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Hello, goons! Insurance is pretty un-fun for most people, but at least we can learn more about it here without any kind of pressure or hopefully less bias. I DO sell insurance for a large insurance company that is based in the Midwest. I am authorized and licensed to sell in almost all states East of the Mississippi River and focus on property and auto policies. I used to be an exclusive agent dealing with Life insurance and annuities. Then I moved on to become an independent agent with multiple companies up in the Pacific Northwest. And now, as mentioned before, I'm back in the Midwest offering policies on the East Coast. Please use this thread as a resource for insurance questions! In the interest of full disclosure, I DO work for a particular company and am a bit bias towards them, but have worked with several different companies in my career, so don't let that stop you from asking questions. UPDATED 06/17/2015 AUTO: Pretty much everyone knows auto insurance. It is there in the event that you get into or cause an accident. Most auto policies are split limit coverage as that is how states require proof of financial liability. For example, liability split limits in Idaho are 25/50/15. This covers YOU in the event that YOU are found liable for someone elses injury! This means $25,000 maximum per person per accident, $50,000 for the total accident, and $15,000 property damage per accident. This the state minimum, and wouldn't necessarily cover every incident you may have. There are also other aspects to auto insurance like medical payments, uninsured/under insured motorist, rental car reimbursement, comprehensive and collision coverage, towing, and in some states something called Personal Injury Protection (PIP), and much more. Combined Single Limits will give you one limit for the entirety of an incident. For the above example of 25/50/15 it would look something like 50 CSL or 100CSL.  MEDICAL PAYMENTS Medical payments are paid out to the people in YOUR vehicle regardless of who is at fault. If you are driving the vehicle and wrap it around a tree, your medical is going to kick and pay for your immediate medical needs as you head off to the hospital. Same goes for any kind of injury involving a vehicle, even if you're HIT by one and not in one. This can typically be anywhere as low as $1000 a person up to tens of thousands per person. Its often an inexpensive part of a policy and can be a life saver for those high deductible health insurance plans as the auto will be primary. When it comes to motorcycles it can become the most expensive though, as when you're on a bike and going to the hospital, its often pretty serious. PERSONAL INJURY PROTECTION (Pip) This functions the same way as medical as far as what it covers. The difference is in some states they have it listed as PIP which covers things like lost wages or even disability pay. This is a little bit different type of coverage since its a bit more extensive. Some states like New York or Kentucky require that you have this and that the amount that can be claimed on it is UNLIMITED. This causes the premiums to increase in those states, but it does mean everyone has to have a bit more coverage if they are injured in an auto accident. Uninsured/Underinsured Motorist (UIM/UM) This is going to cover YOU in the event someone ELSE hits YOU and they don't have enough/any insurance. A common misconception is that the insurance is going to cover the other person on this one if they don't have insurance. This is incorrect. It protects you against other people doing the wrong thing by not having enough/any insurance. Again, its often inexpensive except in a few places, particularly in the Southern United States. For some reason people tend not to carry insurance in the South so it pushes up the cost of this coverage a little bit more than some Northern states. A very important coverage to have. In some states like Georgia you can waive your UIM/UM coverage stacking on top of the other persons insurance as a cost saving measure. Don't do this, its not a lot of money to save here, and if someone injures you, you're going to want to be covered instead of having to sue them yourself. Let the insurance company do that. Comprehensive Comprehensive is going to cover the vehicle in the event that its damaged in a non-moving accident. The only exception is if you hit an animal or some other specific incidents. It'll also protect the vehicle from hail damage, vandalism, theft, and is often required to get other coverages like towing or rental car coverage. Collision Collision will repair your vehicle in the event that you're involved in a collision that is your fault. A note about fault Any damage that is not the direct result of another vehicle striking yours is YOUR FAULT according to most state laws (Some states have no fault laws that are different, so I'll not talk about those here). Slip on the ice? Your fault? Get spooked and floor it into the car in front of you at a light? Your fault. Someone cut you off and you bumped another vehicle? Your fault. Even though the law is often times bull when it comes to this, all those things that are "accidents" are still your fault. This is where collision is going to come in and fix YOUR car. Having both Comprehensive and Collision is often referred to as "Full Coverage" and is generally required whenever there is a leinholder on the vehicle. These will come with deductibles that will mitigate the cost to the company by eliminating small claims. You're going to want to weigh the cost of your vehicle to be repaired against the cost to insure it. If your vehicle is very old, but near and dear to you, you may be better off taking the money you would have spent on premium and put it into a "new car fund". It isn't uncommon for older vehicles to be totaled out and you're left holding a check that wouldn't by a comparable vehicle due to depreciation. Update: 6/17/15: Full Coverage As noted above, "Full Coverage" is when your vehicle has the state required liability AND coverage on the vehicle itself with Comprehensive and Collision amounts. Most of the time you'll hear this from the dealership in order to protect their investment in the vehicle. If the vehicle is damaged THEY want you to be able to make a claim so THEY can get paid back on the loan you just took out since they have an interest in the vehicle. Most lenders require a deductible no higher than $500, and all reputable ones require "full coverage" on vehicles they are lending money for. Here is the important part: You can have "full coverage" with low limits, you can have "full coverage" with high limits. All full coverage means is that you have comp, collision along with your (state required!) liability limits. Do not assume just because you have "full coverage" that your coverage is actually good or even what you need. A deductible of 2000 with liability limits at the state minimum isn't really going to help you out if you suffer a loss. You're