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actionjackson posted:as I said, I'm required to have comp and collision coverage in my state (MN), so that part is kind of moot. FWIW I don't think that's true but your carrier might be requiring it on every vehicle as part of an underwriting guideline or something. Virtue fucked around with this message at 22:13 on Jan 28, 2023 |
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Jan 28, 2023 22:05
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literally this big posted:Thanks for the feedback. I upped my coverage to 100k/300k, as well 300k Property Damage. I can afford it now, it didn't cost that much extra, and the peace of mind is important. Is 300k PD excessive? It felt like a single Lexus could take me over 100k in an accident. Usually, instead of going above 100k PD most people look into a 1M umbrella policy instead since it extends both your BI and PD limits. literally this big posted:What if I'll be doing a lot of driving all around the state? None of my driving is directly related to work, but if I get into an accident 150 miles from home while on work, will my insurance agent question what I was doing so far from home? And if I end up driving more in a year than my estimated mileage, will I have to pay the difference for the extra, or will they just adjust my future premiums based on that? As long as you're not using a real bargain bin carrier that tries to deny everything I wouldn't worry about this. The business use exclusion is intended to capture people that are using their vehicles for commercial purposes. The obvious ones these days are ridesharing/delivery/vehicle sharing but another one is realtors driving around clients. Similarly for mileage, as long as you make a good-faith effort to estimate it you should be fine. They might adjust your premium when they find out about it but only if you're really far over the estimate. Virtue fucked around with this message at 22:16 on Jan 28, 2023 |
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Jan 28, 2023 22:10
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actionjackson posted:as I said, I'm required to have comp and collision coverage in my state (MN), so that part is kind of moot. I'm not a Minnesota resident, but I don't think that's true: https://dps.mn.gov/divisions/dvs/forms-documents/documents/autoinsuranceinfo.pdf "The above types of coverage are required; the following are optional: Collision covers damage to your auto when you are involved in an accident with another vehicle or object. Comprehensive covers a loss that is NOT the result of a colli- sion. This usually includes fire, theft, falling objects, or an acci- dent involving a deer." EDIT: Oh, new page.
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Jan 28, 2023 22:12
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Virtue posted:Usually, instead of going above 100k PD most people look into a 1M umbrella policy instead since it extends both your BI and PD limits. How much might a 1m umbrella policy cost? (I know, "it depends"). But if my only concern is auto insurance (I have a basic renter's policy, don't own a home, don't own a business, etc.) would an umbrella still be wise? And on that note, could I lower all my coverage to the minimum possible, and just have a 1m umbrella policy cover all my auto claims, renter's claims, etc.? How big of a mileage difference might matter? They estimated me at 10k annually, based on my last policy, but with this new job I might hit 20k this year. Should I call my agent and have them increase my estimate to 15-18k?
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Feb 2, 2023 20:01
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Most umbrella policies are going to require their own minimums for the underlying policies that you have.
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Feb 2, 2023 20:08
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literally this big posted:How big of a mileage difference might matter? They estimated me at 10k annually, based on my last policy, but with this new job I might hit 20k this year. Should I call my agent and have them increase my estimate to 15-18k? sheri already covered the umbrella part. Driving 20k/year probably means you're overpaying for a pay-by-the-mile policy. But yes, at least up the estimate because you're paying a higher rate for miles over that.
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Feb 2, 2023 21:07
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TheGreyGhost posted:I wouldn’t be in a rush to replace the coverage yet just because a lot of carriers aren’t writing anyone right now until they get their rate increases I work for a pretty big insurance company and I wanted to stress this. Rate increases are coming this year and they're going to be shocking. The cost to repair everything has gone through the roof. I can't really get into more detail but I'd think about trying to lock in rates for a year if possible. My policies don't expire until July this year, but I'm going to see about requoting everything and locking something in for another 12 months this month.
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Feb 2, 2023 21:13
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literally this big posted:How much might a 1m umbrella policy cost? (I know, "it depends"). But if my only concern is auto insurance (I have a basic renter's policy, don't own a home, don't own a business, etc.) would an umbrella still be wise? And on that note, could I lower all my coverage to the minimum possible, and just have a 1m umbrella policy cover all my auto claims, renter's claims, etc.? Instead of giving you my two cents, I think these questions are specific enough that you should discuss it with your agent.
