avgwarhawk Posted March 28, 2012 Share Posted March 28, 2012 There are several threads concerning classic car insurance. Various names of companies. Most of the threads concern how much the car is covered for. Agreed value, etc. My question is this:What kind of coverage is anyone getting for PIP(personal injury protection) with their current provider? Today I received a letter stating my policy concerning PIP can not cover up to $10k. They will cover up to $5k. But, a higher premium paid can up the ante on the PIP. Your PIP coverage? Does you policy have a PIP clause? Link to comment Share on other sites More sharing options...
Guest johnhorace Posted March 29, 2012 Share Posted March 29, 2012 My current antique car policy, due to end 4/20/12, has $150,000 PIP coverage, with $0 deductible, for an added charge of $3.60. My renewal letter for policy to end 4/20/13 shows PIP $50,000 per person included in overall new premium. Total cost of policy is $3.00 more than last year, although my deductibles for comp and collision went from $0.00 last year to $50.00 and $100.00 (respectively) for the next policy year. Link to comment Share on other sites More sharing options...
Paul Dobbin Posted March 29, 2012 Share Posted March 29, 2012 PIP (Personal Injury Protection) is a coverage mandated by many states.As with other insurance requirements, it's defined by the state law of the state where the vehicle is registered and insured. We have 50 states and 50 different sets of insurance regulations. Consequently the answers you get here will be state based by the replyer. To be admitted carriers in the state where you live, your carrier has agreed to abide by that states laws re: PIP. Link to comment Share on other sites More sharing options...
avgwarhawk Posted March 29, 2012 Author Share Posted March 29, 2012 That you for that good information Paul. Since I got the letter I thought it best to investigate PIP and the implication of coverage. Link to comment Share on other sites More sharing options...
Guest johnhorace Posted March 29, 2012 Share Posted March 29, 2012 I tried to respond with coverage and other info, but it doesn't appear to have worked, as near as I can tell. - J Link to comment Share on other sites More sharing options...
avgwarhawk Posted March 29, 2012 Author Share Posted March 29, 2012 It worked John. Thanks! Link to comment Share on other sites More sharing options...
Steve_Mack_CT Posted March 29, 2012 Share Posted March 29, 2012 (edited) Keep in mind PIP minimums required by state law are often inadequate if you have any assets to protect in the event of a serious accident.At $5 or 10K you are pretty exposed, IMO. If you cannot up it, you may want to check out an umbrella policy. Our umpbrella and regular insurance is not with our antique auto insurance, but I have documented what antique autos we have and with whom they are insured. If you have any assets to protect, you can do it via an umbrella policy for much less than a dollar a day. Be sure your carrier is aware of your vehicles - they will ask about other things also like if you have a pool etc. I cannot remember how they approach "hobby vehicles" on the questionnnaire, but I think that is on there as well. Edited March 29, 2012 by Steve_Mack_CT clarification (see edit history) Link to comment Share on other sites More sharing options...
R Walling Posted March 29, 2012 Share Posted March 29, 2012 In my Classic Car Insurance policy, I are required to have another vechicle registered in My name under a regular policy. I believe that PIP from that policy covers you for excess damages. ( I think, but I may be wrong) Link to comment Share on other sites More sharing options...
avgwarhawk Posted March 29, 2012 Author Share Posted March 29, 2012 Keep in mind PIP minimums required by state law are often inadequate if you have any assets to protect in the event of a serious accident.At $5 or 10K you are pretty exposed, IMO. If you cannot up it, you may want to check out an umbrella policy. Our umpbrella and regular insurance is not with our antique auto insurance, but I have documented what antique autos we have and with whom they are insured. If you have any assets to protect, you can do it via an umbrella policy for much less than a dollar a day. Be sure your carrier is aware of your vehicles - they will ask about other things also like if you have a pool etc. I cannot remember how they approach "hobby vehicles" on the questionnnaire, but I think that is on there as well.I thought $5k is not much at all. I do carry 2 vehicles and a home with company. I will check into umbrella coverage. I just might have the car covered with a company that specifically handles classic cars. Link to comment Share on other sites More sharing options...
avgwarhawk Posted March 29, 2012 Author Share Posted March 29, 2012 In my Classic Car Insurance policy, I are required to have another vechicle registered in My name under a regular policy. I believe that PIP from that policy covers you for excess damages. ( I think, but I may be wrong)I'm not sure if my company has a different PIP scale per car. The letter I received said the coverage on PIP for this particular vehicle was originally $10k but is now dropped to $5k. I can discuss a larger premium if I want to up the PIP offered on this vehicle alone. I'm examining all options. Link to comment Share on other sites More sharing options...
Paul Dobbin Posted March 30, 2012 Share Posted March 30, 2012 Speaking of the Umbrella Coverage, it's designed to add 2-10 million in excess coverage to your primary insurance policies. They require underlying limits on all your other policies (Like Auto, Home Boat, RV, Collector Cars, etc.) That underlying limit is often $250,000 to $500,000 and the Umbrella is coverage in addition to that.For those of us with many cars, some Umbrella Plans charge for each car, house, RV, boat, collector car, etc. Make sure you ask if every collector car is a rateable vehicle. Example $1,000,000 with 1 house, 2 cars and 1 collector carwould be in the $400,00 per year range. With 1 house, 3 cars, 1 vacation home, 2 boats, 1 RV, 7 collector cars it could be $1500 per year. Some companies rate your fleet as one car because they understand our limited use, others don't and it gets expensive, ASK.I believe that if you own a collector car and have an accident, and somebody is hurt, you will be a target. "Only the rich own those fancy old cars." Therefore your coverage limit should equal your net worth. This is even more important if you do your own mechanical restorations and repairs!If you don't believe me call 1-800-Ask Gary. (the lawyer referral service that the person you hit calls) Link to comment Share on other sites More sharing options...
avgwarhawk Posted March 30, 2012 Author Share Posted March 30, 2012 I don't have as many vehicles as you. House, two cars and one classic car. Your post does make me want to question and explore the best policy for me. I see threads on insurance for the cars only. Not much about the occupants of the vehicle that might be injured in a accident. The PIP letter of reduction got me thinking. Thanks for the response. Link to comment Share on other sites More sharing options...
