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Ohio?s UDM Coverage: Consumer Caveman Coverage

By Steve Lombardi

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Ohio, a place where backwards laws are considered forward thinking.

Yesterday we discussed how those people with greed on their minds, have engineered legislation to overturn the Ohio Supreme Court's attempt to enforce the law that applied the broader view of coverage.

The insurance industry doesn't want you to read this. They don't want you figuring out you've bought insurance that is virtually useless to you. They will stop their gavels and yell that to adopt a broader view, one that actually provides more people with coverage, that it will drive up insurance rates; but I don't see how. If they are honest with themselves they will admit their argument is total bull.

HOW DID THIS HAPPEN TO OHIO'S AUTO INSURANCE?

Here is what your Ohio legislature more than likely did when it decided to turn its back on you. Your representatives voted with 165 companies CEO's and voted against the interests of the 11,485,910 people who live in Ohio. As you can see it takes only a small number of companies controlling campaign contributions and threatening economic havoc for a state legislature to put aside the interests of the electorate. Iowa has only 142 companies, Alaska only 47, Massachusetts only 23, Maine 97, Michigan 88, New Jersey 81, West Virginia 80 and Wyoming 84. I think tomorrow I'll do a comparison with the low limit states as compared to the number of companies in each of those states.

Now consider the bigger picture. There are roughly 1,500 car insurance companies in America. According to the U.S. Census Bureau there are 308 million Americans who call this place home. Do the math and you'll see how few CEO's it takes to corrupt the national consumer process.

WHAT'S WRONG WITH LISTENING TO INSURANCE EXECUTIVES WHEN SETTING THE LOWEST POSSIBLE COVERAGE IN A STATE?

Allow me to use an example that should make sense to most people with an ounce of common sense. Say you have to save money for Christmas gifts. And you make the decision in January to start saving money to buy your kids Christmas gifts for the next Christmas season. If you wanted to get advice about how to save money would you go to gamblers or the loan sharks for advice about what you should do? You probably wouldn't trust either for the right financial advice, since the gamblers never have enough money for the necessities of life and you can't trust what the sharks say because they will say and do anything to get your money into their pockets.

THE ANSWER ISN'T LOWERING INSURANCE STANDARDS WITH FADE-AWAY COVERAGE

Well that's what happened when the Ohio legislature took advice from the insurance industry on this issue. The Ohio legislators didn't protect those they were elected to protect. Instead they took advice from the financially illiterate and those corporate CEO's in line to make bonuses if they could boost the corporation's bottom line selling phony insurance coverage, which I refer to as fade-away coverage. Is this any way to set public policy? Should our elected officials be taking advice from the financially illiterate and those who have much to gain from insuring very little?

WHY DO PEOPLE FALL FOR THIS?

I'm not exactly sure but maybe this commercial is trying to tell us something about the way they view consumers in general.

http://www.youtube.com/watch?v=o5JV0Fs_GE8

Welcome to Oiho. Oh wow did I write that backwards? Sorry about that.

Crappy Consumer Insurance: USAA's Fade-Away UM Coverage –Disserving the US Military, Steve Lombardi | February 07, 2010 12:01 PM | 0 Comments Des Moines, IA , If it benefited our servicemen and servicewomen would you mind if today I was really cruel to an insurance company? Here goes, USAA is un-American and sets such a low standard that they should be...

Ohio's UDM Coverage: Consumers Being Sucker Punched! The Never-Pay UDM Auto Policy, Steve Lombardi | February 05, 2010 8:01 AM | 0 Comments Des Moines, IA , Ohio must be using the new math? For two days now (Here count them using your fingers, one and two.) we've discussed how the Ohio legislature got together with their insurance buddies and...

Ohio Underinsured Coverage – They took it away and still charge you a premium., Steve Lombardi | February 04, 2010 8:01 AM | 1 Comment Des Moines, IA , Yesterday we covered underinsured coverage in Ohio and specifically the minimum limits type of insurance. Those minimum limits are $12,500. We found out the broad view was rejected and the narrow...

It Really Sucks Being in an Auto Accident in Ohio, Steve Lombardi | February 03, 2010 12:01 PM | 2 Comments Des Moines, IA , I thought of titling this piece Underinsured Motorist Coverage, The Narrow View fits Narrow Minds, but really I couldn't because in reality it just sucks to be a Buckeye. Don't mind me the...