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Feb 2, 2023 23:30
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Just in case any casual browsers of this thread haven't heard, there is a disturbing trend in thefts for certain model years of Kia and Hyundai vehicles. Carriers are beginning to respond by refusing to write new policies with these makes on them and I wouldn't be surprised if large premium increases were coming down the pipeline as well. So far it seems to be most common in certain states and not widespread across the country but something you probably want to be aware of. https://www.wwltv.com/amp/article/n...93-cd96dcfe10d9
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Feb 2, 2023 23:32
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literally this big posted:How much might a 1m umbrella policy cost? (I know, "it depends"). But if my only concern is auto insurance (I have a basic renter's policy, don't own a home, don't own a business, etc.) would an umbrella still be wise? And on that note, could I lower all my coverage to the minimum possible, and just have a 1m umbrella policy cover all my auto claims, renter's claims, etc.? chiming in on this - "discuss with your agent" is always good advice but just to give you some concrete figures to consider, most PUPs that I know of require a minimum 250/500k or 300/300k BI and 100 PD on your auto policy. most will also require you to carry 300k liability on the underlying home policy whether you're a renter or not. your residence is going to be listed as a location exposure as your primary dwelling regardless of whether you rent or own the home so the distinction doesn't make a whole lot of difference there
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Feb 8, 2023 04:39
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Is there a general industry standard for denying claims based on things like unpermitted DIY work, code violations, etc? I hear so much conflicting information from non-insurance people, and I live and work in an area where non-permitted work is quite common, including entire additions and such. e.g., the Ghost Ship fire in Oakland CA in 2016- there was documented communication between the tenant and owner about major electrical issues, reports to the city about numerous code violations, no smoke detectors/sprinkler systems, etc. Yet the insurance company paid out. On the other hand, I hear people saying things like OMG you better get a permit to add an electrical circuit because if there's a fire your claim could be denied. Just wondering how much investigating insurance companies undertake when fires occur. In my (work) experience, adjusters communicate with the fire dept which will sometimes cite the potential or probable cause of a fire, but there's never been a claim denial, even in one particular case where someone was living illegally in a commercial space and admitted causing the fire by leaving a pan on the stove unattended.
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Feb 15, 2023 22:30
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Thanks again for the information. I asked my insurance about mileage and an umbrella policy. I don't need to worry about going over my mileage. They'll update it when I renew in May, and won't charge me anything if I go over the estimate. An umbrella policy would require me to increase my auto and renter insurance (costing about $60 and $15 extra annually), and a $1m policy would be an additional $135 per year. Question: Does umbrella insurance cover any sort of liability, or just specifically for policies I already have? i.e. I have auto and renter insurance policies, but if I get sued for slander or malpractice or whatever, would the umbrella policy act as a sort of universal coverage, in any instance where I could conceivably utilize insurance? Or only for my auto/renter?
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Feb 17, 2023 03:56
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Here's a good general overview, but like with all insurance related questions, check your specific policy and ask questions of your agent if you're not clear. https://www.allstate.com/resources/personal-umbrella-policy/what-is-umbrella-insurance "Meanwhile, a personal umbrella policy typically provides greater liability coverage for situations covered by your underlying policy, as well as protection for other risks. For example, umbrella insurance can help pay for a libel or slander judgment against you, while a standard homeowners liability coverage, even if you have excess liability coverage, probably will not."
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Feb 17, 2023 04:06
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sheri posted:Here's a good general overview, but like with all insurance related questions, check your specific policy and ask questions of your agent if you're not clear. I can go back and ask about the specifics of the policy. But if it covers situations that my current policies do not it seems like a huge benefit to have, and provide even greater peace of mind. Since a $1m umbrella policy would also cover my auto/renter, would it make sense to bring those policies down to their lowest allowable minimums. No point in having my auto Property Damage coverage up at $300k if I also have a $1m umbrella policy.
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Feb 17, 2023 04:30
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literally this big posted:Since a $1m umbrella policy would also cover my auto/renter, would it make sense to bring those policies down to their lowest allowable minimums. No point in having my auto Property Damage coverage up at $300k if I also have a $1m umbrella policy. Umbrella policies generally specify minimum policy requirements for auto/homeowners/renter policies, that's the reason they're so inexpensive. The odds of you exceeding the 250k/500k limits on your auto policy is really low, so they can issue the 1m umbrella for 135 a year. You can see Geico's minimum requirements here https://www.geico.com/information/aboutinsurance/umbrella/insurance-requirements/
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Feb 17, 2023 19:12
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socketwrencher posted:Is there a general industry standard for denying claims based on things like unpermitted DIY work, code violations, etc? I hear so much conflicting information from non-insurance people, and I live and work in an area where non-permitted work is quite common, including entire additions and such. The answer is "it depends" but usually this kind of stuff is going to determine who the insurance company tries to subrogate against, not whether they pay the claim at all. The list of exclusions on the policy usually excludes things like intentional acts, not lovely work. Insurance covers stupid in most cases.
