Car and homeowners insurance

My car insurance has gone up to $1,630 from almost $1,000 last time. My agent said I can lower it to $1,050, if I take out uninsured motorist. She said if I have good health insurance, that I should do this. Isn’t uninsured motorist more than taking care of my medical bills?

My homeowners has doubled since last year. What are my options as to where to go for a better rate? The same agent said if I go from replacement cost to actual cash value that it would lower it by $500. She was talking about the personal property before saying this, but the big drop has to be talking about the house. I will be callin her for clarification.

Not an expert, but Uninsured Motorist generally covers medical and vehicle repairs if the person who hits you is not insured. Here in Hawaii we have a problem with many people not being insured or underinsured. It may be a concern in your area.

Have you personally compared insurance products? While an agent may be looking out for you, they are making some money off anything they put you in.

My state insurance commissioner lists comparison rates for home and vehicle policies. They take some common situations and price them. Some companies are massively more expensive. Our list (a pdf) may be interesting to you, but your rates and comparisons will differ. However, you might like to see the differences in rates. Look to your state insurance commissioner for a similar comparison and if their office does not report, perhaps encourage them to.

Yes, it covers far more then medical. My agent said to reduce premiums, I can increase the deductible [is that the right word?-- The amount I would have to pay] But here in Cal, with many uninsured drivers, that policy is vital.

Uninsured/underinsured motorist insurance covers your injuries, your passengers’ injuries, and damage to your vehicle if you’re hit by a driver who doesn’t have enough or has no auto insurance coverage.

The best way to lower your rates is to switch insurers. Your current insurer can only do so much. Other companies will give you a good rate to switch. Unfortunately it will then go up each year. You need to switch every couple of years.

Agree - don’t drop coverage. Better to increase deductible and put the savings into a dedicated account in case you do have a claim and have to pay, say, $500 instead of $250 (or $1,000 instead of $500, etc.). Definitely shop the companies that constantly interrupt my football games on TV (Progressive, Geico) as well as local agents.

I’d get a new agent. Needs are most important.

Really pay attention to getting uninsured motorists coverage - you may need a lot more. To get enough, you also have to raise your liability limits

By the way health insurance doesn’t tend to cover a $65,000 medi-vac. Hospital stays can be incredibly expensive - $250,000 should be a mandatory minimum

Keep a large deductible and if possible get a body shop estimate so you don’t accidentally file a claim

What about dropping uninsured motorist? That is what the agent suggested. It drops the premium substantially. She said if I have good insurance, I should drop the uninsured motorist.

Uninsured motorist coverage can pay for:

Medical bills
Lost wages if you can’t work because of the car accident
Pain and suffering compensation
Funeral expenses

If you can pay for those 4 things with your personal insurance and savings, then fine to drop that coverage.