going to be out $2000 and likely on the hook for any damages if you are rolling around with that kind of coverage. That still meets the definition of "Full coverage" so you can check that box, but it isn't actually helping you out. And to make Jastiger and insurance agents everywhere happy, do not call an insurance retailer demanding "Full Coverage" and nothing else. Its like calling Best Buy and saying "I want a flat screen" or "I want an HD TV". It can mean so many different things as to be meaningless and shows that you don't know or didn't care to know what it is you're looking to buy. Be sure to pay attention to your policy. Some companies offer things like "Full Glass" which provides a $0 deductible for glass damage. Others may offer extra perks like deductible savings, accident forgiveness, or special deals at places like hotels or destinations. Bare minimum limits are rarely sufficient for anyone that has any kind of job. In the above example, $25K would be exhausted quite quickly in the event of a medical need, and if there is additional litigation, you could quickly find yourself on the hook for probably $25k in legal fees alone. Same goes for that property coverage. $15k is enough to cover a small economy car in the event of a single car incident. If you total anything more than a Ford Focus, prepare to fork out even more even though you have state minimums. There is also something called a Broad Form for auto coverage which follows the driver and covers nothing on the auto. These are generally used for drivers that drive multiple vehicles, don't drive often, or can't afford full coverage. This is only available in a few states. Home: Home is more straightforward. An insurance policy for the home will cover the home, the contents, other buildings on the property, provide liability protection, medical expense coverage, and other stuff like ID theft or equipment breakdown. It is important to note that a home policy does not cover the land itself beyond a smaller sub limit. Often home insurance is required and paid through the mortgage company, but its always a good idea to have it anyways for obvious reasons. Theft, fire, storms, collapse, explosion, and more are covered. Flood, earthquake, and war events typically are not in a standard policy. Flood: Flood is specifically NOT COVERED on homeowners policies. Flood is any water damage resulting from water coming in from the outside due to: rivers overflowing, dams breaking, the ground becoming saturated resulting in earth movement (ONLY DUE TO WATER SATURATION, NOT MUDSLIDES), and tidal waters coming inland. This type of insurance is regulated by the federal government and will be the same price no matter where you go since the policies are essentially underwritten by FEMA and may be sold through independent companies. Renters: Renters are technically home policies that cover everything from the walls in. This means the structure itself is not covered under a renters policy; that is up to the landlord to get their own policy as described below. This DOES mean that it covers all your stuff as well as provide medical expense, liability coverage, and some other extras like the home policy above. Renters is cheap and if you rent, do not have renters insurance, and are a goon, I will become angry. We're talking around $15 a month to cover every single thing you own as well as provide coverage if someone tries to sue you for defending your stuff or falling down in the place (its more frequent than you think),or you have to leave because the place becomes unlivable. The liability is doubly important if you are somehow found at fault for causing damage to the structure. If a fire is found to have originated from your unit and it damages other units, then you'll be found liable. You will want this coverage, And for only ~$15/month (for most renters) its totally worth it. Landlord: If you own property and rent it out, get yourself a land lord policy (called Dwelling/Fire policies). If those tenants burn the place down, you're covered. If they have a weird blood ritual in the hallways, you're covered. If they skip town and don't pay rent, you can get that covered. It covers the structure, but typically not the contents-that is up to the renter. However, things that are permanently attached like stoves, furnaces, tubs, are often covered as part of the structure. Boat: Pretty much just like auto, and it works the same way. Some states have a few more requirements than others, but its mostly a self preserving type of insurance for boat owners. Fishing gear. Check. Engines. Check. You don't see that water skier and run them over while doing 45MPH. Covered. Typically includes the trailer that is used to haul the boat too. Many policies also offer extras like lower deductibles and "water-side" assistance in the event you need some help out in the waters. Another often over looked issue with water craft is the pollution coverage in these policies. If a boat becomes immobilized, often there can be an issue with gas leakage or oil spills. This insurance will often pick that up as well. Umbrella: Umbrella policies are designed to cover liability for the policy holder over and above all other liability limits on anything else they may own. Umbrella's generally require minimum limits on the home and auto liability policies so as not to immediately be required. These are generally for people that have a lot to lose by being sued, like a homeowner with a lot of stuff, or involved in things that could increase their liability to be sued like coaches, public speakers, media peoples, etc. They are dollar for dollar typically the cheapest insurance and can be a literal life saver if you get into deep trouble. Motorcycle: Bike insurance is a lot like Auto, but can be most costly dollar for dollar. Medical coverage is going to be your key bit here since if you're in an accident on a bike you are often going to need it. Medical is the most expensive, but often the most important part of a bike policy. Limits are described in the same format as auto. Many of the same perks can be offered on motorcycle policies too like the roadside assistance and special coverage for gear. Pets: Yes there is pet insurance. It's like health/life for a pet instead of for a person. Its often affordable. Life, Health, Long Term Care, Disability: I'm happy to answer any questions that may be out there since these are probably the most complex and least understood types of insurance. Due to questions about different types of life insurance I've updated this section here! WHOLE: Whole life insurance is for the WHOLE life of the person being insured. These policies will have a few different values inside of each policy. First will be your Face Amount. This is how much insurance you're purchasing. Whole life also has a Cash Value. This is the amount of Cash in the policy that you can liquidate at (almost) any time. This value trends upward with the life of the policy as you pay in your premium. Once you hit a certain point, usually 