automobile accident, up to three years from the date of the accident and up to $10,000. PIP also offers income replacement coverage limited to a maximum of $200 per week for one year, after a person has been disabled for 14 days after the accident. Funeral expenses of $2,000 and loss of services (payment to others for work you can't do) of up to $5,000 are also included in the coverage. Payments are made for costs that are actually incurred by the injured person. How much does it cost? The rising cost of medical care has made PIP coverage more expensive in recent years. If you carry PIP on your automobile it applies to all autos you insure, and companies charge a premium for every auto. What doesn’t it cover? PIP doesn't cover injuries caused by using farm equipment, recreational or off road vehicles, mopeds or motor cycles (PIP coverage is available on motorcycle policies). It won't cover intentional injuries to the insured person or if the person is injured in organized racing activities or committing a felony. Do I need it? That's your choice. If you are retired, have other medical and disability coverage, PIP may be duplicate coverage. If you and your family have health care coverage, most of your medical bills may be paid, subject to the plan's limits and co payments. If you seldom transport passengers who aren't residents of your household, you may not need the added protection. Are there other choices? Some companies offer basic medical payments coverage, usually with some level of modest coverage, such as $5,000 for medical treatment only. This coverage is also available regardless of who is at fault. You can also request higher limits for PIP coverage if you feel you need more protection than the basic limits offer.
Do all your passengers have health insurance to cover them and how much out of pocket would they incur if you were in an accident. Most likely if you were in an accident and required medical attention, you would have to go to the emergency room, which most health plans only pay a percentage of the cost minus the deductible. IF you have PIP, PIP would pay all your cost up to $5000.00 then your health care would kick in to cover any amount over the $5000.00. Like any insurance coverage there is a little risk on how much coverage you will need and how much you are will to risk paying out of pocket. $72.00 per year for $5000.00 coverage per person covers is a good deal for me. It's all a matter of personal choice.
We always have uninsured motorist coverage, and unfortunately had to use it once. But they subtracted the deductible from the settlement, not fair that we had to pay for someone else's irresponsibility. But it was better than nothing. For the first 14 years of our married life, we rented and always had rental insurance. It was always affordable and gave peace of mind, esp. when we were in duplexes or the apartment because you never know how careless someone may be in an attached unit and set the place on fire. When I worked for fire restoration I remember going into a burned rental home, and it was sad to only work on the structure insured by the owners, but all the personal contents we couldn't touch because they weren't covered. All we could do is offer suggestions and the renter's had to do all the work and cope with what was lost. We chose $500 deductibles for our vehicle coverages. We could have gone less but thought it was a good compromise. We have or home and vehicles insured at a discount with the same place. We have full coverage on our '96 Corolla, and liability and comp on our '92 Geo, both for only $63 a month, and only about $47 monthly for replacement value insurance for home and contents. Make sure you get replacement value, not insurance that factors in depreciation.
uninsured/uninsured is a bodily injury coverage which would also include any time off of work and pain/suffering where your health insurance policy would not cover either of these. Disability insurance usually only covers 66 2/3 of your salary (if you carry it). It's worth the $, you're protecting yourself, it's worth the money. $500 deductible on comp/collision coverage is pretty standard - any less than that is a waste of money.
You end up paying so much more for $250 deductibles or less that you are better off saving up the difference in premiums until you have $250 set aside then using that when/if there is an accident. About four months from now you can just pocket the difference.
