Talk to me about Insurance: Auto, Home, personal liability

[Peruvian]

Is there any benefit to having a local agent?

See my post #12.

[El Chupacabra]

Is there any benefit to having a local agent?

IMHO no.

The agent you deal with in buying a policy is a sales agent, not an underwriter or an adjuster. They have no authority in addressing a claim, other than the duty to pass it along to the claims dept.

[jackattack]

Something in this story is missing. If they had an auto policy in place when the accident took place, it would provide coverage regardless if the driver went off the college. The insurer would be obligated to provide a defense attorney for the lawsuit as well.

Did the dentist not have an auto policy? FAFO in that case.

Yes to Auto coverage. No to personal liability. I don’t remember all of the details but after he told my wife the story we added an umbrella policy to our coverage.

[Cisco Kid]

We've been served twice "a few years later". Actually, just shy of 3 years later both times. Just before a statute of limitations would run out.

[Nobody Famous]

There comes a point in every car's life when it no longer makes sense to carry collision coverage. Such was the case with my kid's first gen 4 runner. However, he was clipped by a Budget employee turning right into the Budget lot from the center lane in a Budget truck. Their insurance totaled the 4Runner, gave us 2K, and let us keep the very driveable vehicle. Sometimes life gives you lemonade.

Im at this point with the one and only vehicle I currently own. Its Edmunds/KBB value is $2000 +/ $150. Ive been putting off getting something new(er) for a few years now. Collission and comp is $180 (of $675) annually. My agent put it in perspective, saying youre paying $180 a year to insure against a loss of $1500 ($2000 value - $500 deductible). Clearly not worth it IMO.

[BCMtnHound]

Mark me as another with two primary vehicles with no collision. Comprehensive still on as they use peagravel for the highways so windshield are replaced every 18mo or less. Couple million on each for liability. Paid annually, insurance is under $700 for each. That will all change once the daughter attains driving age in 3.5yrs. Weeee!

[bodywhomper]

I just pay for my windshields.


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[neufox47]

Something in this story is missing. If they had an auto policy in place when the accident took place, it would provide coverage regardless if the driver went off the college. The insurer would be obligated to provide a defense attorney for the lawsuit as well.

Did the dentist not have an auto policy? FAFO in that case.

Problem is they didn’t have enough. Just cause your auto policy is $250,000 doesn’t mean they can’t sue you and go for your savings or investments. $250,000 doesn’t go very far in life care plans. Especially in a state like CA where the court awards them as if the plaintiff had no insurance (including Medicare) and paid retail prices out of pocket.

[old goat]

Windshields were easy enough to pay for until they put a couple of cameras behind them that have to be recalibrated. It's been a few years since I had to replace one--I've been sitting on a passenger side crack for a couple, waiting for one I have to fix, so maybe the tech to do the calibration is becoming more widespread and the price has come down. (Did I just say maybe the price has come down? How stupid.) Last time I did it I had to take it in and Safelite was the only shop that did it.

[BCMtnHound]

Ya, my old toyota p/u was less than comp to replace, but now the cheapest windshield is 1.5X the cost of the comp coverage. Thankfully, no vehicles with radar (adaptive cruise control).

[bodywhomper]

Fuck! I hadn’t thought about the camera stuff with windshields. Will keep that in mind as we car shop and then insure a newer car.

I’ve had a few friends that always buy salvaged vehicles in relatively good condition and then they insure them for the near minimum. One family had toasted several cars over the years via large ungulates during twilight. Financially, they had come out ahead. One of the spouses closely tracked the costs and risks and it definitely penciled out for them as long as they had the $$ for cash purchase of their cars.

[babybear]

I just had this awakening about new cars and their fancy windshields. Had my windshield replaced yesterday and it was $1120 [emoji30]

[nickwm21]

I have SF’s gps module to get a “drive safe and save” discount and combat the ever rising pricing…. However, what’s the probability they use my driving data against me in a claim? [emoji637][emoji[emoji6[emoji640][emoji638]][emoji640][emoji6[emoji640][emoji638]]][emoji[emoji6[emoji640][emoji638]][emoji640][emoji6[emoji640][emoji638]]]%?


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[Peruvian]

Problem is they didn’t have enough. Just cause your auto policy is $250,000 doesn’t mean they can’t sue you and go for your savings or investments. $250,000 doesn’t go very far in life care plans. Especially in a state like CA where the court awards them as if the plaintiff had no insurance (including Medicare) and paid retail prices out of pocket.

I know you know your stuff since you’ve been in the biz at least as long as I have but it’s a very unusual situation whereby there isn’t a chance for the insurer to resolve such a claim within the policy limits so if a jury does award an excess verdict, the policyholder can assign their rights to the plaintiff in exchange for a full release of liability.