10-15 years out, your cash value will equal your paid in premium amount and then eventually your Face Amount. What happens then is typically your face amount will begin to increase as you pay in your premium, though it isn't a 1:1 ratio. Rather its a predetermined ratio that is available prior to binding the policy coverage as you are essentially "buying" more insurance with your cash amount. However, you can do other things with the Cash Value. You can make withdrawals and keep it. You can let it ride and stop paying your premium and let your cash value pay the premiums for you and stop paying your premium out of pocket. Some companies will allow you to convert the life insurance into something else if you so choose as well. This is generally the most expensive type of insurance since it lasts forever, has a cash amount, and often has more bells and whistles built into the policy. It also can pay dividends from some companies. The money in this is technically invested, but not in the same way as Universal or Variable life insurance policies are. Often the cash value is reflective of the companies interior investments and reflects the amount they're paying on their life insurance, but this is all of course, behind the scenes. Term: Term life is a set face amount for a set term, usually 15, 20, or 30 years. You purchase a policy at say $X and you pay the premium. So long as you pay your premium, the policy stays in force. At the end of the term all obligations of either party ceases, and they both go their separate ways as far as the contract is concerned. Many companies will allow you to purchase additional insurance at the end for a discounted rate or roll into another program as an accommodation, but these are often extra and have additional requirements. Term policies carry no cash value, no dividend, and often with the fewest bells and whistles. That makes term life the cheapest possible insurance to purchase, if you die during the term, they pay out. If you don't, they don't. Variable: Variable life policies (sometimes referred to as Variable Universal) involve an investment component. These are often the most volatile and risky types of policies, and are the closest to an actual investment you're going to see with life insurance. This policy function similarly to a whole life policy in that there is a cash value associated with the policy, but instead of the cash value being automatically added with the guarantee from the insurance company, you generally drop the money in yourself up front or periodically. With variable tere is a Target Premium which is what you're going to want to pay. The trick is, that target is generally dependent upon an investment having a certain amount of return to compensate for the premium you expect to pay out of pocket. If the investment performs well, then you have extra cash! You can use it to pay the premium, add on more insurance, or to sit in and be reinvested, with the strategy depending on your age, investment goals, and long term financial plans. If the investments perform poorly......well, you still have that premium to pay. If the cash is all lost in the investment, you may no longer have that cash value cushion to use to pay your premium, causing your out of pocket premium payments to jump up, sometimes significantly! This type of insurance is obviously the most risky, but can have huge returns. Generally the premium is lower than Whole life, but higher than Term when you look at the expected payment, but this can change based on market performance or the options taken with that cash amount in the policy. Like whole life, these types of policies are generally for the life of the insured, though since they are investment vehicles for many, they don't necessarily stay in force the whole time. That is a quick run down of the different types of insurance. If you have any more questions either about your own policies, or just more general information about insurance, please ask here and I'll answer your questions. Co-Insurance! I thought I had this covered but I guess I did not- this is super important. Co-insurance clauses are requirements that an insured has a certain amount of insurance-to-value on their property called co-insurance. Usually the clause is set at 80%. What this means is that insurance companies require that you have your property insured at least 80% of its value, or else there may be a penalty if you make a claim (most companies require 90% or higher!). The reason for this is that folks will often attempt to largely under-insure their property in order to pay a lower premium on a lower amount, leaving the insurance company providing a small amount of insurance for a large structure. This can lead to all sorts of legal issues when making claims. So, what happens if you are under that 80% guideline? You get hit with a penalty! The penalty is proportional to how much under your property value you have an insurance coverage set to. For example, lets say your house is worth $100,000, but you only want to pay for a policy at $50,000. You want to save money and cut corners up front. Well, your house burns down and you want to make a claim for your $50,000. Well, you had only insured your home to 50% of its value so you'll be assessed a penalty. The insurance company will look at how much less you had insured your home to (50%) and look at the amount you had purchased ($50K) and will pay out that proportion on the amount you had insured -in this case 50% of your 50% coverage. The company would pay out $25,000, half of what you had purchased because you only had insurance-to-value at half. This is a huge deal and a reason why a lot of quality established insurance companies would never ever insure someone below the 80% mark. It is an easy set up for failure in the event of a claim and is just not good business for the company or to the person that wants the policy. Its a common tactic for home owners to seek out low premiums for their home by undervaluing their house. Many insurance companies will conduct a reconstruction estimate assessment in order to find out where that value really ought to be. This applies to condos, townhomes, and really, any kind of real property. General Insurance Guidelines: Buy as much insurance as you can afford. This doesn't mean buy as much as is offered, but as much as you can comfortably and reasonably pay for. Chances are if you can easily afford an extra thousand in coverage, then in the event you need that kind of insurance, you're going to wish you had it. Be sure to read your policy carefully. If you're relatively young (under 30 or so) and are getting SCREAMING deals on insurance, you're going to want to read your policy carefully. Often times younger folks go for the cheapest insurance and end up with a barebones policy that doesn't cover a lot of what they may think. Even some posters here have found that they thought they had insurance coverage for things and ended up not having it because they went for the cheapest rate rather than