SUM coverage?

[kwalla]

What is the name of your state? New York

While reviewing my auto insurance policy, I decided to raise my coverage from a 100/300 to 250/500 for bodily injury.
I also want to ensure if I am injured in an accident by an uninsured motorist or a driver with low coverage, that I will be financially protected.
When I asked my agent about increasing my SUM (currently its at 50/100), they were pretty adament that it wasn't needed, which doesn't seem right.
So, my question to our esteemed panel....

Am I correct in thinking that raising my SUM coverage would be a good idea to protect myself financially should another's policy fail to cover my expenses?
Is the agent discouraging this additional coverage because of the potential increase in payout, is that a norm? (Just a guess)

 

[Some Random Guy]

The insurance company always makes money on additional coverage. If they don't then the rates for that coverage will go up until they do make money.

uninsured/underinsured motorist coverage is usually lower since you are generally covering the injuries to those in your car and not in the other cars. Also, you may be covered through your medical insurance for amounts above the limit. In the case of an underinsured motorist, your coverage is stacked in top of theirs if the damages are severe enough.

See this guide from an insurance company
http://www.unitrindirect.com/faq_howmuch.asp

 

[tammy8]

I personally have $1000K on my uninsured/underinsured motorist coverage. In case someone hits me that has nothing, and I am seriously injured I want to make sure that I am not going bankrupt paying medical bills.

Also my health carrier just sent me a letter stating that they will no longer be responsible for medical payments caused by auto accidents or accidents occuring on someone else's proporty.

 

[Betty]

Many people are uninsured/underinsured (particularly underinsured) - I agree with tammy8 that uninsured & underinsured motorist coverage is an effective way to make sure you have adequate funds available to compensate you for your injuries - injuries you did not cause but were caused by an uninsured or underinsured driver.

 

[alnorth]

Your agent's reaction puzzles me. There are many coverages where cost should weigh heavily in your mind, but UM/UIM is not one of them. Uninsured Motorists is probably the cheapest item on your policy, and you probably wont even notice a big increase in your Uninsured/Underinsured Motorist coverage limits.

My 250/500 UM coverage is $15 per year, and since the first 50k is the most expensive, I'd bet you pay at least 7 bucks. You probably eat more than the difference in one day.

You need to tell your agent to do it, if he refuses again, find an agent who is not an idiot.

 

[tammy8]

I was also worried about the agent too. It is an agent's job to make sure each client is insured at not just what they can afford but also what they can NOT afford to NOT happen.

I had my uninsured/underinsured limits at 500/500 and since changing them to 1000/1000 I have taken about a $5 a month increase.

 

[ecmst12]

I've never known an insurance agent to try to convince someone to spend LESS money on coverage *boggle*