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Feb 23, 2023 13:06
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Virtue posted:The answer is "it depends" but usually this kind of stuff is going to determine who the insurance company tries to subrogate against, not whether they pay the claim at all. The list of exclusions on the policy usually excludes things like intentional acts, not lovely work. Insurance covers stupid in most cases. Interesting, thanks for the feedback. "It depends" is understandable but lends itself to subjective and inconsistent application of policy, which seems problematic. I've been involved in mediations where the attorney(s) for the insurer seem to have a fair amount of leeway on what they'll pay out, but maybe that's more about negotiating settlements than approving or denying claims.
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Feb 24, 2023 17:29
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Plus, the Ghost Ship fire was in the news. Anything with that amount of publicity is handled differently than a typical claim for PR reasons.
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Feb 24, 2023 21:08
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Konstantin posted:Plus, the Ghost Ship fire was in the news. Anything with that amount of publicity is handled differently than a typical claim for PR reasons. Ah good point, and given the policy limits on warehouse spaces it probably wasn't too big a hit for the insurer all things considered.
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Feb 25, 2023 18:07
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I have some life insurance questions. We have some very old policies that we bought years ago and never thought about again. I'm finally getting our poo poo together and want to know if they're trash or what, and what we should get instead. We're both 40 and in good health. Right now I'm the sole earner, but once the kids are in school in a few years my wife will probably go back to work. Current situation is this: 1) We both have Universal Life that we got about 10 years ago. We're paying $60 and $45 per month in premiums. About $15/month ($180/yr) is the actual cost of insurance for each of us. We both have death benefits of $90k and have accumulated cash values of about $6k and $4.5k. Surrender charge is about 8% of the cash value. From what I understand, we could just stop paying the premiums and let our cash value do the work for us - but it's universal life, not whole life, so the cost of insurance would go up as we age... dramatically I assume - couldn't get a straight answer on how much from the company. 2) Wife has a verrrry old 10 Year Term Life policy from forever ago that's about 10 years past it's original expiration that's just been auto-renewed. It's a $50k policy that's now costing $197.50/year. 3) I used to work for a large municipality that offered a Group Universal Life policy where they paid the premium as a benefit. When I left that job I didn't realize I could pick up the premiums myself and keep the coverage, so it lapsed. However, I recently learned that it's not too late to pick it back up again. Coverage is $100k for me at $102/yr and $30k for spouse at $36/yr. Universal Life again, so the premiums increase (step up every 5 years), but since it's a municipality the increases are relatively transparent - looks like mine would go up to around $600/year for $100k coverage by the time I was 65. Soooooo.... what I know at first glance is that the "10 Year" Term policy is garbage. We won't be renewing that. Would appreciate some confirmation that I'm not crazy on this one. On the Universal Life - with policies that increase as we get older, it seems like a raw deal. Seems like we should cancel and put the cash into a Roth IRA or college savings for the kids. Does this make sense, or is there some value to this policy that I'm not seeing. The GUL option is the big question for me - seems like a reasonable rate right now - might be worth picking it back up, at least for 10-15 years until right before the age 50 or 55 step up. What I really need right now is something like a 20-25 year term policy with about $1.5-$2mil coverage for me, and 20-25 year with about $150k-$250k for my wife. I'll be getting quotes on those as well, but mostly curious if any of the legacy policies have any value.
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Feb 28, 2023 23:53
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truavatar posted:I have some life insurance questions. We have some very old policies that we bought years ago and never thought about again. I'm finally getting our poo poo together and want to know if they're trash or what, and what we should get instead. We're both 40 and in good health. Right now I'm the sole earner, but once the kids are in school in a few years my wife will probably go back to work. Current situation is this: 1) Not crazy about term. You should have done it the first time. Good you're doing it now. If you still wanted term, you'd but a new policy and be re-underwritten (even the quick one would count these days). 2) What is the COI pattern on the UL policies? Sounds like annually increasing. I think that's the standard over there, and means you aren't building cash value the same way a whole life type policy would anyways. Are the rates guarantees in any way? Seems like no. Ask for an illustration. For a level db the COI charge is the mortality they're assuming basically. When do the surrender charges fall off? Overall I'm not sensing a ton of value in the UL policy. Obviously don't have all the details. The problem is that usually the value in these contracts, especially old ones, is in whatever guarantees or rules they have that are just, by today's standards, super beneficial for the policyholder. They've learnt a lot so most of the key pieces are variable now (see your coi charges). But id go through and review what guaranteed interest options there are, policy loan rate rules, and so on. See if any stand out. We have old UL policies with minimum interest rate guarantees over 5%. That statement was much more impressive a few years ago when it was also true but you get the idea. Otherwise chuck the thing in whatever way minimizes fees, such as letting the AV pay theCOI charges until the surrender charges fall off. 3) re: group. Hard to say without knowing more, but all the same crap about UL applies here. You talk about actually wanting term. Well all the UL crap that seems like neat features cost money to administer that you are being charged for , one way or another. If you are actually healthy you almost always are better off buying a newer policy that has been recently underwritten. Look at it this way: do you think you are healthier than the average user of that GUL policy? If so, get your own.