the best coverage. Make sure your policy has what you want in it before settling down on it! You often get what you pay for. While I don't work for Allstate, the Mayhem guy is right: If you have cut-rate insurance a lot of stuff may not be covered. Remember when you're shopping for insurance that the company you're looking at is going to offer things a bit differently than the next. This doesn't mean you need to go for the most expensive, but keep in mind what you're purchasing when you're shopping around. Ask questions! Ask your agent, ask in this thread, ask the person quoting you on the phone..just ASK. Find out what insurance means if something isn't clear. Ask why you would want/not want a specific coverage. Ask why you're insurance is so cheap/expensive. The insurance industry is pretty regulated and representatives will often be able to tell you how or why something came to be. Be Honest. Tell the company if you've had an accident or a loss on your home. Hiding it means you're opening yourself up to being canceled, having your premiums increase, or worse, finding out the thing you didn't disclose led to a loss which can possibly mean that loss isn't covered. Don't go all Chunk from the Goonies on the companies, but if a question is asked, do your best to tell them whats up. Agents want to write you policies and will do what they can to make sure you're covered one way or another-they aren't raising your premium to screw you over if something comes up. They want your business! ON QUOTING This is something that has always bothered me since day one. When you're quoting its important to know that every reputable insurance company is going to run reports on you including Motor Vehicle History, Property Loss History, and an insurance based credit report. This means using your SSN to get an accurate quote. What is important to know here is that if you go online and type in your stuff into a quoter, or go to an agent and they quote you and you have not given your SSN, DL #, or VIN of your vehicle, the quote is not accurate. Policies can go from $50 a month for auto to $150 a month once the reports are run, or even vice versa. As an agent, this is a peeve of mine: Do not go to a company and get a non-accurate quote, and use that as justification for lower premiums at other companies that HAVE run the reports. Eventually that company will run their reports and your premium will adjust accordingly. Good companies run the reports first, not-so-good companies will wait until the very end to get you to commit to them before seeing the actual premium. Keep this in mind when shopping for insurance! Updated 06/17/15 Jastiger fucked around with this message at 16:42 on Jun 17, 2015 |
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Jun 5, 2012 22:21
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The Slaughter posted:when you use a broker do you get the same rates as going direct, or higher in order to cover the broker's commission? do you always tell customers about the lowest rate you find or would you be tempted to go with another carrier that is slightly higher ratewise but pays a better commission? It depends. Some companies will only sell through brokers or agents. Others, like State Farm or Farmers, only sell their product through their own agents. Then you have others like E-surance that are direct only. I'd say about 75% of the time it's the same going with an agent as it is direct. 20% of the time its a smidge higher, like maybe $30/year, but the service you get from an agent is worth it. 5% of the time it's just cheaper to direct. If you have a lot to insure it can be worth it to have an agent to sort through a lot of different coverages. If you're looking to be minimally legal, then you can go either way. 9 times out of ten if someone comes to me with say, a new car, or just got a house/apartment, I save them money than when they were direct. I generally go with the lowest premium unless its with a non-standard company. It's worth it to go with a preferred company and pay a smidge more since it makes your insurance cheaper in the long run, especially if you have a claim. Actually, while I haven't insured any porn stars, from what I know of professional insurance I'm sure there is a policy that covers that. Just like a plumber will have a policy for his operations, I'm sure there is a niche market for them.
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Jun 6, 2012 05:29
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Eggplant Wizard posted:Thanks. It always said senorita, I don't know what you're talking about. MageMage posted:What insurance covers sexual reassignment surgery that would cover Dr. Reed in https://www.srsmiami.com I would like to get it before he gets too old for it and dies.... To be honest I'm not sure if you can get an insurance policy from a general health care provider that would do that. If you told them you planned on having the surgery they'd probably deny coverage for it for a set amount of time, or just jack up your premiums. For something super specialized like that, I'd contact the office and ask him what insurance companies he accepts, then apply to them independently. I'll ask some of my carriers here about it though if I get a chance.
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Jun 6, 2012 16:03
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Ugh bad deal here. Well the insurance companies are going to want to know about an incident report and why you didn't call them up front. They know that if its a small thing, and they don't know about it fine. Once you tell them, they put it on the books. The thing is, since there is no way to find out who is at fault, and there is no police report, it will be your word against his. It will look bad on you and maybe jack up your rates since you didn't contact police like you're supposed to. At this point I wouldn't tell your insurance company about it since all it would do is put an unreported incident on your record. What I WOULD do is file a police report or at least give them a call and see what they can do. If they are willing to look up the guy based on his info, you could very well have them find him and his car and then make a claim then. You might not get out of it scott free and your rates might go up, but so will his since he was involved and failed to report too. Otherwise you just got a messed up car:(
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Jun 6, 2012 20:51
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It's cheap because the likelihood of something happening is typically low and in the large scheme of things, if a place burns down, the place is more expensive to rebuild than the stuff in one unit. The thing is, the cost to the insured is high, so it's a good thing to have. If you look at a home insurance policy and the limit for "stuff" it's typically much much lower cost than insuring the building. Renters is basically a home policy with the structure part, the most expensive part, removed.
