Recommended Insurance Coverage
Have great auto insurance, especially "UM" and "UIM" with $500,000.00 limits on each vehicle and have all vehicles on one policy. Even if the other driver had little or no insurance, if you have two vehicles, you will have at least $500,000.00 to $1,000,000.00 available. Great auto insurance costs relatively little more and the benefits are 20-40+ times more.
UM – Uninsured Motorist Coverage
Applies when the other driver is at fault and has no insurance. Most auto policies have the $25,000.00 minimum UM coverage required by Missouri law. If you or a family member is disabled or dies in a car wreck, the minimum $25,000.00 UM coverage is not enough to cover the financial damages.
UIM – Under-Insured Motorist Coverage
Applies when the other driver’s insurance is not enough to cover the damages. If you or your family is severely injured, disabled or dies in a car wreck, and the other driver only has $25,000.00 limits of coverage and your policy has no UIM, only $25,000.00 would be available. If you have two vehicles and $500,000.00 UIM limits on each vehicle on one policy, you will have $500,000.00 to $1,000,000.00 available (see Stacking Auto Insurance Proceeds below).
Med-Pay
Medical Payments Coverage on Auto Policy. Covers healthcare costs that health insurance does not pay. Limits of $20,000.00 are available. This money is available quickly when injured, so you can use the funds to obtain necessary treatment.
Stacking Auto Insurance Proceeds
Stacking is a way to double your money. Ask your insurance broker/agent for UM and UIM coverage with $500,000.00 limits of coverage, as well as Med-Pay coverage, for each car/truck/motorcycle, and have all vehicles insured on one policy. Missouri law allows intra-policy stacking of coverage, meaning that if two vehicles are insured on the same policy and each has $500,000.00 UM and/or UIM coverage, the available coverage could be $1,000,000.00 or more. (Anti-stacking provisions in the policy language that are clear and unambiguous are valid for Med-Pay or UIM provisions but are invalid as against Missouri public policy for UM coverage.)
Health Insurance
Without health insurance, or Med-Pay insurance (described above) many doctors will not treat you.
Homeowners Insurance
Home insurance covers general liability, not most auto accidents. However, it is needed to obtain excess liability/umbrella coverage and protection; see excess liability/umbrella coverage below.
Excess Liability/Umbrella Policy
Provides you coverage of $500,000.00 - $1,000,000.00 or more in excess of the coverage from your homeowners and auto policies. Most insurers require $300,000.00 - $500,000.00 limits of liability on the homeowners policy as well as $500,000.00 limits of liability for each vehicle, in order to provide excess liability coverage of another $1,000,000.00. Excess Liability Coverage will protect your family’s financial stability in the event that you are sued for a severe injury or death.