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Mar 1, 2023 02:00
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Jenkl posted:2) What is the COI pattern on the UL policies? Sounds like annually increasing. I think that's the standard over there, and means you aren't building cash value the same way a whole life type policy would anyways. Jenkl posted:When do the surrender charges fall off? Jenkl posted:Look at it this way: do you think you are healthier than the average user of that GUL policy? If so, get your own. Thanks for all the input!
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Mar 1, 2023 12:05
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truavatar posted:I'm not sure. I apparently lost the printed policy itself a few years ago during a move and it's a pain in the balls to get a new one. I needed to request a Certificate of Insurance, which took a couple weeks to arrive by snail mail (only then did it appear as a PDF in my online account). Then I have to fill out a paper form on the certificate and physically mail it to the corporate office to get a new policy - which they're probably going to charge a fee for (though it's unclear what that fee will be). I've been just calling customer service and asking specific questions as I have them. I'll call about the surrender charges later today. Customer service just said "usually" 15 years for UL policies but couldn't give me any confirmation for mine specifically. For now I just turned off auto-draft and I guess I'll have to request a copy of the policy to get any real answers.
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Mar 1, 2023 16:59
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Do you have an advisor for the individual policy? You oughta be able to request a policy illustration and the turn around should be under two weeks, through them. Honestly some places let you do it online on demand now. A lot of this information would be on that. It should be easier to get than a copy of the policy. Which is worth getting. Unfortunately the surrender charge schedule is one thing that might not be there. So I'd still, slowly, be chasing a copy of the policy. 15 years is a long surrender charges period. I had to check because that isn't legal in Canada iirc, but does seem to be the max in the US (in some places). There is still typically a grading off, so you may find it palatable to get out earlier.
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Mar 1, 2023 23:29
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Stopped paying the premium and am letting the cash-value cover my cost of insurance for the time being. Finally got someone local on the phone and they're going to get me a copy of my policy so I can make some educated decisions. They think it's about when I want to resume paying my full premium, but it's really a when/how to terminate in a way that's most advantageous. Either way, I'll probably keep the policy alive until I'm approved/covered under a new Term Life policy.
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Mar 13, 2023 16:43
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So I'm actually checking back in on this thread because I have a new question, this time about health insurance. I'm a remote worker in New York State. I work for a small tech business that operates out of Colorado (where all the other employees live). So far, they have not offered an employer-sponsored health plan, so I've been going through the New York State marketplace and getting a decent subsidy. However, they're in the process of getting a plan up and running. The issue I'm running into is that it looks like the only plans they're going to offer are Anthem Pathway EPO plans, which would not give me in-network coverage in New York. I would need an Anthem PPO for that. If they only offered these Anthem EPOs with in-network coverage limited to Colorado, would those plans be considered meeting the "minimum value standards" for me (therefore killing my subsidy)? Or would this in/out of network issue mean I wasn't actually offered coverage that met the ACA requirements? Seems crazy that I could lose my subsidy on the NY marketplace even though the employer plan doesn't offer me real coverage. I talked to NY State of Health and they didn't have any answers for me - just told me to talk to my employer. But we're such a small shop that I'm the one doing most of the legwork on getting this all set up, so I would not be of much help to myself. Asked our broker too, but he hasn't gotten back to me yet.
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Mar 13, 2023 16:52
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I have an auto insurance question. A parking garage in NYC caused a pretty significant scratch/deep gouge on the front bumper of my lease while me and the wife were physically present. The attendant scraped the wall of the garage while pulling it out. This was mid-January. I filled out a damage claim on site before leaving, but no one at the garage would answer the phone for weeks. I got NYC Department of Consumer and Worker protection involved, and in the garages response they say the damage was pre-existing and provided a forged damage ticket saying they noted the damage at checkin (which they absolutely did not). I’m still waiting on next steps from DCWP but want to be prepared. Should I be getting insurance involved? I don’t wanna gently caress up my already extremely high rates because NYC. Is there another route I should be taking?