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Jun 6, 2012 21:29
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Skizzles posted:I have a car insurance question. Actually it may be more of a legal question, I'm not positive... A week ago someone backed into me and caused some rough cosmetic fender/bumper/headlight damage (I was leaning on my horn but he kept on goin'). He was adamant about not involving insurance, offering to give me however much cash I thought it would cost right then and there. I don't have any damned auto body knowledge, and I was worried what he'd do if I demanded his insurance (the fact he had hundreds or thousands of dollars in cash on hand really sketched me out), so I just threw out "$600" based on a recent estimate to fix my rear bumper, so he gave me $600 and that was that. I went and got an estimate on the damage he caused the next day: about $2,000... Also I should ask, do you have uninsured/underinsured coverage on your auto policy?
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Jun 6, 2012 22:13
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I've actually talked about Primerica in the Scammed and MLM threads in GBS. Their structure is based closely off of the MLM system where you are under one agent, and eventually recruit your own agent, and so on and so forth. In and of itself that isn't bad until you see the way their sales pitches go. Just like any other sales job its commission based and if you don't sell, you don't get paid. However, its doubly so when you are reliant upon a new guy to sell that has little to no training. This leads to the hard sell and hours spent at dining room tables with people glancing at the clock. Not a good way to sell insurance or financial products. If you want some experience doing individual sales, it's not a bad idea to try out the industry. Their training is lack luster, their products are not competitive quality wise or cost wise, and the entire organization, at least to me, smells fishy. I'd look at an Edward Jones or State Farm if you want to get into the insurance and investing business. Also don't forget the cost of getting your licenses. To give you an example of Primerica, I used to work for a company that serviced Primerica products. The agents knew nothing about the products they were selling people and were handling hundreds of thousands of dollars. This means when the agent inevitably got out of the business a customer was left with a huge chunk of money in a product they had no idea what it was doing. It's a pretty crappy situation all around, especially when that is your retirement money.
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Jun 6, 2012 22:48
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Curses. Well I'd recommend adding that on there. UM/UIM Coverage is relatively cheap if you already have liability. If you're under 25 then comp/collision can be a bit rough, but UM/UIM can protect you in these situations. Always, always, especially if you know its not your fault, file a police report.
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Jun 7, 2012 04:19
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Skizzles posted:I am under 25 and my mom kinda handles the insurance right now, and liability's all she can afford, but I will keep that in mind for when I finally start handling my own stuff like an adult and get my own insurance. As for the police report, is there really any use in filing one now...? As much as I'd like to stick it to him, I'd like even more not to risk raising my own rates for my mother's sake. Pretty much yeah, you can call the non emergency police number and they can dispatch someone over to you to take statements. You can still call the police and try to get him tracked down since you have his info. It won't necessarily raise your rates unless you file a claim, but it will certainly raise his. One thing to consider: Since you don't have UM/UIM/Comp/Collision on your car, there is no coverage from your company to fix it. If he has insurance you can make a claim there. More than likely, if he doesn't, you're going to have to take him to small claims, which is not fun or worth it usually. If you call the police, just tell them the truth. He hit you, here is his license #, you felt intimidated about getting the police involved. They may say its too late, or they may go and knock on his door. Depends on how busy they are.
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Jun 7, 2012 05:41
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This thread is still here and I"m still helping goons so, I wanted to make sure all your questions were answered.
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Jun 18, 2012 23:18
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EchoBase posted:I'm looking into life insurance and wanted to get some advice. I'm in Canada in case it matters. We recently bought a condo and are also having a baby in the fall. My wife works now and will continue to work after her maternity leave. Czech had some good advice below as it's similar to what I'd recommend. I would not recommend getting small stop-gap insurance plans every 5 to 10 years because indeed your rates DO increase every time you go back to look at it. If you're 25 now say, you'll pay for a 5 year and pay a 25 year old rate. Repeat for 30, 35, 40 and by the time you're 35 you could very well be paying more for a 5 year plan than if you had bought a 20-30 year plan at 25 year old rates. Age, smoking, health, are the biggest factors here. Also remember there is "banding" with insurance amounts. It can be cheaper to get $300,000 than getting the $267,000 your debts may be. Be sure to check on that with your agent or broker. The GUL option would also be a potential option for you to if you want to have insurance when you die. If you're just looking to cover the mortgage, find the cheapest 25-30 year plan you can get and buy that and be done with it. If you are looking to have life insurance to pass on to your wife and/or children regardless of timeline, you can pick up a GUL. They are more expensive than term but in the long run end up being much cheaper, especially if you want to decrease your insurance down the line. I'm a big fan of whole life because it lasts your WHOLE LIFE. It guarantees your family will get something when you die and it grows if you get a participating whole life policy ( don't ever get a non-participating whole life policy). I advocate getting a term to cover your debts like mortgages or loans, then get a smaller whole life that grows throughout time. When you're 70 or so the term will be up, your mortgage is hopefully paid off and now you can coast with a whole life policy that has a bunch of cash in it to do whatever you want with, usually paying the premiums to pass on to the kids. Employer backed life is usually mega cheap, which is good, but you have to remember: it goes away when you leave your place of employment. If you have serious concerns about potential job changes in the future you can save time and money by getting a private term policy of your own that stays with you no matter what. One of the worst things I see is a person that is in their 50's not in great shape that just lost their job/changed careers and now needs to apply for insurance because their "Job always provided it", and now they are forced to apply at 50 year old rates. You can nip that in the bud by getting it early, getting in touch with an agent who will shop it around for you as Czech says, and paying a smidge more up front. Life insurance is one of the few things where paying a bit more up front almost always means you pay less down the road.