Steve_Mack_CT Posted March 30, 2012 Share Posted March 30, 2012 A final thought on this - oftentimes sidestepping an agent is short sighted. Find an agent you trust, and make him or her work for you. Challenge them every couple of years to ensure your getting the right coverage, rates and discounts if applicable. This is well worth their commission. Link to comment Share on other sites More sharing options...
avgwarhawk Posted March 30, 2012 Author Share Posted March 30, 2012 I have been with the same agent since 1993. I have always done well by him with some claims. Financed a car through his office as well. Overall just a good agency for me and my family. The PIP letter concerned me though hence the questions. Link to comment Share on other sites More sharing options...
Amphicar BUYER Posted April 3, 2012 Share Posted April 3, 2012 (edited) I can tell you from personal experience. DO NOT GO WITH REQUIRED MINIMUMS! Get as much coverage as you can.I was in a head-on wreck June 9th, 2008. The guy who came into my lane had no insurance and it cost me 5 months in the hospital, 4 surgeries and my life's (30+ years worth) savings. I will have problems with my shoulders for the duration of my life. I went from having enough in my saving account that I could have zero income for 4+ years without a problem. Then after all the bills and no income I lost every penny. Even the small check I got from my insurance for the uninsured coverage was subrogated by my health insurance. I got $0, not even a penny! The lawyers got 33% and I got a cup of coffee.I can not tell you how this experience effected my life. I had to sell family heirlooms, live off the generosity of others. The people who were my true friends understood I would never ask for help so they stepped up to lend a hand while I sure found out who was a real friend and who are fake, lying, useless, and just stoopid human beings. (Was that my outside voice?)So again, never assume you have enough insurance as most state minimums will not cover the 1st 30 mins of any surgery. My ambulance ride was $1800 alone for 4 miles (coulda hired a limo with hookers and drinks cheaper). Add in months in rehab hospital (@ $450/day), zero income, and related expenses and you could be just days from being homeless as I was. The only good thing was I met my girlfriend while in the hospital. She was my occupational therapist. I don't think you can have too much coverage. I am now covered for $300k for uninsured motorist part. Edited April 3, 2012 by Amphicar BUYER (see edit history) Link to comment Share on other sites More sharing options...
avgwarhawk Posted April 3, 2012 Author Share Posted April 3, 2012 Hello John,This is the reason for this thread. Many speak of what will be covered on the car if damage or a complete loss occurs. Nothing considering the occupants. The PIP letter from my carrier spurned the question. I'm looking for experiences such as yours and ideas from others as to the best possible/logical coverage. Link to comment Share on other sites More sharing options...
avgwarhawk Posted April 3, 2012 Author Share Posted April 3, 2012 John,I looked over my policy for each vehicle. Uninsured motorist is $300,000. Bodily injury concerning liability coverage is also $300,000. This looks sufficient on the surface to me. There are catastrophic hospitalized plans that can be purchased that are not related auto insurance. I have heard similar experiences like yours from others. Link to comment Share on other sites More sharing options...
Amphicar BUYER Posted April 4, 2012 Share Posted April 4, 2012 John,I looked over my policy for each vehicle. Uninsured motorist is $300,000. Bodily injury concerning liability coverage is also $300,000. This looks sufficient on the surface to me. There are catastrophic hospitalized plans that can be purchased that are not related auto insurance. I have heard similar experiences like yours from others.An attorney friend told me $250k is where most should be but more is better. I can tell you that you will get much different care when it's listed as "self-pay" instead of covered by insurance. $300k coverage would have more than paid for the costs and made a significant improvement in the care I received which did affect my outcome. That is a whole 'nuther story.Think about it if you have any injuries that may be permanent, the ongoing cost of care can be SUPER expensive and more debilitating than the injury itself. Keep in mind you still have to pay your mortgage and other bills while recovering. I truly would have been homeless if I had not had a friends & a healthy nest egg to fall back on. It's gone and I have to start over, still I have my home and keep my obligations. If another situation arises I will not have the nest egg to save me. In fact just weeks ago I paid off the final bill relating to the wreck. done done and done.I was fortunate that I had many true friends who propped me up when I needed it. Many people are not so fortunate. I say improve your chances by covering your butt the best you can. I shared this to clearly illustrate what you could face if some irresponsible idiot decides to change your life. I'd sacrifice food before insurance now. (your results may vary, professional driver on a closed course.... blah blah blah) Link to comment Share on other sites More sharing options...
avgwarhawk Posted April 4, 2012 Author Share Posted April 4, 2012 Thanks John. The thread is informative for me and others. Many threads about insurance covering the car. Not many if any threads covering the occupants of the car if injury occurs. Link to comment Share on other sites More sharing options...
Larry Schramm Posted April 7, 2012 Share Posted April 7, 2012 I agree with Steve and John. The state minimums are not enough. Johns number is probably the minimum, but I agree with the other comments to buy as much as you can afford and then some with an umbrella policy. Link to comment Share on other sites More sharing options...
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