Many states also have laws restricting which of the defendants assets the plaintiff can seek to liquidate to pursue the judgement.

[neufox47]

I know you know your stuff since you’ve been in the biz at least as long as I have but it’s a very unusual situation whereby there isn’t a chance for the insurer to resolve such a claim within the policy limits so if a jury does award an excess verdict, the policyholder can assign their rights to the plaintiff in exchange for a full release of liability.

Many states also have laws restricting which of the defendants assets the plaintiff can seek to liquidate to pursue the judgement.

IANAL but isn’t it up to the plaintiff to accept the assignment or go after their personal assets? I mean if I’m disabled by a drunk driver who’s worth a couple million and he has a $250k limit, I’m not taking that assignment. This is an area that I’m not an expert in, I just calculate the damages. I worked on a case where they were worried the defendant (local city municipal vehicle) didn’t have enough insurance ($8M) and the plaintiff would go after city property.

[El Chupacabra]

IANAL but isn’t it up to the plaintiff to accept the assignment or go after their personal assets? I mean if I’m disabled by a drunk driver who’s worth a couple million and he has a $250k limit, I’m not taking that assignment. This is an area that I’m not an expert in, I just calculate the damages. I worked on a case where they were worried the defendant (local city municipal vehicle) didn’t have enough insurance ($8M) and the plaintiff would go after city property.

This, exactly. While the insurer for the defendant will try to resolve the claim within limits, that's no guarantee it will happen.

[liv2ski]

Have any of you guys purchased or seen auto insurance companies that base their premiums on miles driven? As I have that 2006 Volvo that is going to be driven maybe 2,000 miles a year and I want lower premiums.

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[XXX-er]

I usually got so many rock chips on the road I didnt replace windshields even with insurance , just look thru the chips and cracks fix when i sell

[thedude2340]

Have any of you guys purchased or seen auto insurance companies that base their premiums on miles driven? As I have that 2006 Volvo that is going to be driven maybe 2,000 miles a year and I want lower premiums.

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Used to work in this space - you should definitely do it at that mileage but need to be willing to plug an obd2 device into the vehicle (assuming it’s compatible). Pricing is well worth it.

Allstate, Nationwide and Metromile (now a Lemonade company) had available programs when I left. Regulations vary by state but each site likely has a page where you can see if you qualify in under 5 min

Typical model is a base rate + rate per mile driven which some offer variability in that rate based on your driving behavior (device can detect braking/acceleration/speed/turning, etc).

[liv2ski]

Thanks

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[singlesline]

What if the car is low miles, but those miles are aggressively driven?

Would having one of those driving monitors still be a better deal? And would it impact the rates on your family's other vehicles if the one that has a reader is driven hard (while the others are driven normal)?

[thedude2340]

What if the car is low miles, but those miles are aggressively driven?

Would having one of those driving monitors still be a better deal? And would it impact the rates on your family's other vehicles if the one that has a reader is driven hard (while the others are driven normal)?

This is a good faq and I believe most other programs are designed similarly: https://www.allstate.com/auto-insurance/milewise

Allstate appears to include speed over 80, harsh braking and late night driving in their rates. So it depends on how aggressive you plan to be I suppose.

Other family vehicle rates will not be impacted.

These programs also exist for normal (not pay per mile) insurance as well and are app based (no OBD device required). Typically up to a 30% discount if you’re a reasonable driver.

[old goat]

We get a low mileage discount from State Farm. I don't think it's that much of a discount. We self report mileage. Once they asked for pics of the odometer.

[singlesline]

This is a good faq and I believe most other programs are designed similarly: https://www.allstate.com/auto-insurance/milewise

Allstate appears to include speed over 80, harsh braking and late night driving in their rates. So it depends on how aggressive you plan to be I suppose.

Other family vehicle rates will not be impacted.

These programs also exist for normal (not pay per mile) insurance as well and are app based (no OBD device required). Typically up to a 30% discount if you’re a reasonable driver.

Hmm,. as much as I hate big brother watching me, maybe I'll look at it.

Speed over 80 might be a problem, but not really harsh braking or late night driving.

My friend claims the insurance thing made his wife a better driver...she might not take criticism on jerky stop/go driving well, but the app numbers (and dollar signs) don't lie and got her to really smooth out her driving.

[smmokan]

Fuck these insurance companies and their ever-rising premiums... our HO coverage was $2100 last year (in Colorado), and this year they want to raise it to $3000+. I guess it's time to start searching for other options, although I'm sure they're all price gouging.And also, fuck all my neighbors who think they need a new roof every time we get a minor hail storm. The roofers come around and tell them they can have a new roof for free (or very little), so they do it... and as a result, our fucking premiums keep going up. People are stupid and companies are greedy.