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Jun 21, 2012 19:00
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Well, to be honest the best way to handle this is to have you both on ONE policy. You'll more than likely save money and it makes this question really easy to answer:) However, I know things aren't always like that or one of you has a worse record than the other. To tell you the truth, if you had an accident and you were not listed on her policy the insurance companies would really decide how they want to handle this. More than likely her policy will pay for the car, yours would cover your liability. Then they would probably cancel one or both of you. This is VERY BAD. This makes getting insurance in the future very expensive and a huge headache. Do not let this happen. The reason it's so sticky like this is because insurance companies consider any licensed driver in the household a driver. It's highly unusual for two drivers to be in a home together and not drive one anothers car. Room mates are an example of this and you can exclude people in your household because room mates will probably not be driving each others' cars. So in essence the insurance company would see that indeed she is having you drive her car without them properly rating for the extra driver. Basically they would consider it misrepresentation and can do what they want when the time comes. Now, family members or occasional drivers are usually OK. Mom comes into town and drives the car, that is no problem. She has her own insurance and doesn't live there and these things happen. When it comes to people living in the same household you need to either get them Named on the policy or excluded as covered under their own insurance. So, my professional recommendation? Get one policy and put both of you on there. Multi driver, multi car discounts as well as one policy should save you money. If one of you has a worse record than the other, then you can name them on your policy, but it will still have an impact. Or you can just never ever drive the other persons vehicle. Sorry it's not all great news:(
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Jun 21, 2012 23:36
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Did you purchase the insurance from the rental car place? If not and they just made a claim against you, it can show up in a report. It all depends on how the claim is handled and if you simply paid out of pocket or you got an insurance company involved. It isn't as bad as say a speeding ticket or running a red light, but it can show up if there was a scuff or some such on the car. If you're talking about a collision then yeah, that will show up since those are tied to you and not what you necessarily driving. If you have an otherwise good record I wouldn't worry about it.
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Jun 22, 2012 19:37
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If it's a scuff or dent they'll probably just want you to pay for it out of pocket or they will have a special surcharge they'll tack on to the rental. If its bad enough that you have to contact insurance..well then there you go. I say ALWAYS BUY THEIR INSURANCE, even the cheap stuff. I once scuffed up a car we rented REALLY BAD. I was freaking out, but in the end it was OK! I had paid the extra $30 and had insurance on it, so they ate the cost, not me.
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Jun 22, 2012 23:45
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Well its definitely a rough business depending on where you are. I started out in a larger city in the Midwest and did fine. I moved to a rural area in the Pacific Northwest...it's much more difficult. Getting started in the industry is the most difficult part. There is a saying for agents that if you make it for three years you're good. If not, then it's hell and you won't be able to continue. There is a lot of truth to that since the income structure is cyclical; you're paid on commissions when they renew so the more you build up a clientele the more you'll get paid. Of course starting out you have no renewals so you have no income other than what you can sell up front. Life insurance is a bit different in that it pays out mostly up front rather than equal amounts each year. The job is also the epitome of "It isn't what you know, but who you know". If you stopped by a local agents office in your town I guarantee he knows as much as the next guy down the street, but their income and clientele is based off of who they know, not how much expertise they have. This is the biggest thing in the business. If you don't know a lot of people or are uncomfortable meeting new people you will not succeed in the business unless you have some other kind of "in" to get clients. As far as the job itself it really isn't bad so long as you can pull in enough to live. Independent agents set their own hours, manage their own clientele, and generally work as brokers between multiple insurance companies. Working for a company is generally more restrictive and stable since you typically have to follow their protocols and offer only their products. There are benefits to both sides depending on your social situation and the size of your town. A lot of agents with say, State Farm or Farmers do quite well not because they know a lot of people, but because they have great brand recognition. A typical day is coming in to the office cleaning up any emails or messages you may get from the companies. Things like premiums that need paid, documents signed, or any issues that come up. For me, since I'm new to the area I'm in I spend a lot of time prospecting; cold calling, sending emails, visiting businesses, and reaching out to people I know for business. The time not spent prospecting is spent running quotes and comparing insurance policies in the office. I often spend time after hours making phone calls since people are generally home then. Before this post gets too long and rambling I'd recommend doing this if you know a lot of people and have no problem having a fluctuating income for the next 6-8 months. If you can swing that, then go for it, it can be very rewarding! If not or you live in a small town I'd recommend against it. I'm a good agent but I am having a hard time breaking through the small-town mentality and getting new clients at a pace that I'd like. If you have any other questions feel free to ask.
