I'm a big fan of not over-insuring. I want to insure adequately and no more. I keep an emergency fund, drive cheap used cars bought with cash and my wife an I only drive about 6,000 miles per year (I work from home, she walks to work most days). I'm trying to decide if there is an instance where uninsured motorist coverage would help me that one of the other insurances I have would not.
Currently I have health, term life, ADD, supplementary disability, umbrella and homeowners insurance. For car insurance, I only have bodily injury and property liability coverage (actually I have medical payments too because if I have to use it one time in 15 years it pays for itself but technically this is what the emergency fund is for).
I see 4 cases of auto incidents I need to worry about:
1) My fault or no fault and I get hurt or my car damaged
2) My fault or no fault and they get hurt or their car damaged
3) Their fault or hit and run and I get hurt or my car damaged
4) Their fault or hit and run and they get hurt or their car damaged
Uninsured/underinsured motorist coverage only seems to apply to case 3. Without uninsured coverage it basically should get handled like case 1. With case 1, car repairs/replacement from emergency fund, health insurance deductible from emergency fund then health insurance kicks in. If I get really hurt or killed, my life or AD&D or disability insurance should kick in. So what else is uninsured motorist supposed to cover?