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Apr 17, 2023 23:16
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You can take them to small claims or hire a lawyer. Insurance will at least take care of your repairs less deductible.
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Apr 17, 2023 23:47
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LongDarkNight posted:Insurance will at least take care of your repairs less deductible. ....and then handle all the lawyer stuff/subrogation for you and you will likely get your deductible back later. This is what claiming poo poo like this through your own insurance is for.
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Apr 17, 2023 23:55
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I've handled a lot of this sort of claim and my experience is that recovery is rarely successful.
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Apr 18, 2023 11:44
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LongDarkNight posted:I've handled a lot of this sort of claim and my experience is that recovery is rarely successful. Which is why it's worth the deductible to use your own insurance company to do this. Some individual is, on average, not going to be more successful than their insurance company.
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Apr 18, 2023 13:18
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Motronic posted:Which is why it's worth the deductible to use your own insurance company to do this. Some individual is, on average, not going to be more successful than their insurance company. I think LongDarkNight is speaking in reference to handling those claims on an insurer’s behalf. I agree with them. Subrogation recovery is going to be very difficult. It’s essentially a word vs word scenario where the valet company will simply lie and say the damage was already there and present the forged check in slip. OP, and thus their insurer, don’t have anything to prove their assertion that the valet company caused the damage. Valet company’s insurance will deny the claim, and if OP’s insurance decided to file arbitration for some reason I don’t see any path to getting a win.
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Apr 18, 2023 16:06
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Yeah. Which is a whole lot of the insurance companies problem, and if a professional company doesn't often recover then the odds of a private person recovering is even smaller. Especially since they've already tipped their hand on committing fraud. The insurance companies may have realized it's not even useful to try anymore.
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Apr 18, 2023 16:15
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I don’t think anyone is arguing that, just trying to set reasonable expectations for the OP that they’re unlikely to ever see a dime of their deductible recovered.
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Apr 18, 2023 16:19
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Literally Lewis Hamilton posted:I don’t think anyone is arguing that, just trying to set reasonable expectations for the OP that they’re unlikely to ever see a dime of their deductible recovered. You seem to be the only one confused. My post that you responded to literally start with: Motronic posted:Which is why it's worth the deductible to use your own insurance company to do this.
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Apr 18, 2023 16:21
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Motronic posted:Which is why it's worth the deductible to use your own insurance company to do this. Some individual is, on average, not going to be more successful than their insurance company. Agreed, I just didn't want to set an unreasonable expectation for successful recovery. Probably just me being cynical and tired. Always use your insurance if you have it, you paid for it damnit. And it keeps me employed.
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Apr 18, 2023 16:26
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Motronic posted:You seem to be the only one confused. You seem confused, what people are taking issue with is this statement which is essentially false, it is extremely unlikely that he will get his deductible back through subrogation in this situation: Motronic posted:you will likely get your deductible back later.
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Apr 18, 2023 16:31
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Welp, it’s resolved. Or it’s supposed to be. Yesterday I had responded to the DCWP employee basically saying gently caress that bullshit, I didn’t sign off on that damage when dropping off the car, I was physically present when the damage occurred AND the employees acknowledged they caused the damage, I had to argue with them to fill the OG paperwork, and that the pre-existing damage ticket wasn’t present in an image I took of the employee holding the checkin ticket after the incident occurred. I also noted that I would be very surprised if the business (and surrounding buildings, being NYC) did not have CCTV footage of the incident that could verify my claim. The DCWP worker provided all that info to the garage, and just called me back saying the garage has all of a sudden agreed to pay for the full repair at one of their preferred shops and she’s gonna forward me the info. Guess government agencies that have enforcement teeth and proper regulations actually work. I do appreciate the advice though. Insurance was clearly next step if this didn’t work out.
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Apr 18, 2023 18:07
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Glad to hear it worked out.
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Apr 18, 2023 18:37
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Pilfered Pallbearers posted:Welp, it’s resolved. Or it’s supposed to be. Make sure this shop is reputable and not the garage owners buddy doing a poo poo job. Not sure if you’ll need it but they owe you for a rental during the time your car is in the shop. Might be pulling teeth though.
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Apr 18, 2023 18:55
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