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Jun 27, 2012 19:39
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Kung Fu Jesus posted:Is there any startup capital, supplies or a list of clients you can inherit or anything to get the ball rolling? Or are you starting from zero, with just a license? If its the latter, did you just get a loan to open an office, buy supplies, and start cold calling? Not if you're independent. If you're asking about me personally, I work for an independent agent in his office as another agent. We have a contract that splits the commission in exchange for the use of the office resources and brand names. I got all my licensing when I worked for a large insurance company in Iowa, then moved here and joined up independent. If you were to open your own office then yeah, you'd have your license and that is it. You'd need to secure office space and all that on your own. Most people who start this kind of business are already established in a community, have a lot of money to begin with to, or know few key group of clients that would be able to sustain the business growth and make it worth while up front. If you're getting contacted by insurance companies they more than likely have start up plans for their agents. A limited stipend plan, usually 3 to 8 months to cover basic expenses is out there for SOME companies, but not all. They'll give you office space, business cards, ongoing training, and the like. They generally do not pay for your licensing unless you've been with them for a while and need to get another to expand business opportunities. In a few rare instances that I know are out there, but I've never seen, they will pay you a salary of some kind and any extra you sell is extra commission for you. This is more common in banks.
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Jun 28, 2012 01:50
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Analytic engine: Absolutely not. Generally renters insurance is a blanket amount that covers all your belongings. Have more belongings? Raise the limit. Have specific items worth more that you want a special coverage for outside the blanket, often with no or lower deductible? Schedule that item. For computer stuff I probably wouldn't do that though since if it's gone, it is generally more than just the computer and you'll want to be under the cheaper blanket coverage. adorai: Landlord policies can be described as "everything that is not the tenants". This includes, for a condo, the unit itself, the large appliances, and any liability that may be yours if damage is caused to other units. If a tenant destroys a permanent structure in the unit, you'd be covered. It wouldn't cover you if their stuff got stolen. That is on them. When you talk about repairs you have to be careful. They will cover a COVERED LOSS under COVERED PERILS. Covered perils are generally fire, wind, etc. This often doesn't mean normal wear or specific maintenance. Also, a savvy policy holder doesn't make a claim unless he has to since each claim can raise the rate for the next term. A landlord policy will be based upon the area, how long you've had it, the quality of the unit, loss/claim history, and of course how much coverage you want and which kinds of coverage you want. It is not based on potential rents, unless you're looking at the specific loss of income part of the policy. If you're looking at about $900 a month for a unit worth $120000 or whatever, depending on credit history you'd probably see $400-700 a year depending on a ton of variables. If you give me more info I can narrow it down. Does that answer it for you kinda-sorta?
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Jul 29, 2012 04:56
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Your mom can buy the insurance and have you listed as a driver, that can be done. Or, it may be cheaper to just add the auto and you to her existing policy, if she lives in the same state. Since you wouldn't be a youthful driver, but you would be a new driver it'll be more expensive to insure just you than if she is on the policy too. The key is that it'll be up to you and your mom to make sure payments are paid properly, her paying the company, and you then paying her. It CAN be done where your mom isn't a driver on the policy and it's just for you, but the few companies that will do that will certainly have a surcharge on there since it's a different situation. If your mom is willing to do it, I'd say add you and the car to her policy, we can figure out how much your addition is going to cost, and she can ask for that money from you. I'm like 80% sure it'll be cheaper than getting your own policy right off the bat.
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Aug 2, 2012 21:04
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Respekt posted:I need to buy Auto, Business, and Health insurance by next year (Buying a car, opening a small business with equipment insurance, and won't be covered under parents health plan) I do commercial insurance too!  It depends on how you're doing it. Are you a one man operation? Are you going to be using the same vehicle for personal and business use? Will you have employees driving your vehicles or a company vehicle? There are a TON of questions I'd have to have answered before I can give you super accurate information. Generally for a commercial policy it'll be more than personal, usually a few hundred a year. This covers you for more than what is normally covered since you have a larger exposure with a business behind it. So if you're paying $400 a year, I'd expect $600 or so for the typical owner, keeping in mind it can be more or less based on the type of business. Business Owners Policies (or BOP) usually start at around $400-$500 a year and go up from there. If you have a lot of heavy equipment it can be a bit more since that equipment itself is something you'll want to insure. Health depends on your age and health of course. If you're in your 20's in good health I'd say up to a few hundred a month. When we get into business stuff it can be pretty complex. If you want me to give you specifics and you don't mind it on the forums, post it here. Otherwise you can email me here: Jastiger fucked around with this message at 04:36 on Jan 13, 2015 |
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Aug 3, 2012 03:17
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JollyGood posted:Can you tell me about gap insurance that would cover "lose of use" on rental cars? Well GAP insurance is usually for an auto you purchased. It's designed to cover the cost of a new one since your car depreciates so quickly once it is off the lot. If you're talking about general Loss of Use, that is a general option you can choose on your auto insurance policy if you're car is in the shop. It isn't a standard feature and has to be added, usually at a few bucks a policy period, so it isn't bad. It covers the cost of renting a car in a day/month format. A typical Loss of Use coverage is something like 30/900 or something like that-$30 a day/$900 for the entire month max. That is the lowest most will go, you can go higher if you'd need/want a better rental car. Tab8715 posted:Why does comprehensive insurance roughly stay the same if my car is old or new? It really depends on the vehicle and the cost to repair it. I don't think either of those are high theft vehicles, and I don't think either one is especially expensive to repair. If you have a good record, good credit, and have been a loyal customer with no claims, the company probably cuts you a big break on that. This is a good thing! Ask how much a 2005 Mini Cooper or BMW would cost for comp and you'll see a big jump in price I bet. Remember, Comp is if something happens to it while stationary. If it's in the same place as the other car it really isn't any more or less likely to be damaged regardless of the model. pancaek posted:Can we talk about insurance for really old cars? These are generally Classic Car policies, which are really nice. Often you name how much you want to insure it for. Sometimes it may be a better deal to go with the insurance companies valuation, but it's up to you. Often they'll be year round policies specifically for what you're talking about; driven maybe 4 months a year, often in a garage, and not driven. I've written a policy for 3 GTO's in the same situation for about $445 a year, and these were high value since he restored them. You'd probably pay about half that unless you're in a high theft area. I would recommend biting the bullet and getting the year round plan instead of getting a small 4-6 month plan. This way it is ALWAYS insured and you won't have gaps in coverage for underwriting purposes.
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Aug 3, 2012 16:33
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JollyGood posted:The loss of use I'm referring to is when you wreck a rental vehicle and you declined the additional optional insurance and your personal insurance only pays for the vehicle to be repaired but not the loss of revenue that the rental car company is losing while the vehicle sits in the shop getting repaired. 30/900 is just rental car coverage in general, $30 / Day or up to a $900 policy max (or until the day your vehicle is repaired), which the highest I've seen is 50/1500 and I've even seen as low as 15/450 which wouldn't even cover the cost of the cheapest daily rental car rate around in my area. Ah OK yeah you're looking for loss of use for the rental company, not yourself. I don't believe any of the companies I deal with will even offer such a thing. I know it is out there but I have never seen it as a specific line item on an insurance policy. I can look into it, but I doubt it will be offered, especially since it's A) a big uncapped risk for the company and B) It's probably cheaper to buy the rental companies insurance anyways. This isn't to say an insurance company may not step in and let your property damage line cover the loss for the other company if they just estimate their lost earnings and charge that. It'd be a relationship between the companies and not something I'd leave to chance. I recommend getting the rental vehicle insurance from the place.
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Aug 3, 2012 18:58
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SlenderWhore posted:Why do auto insurance policies seem so... random? I was in a serious (almost car totaling) at-fault accident in January, got a ticket in May for making a rolling stop at a stop sign, and am a 20 year old male and my insurance is still lower than my female friend with a clean driving record(same company). I was terrified they were going to drop me and I'd have to have high risk insurance, but I guess I was lucky? Not that I'm complaining, of course, just curious as to how you guys come up with these numbers. I'm a broker, not the company, but I can explain a bit here. For one, insurance companies will have different protocols. I know a major company that doesn't run drivers licenses until there is a claim. I know another that runs them immediately and will potentially cancel you IMMEDIATELY if you cost too much money. Most, however, will only look at it upon renewal. So if you bought a policy today and had a problem, you wouldn't have to worry about it until next year where they may drop you or change rates. Another important factor is the type of market you're in. Different companies have different markets. If you have a ticket and you approach them you'll probably go into Non-Standard. This means that if you go into a Standard product it would be way more expensive for you than a Non-Standard would be. This is why those "cut rate" insurance places are able to offer it at the rates they do: because they off set their non-standard with their standard. The larger the company the more lee way there is usually. For your specific situation I'd watch for your renewal. You'll probably get slammed when it comes time to re-up. You'll also want to compare coverage with your friend. If she has more people on her policy and is only paying a portion of it, that could be why. Plus there are discounts like multi-policy, family, home owners, etc.
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Aug 5, 2012 01:58
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Poldarn posted:Canadian house insurance question: I bought a house that turned out to be a lemon. A leaking roof and a buckling foundation that is seeping is going to cost me a stupid amount of money to fix. I called my insurance provider but it turns out the three things my policy doesn't cover are roof repairs, foundation repairs, or water damage from an external source. Is it worth it for me to find another provider that will cover these things (does anyone cover these things?) and if I do is it going to set off alarm bells when I make some claims right away? Ouch. Home policies often cover a specific set of perils or all perils but a few listed out. What you listed out are generally exclusions. Just like a warranty doesn't cover something forever, the insurance won't either. Roofs need replaced, foundations inspected, and so on so it's considered standard upkeep for home insurance. Now, if your roof blew off in a storm or the foundation cracked due to fire or some such, then yes, you'd be covered. Since that isn't the case insurance generally will not cover that. If you go shopping around for a company that does cover it, then make a claim, that is going to be the best way to get dropped. Why would they extend insurance only to have you immediately start making claims on it? They will jack up your rates if not out right drop you, unfortunately. Really, the only recourse here is to see what you can do as far as the prior owners and their insurance. If you need to make a civil claim against them for selling you a lemon that is probably the way to go. IANAL, so I'd get one and see what can be done concerning the selling agreement and all the legal talk. Depends on how long ago it was too. You mention water damage from the outside, this is exactly right. If the water originated in the home you can get a special clause on there for water damage. No policy will cover external water because that falls under flood insurance. Snow melts all at once and hits the basement? Flood. Water drips over the roof and into the same spot for years and gets into the foundation or basement? Flood. A massive earthquake causes a tsunami that hits the first floor, filling it with water? Flood. All equal in the eyes of insurance companies since the water came from OUTside the home and not INside the home. You can purchase flood insurance, but it's a special program, tons of red tape, but ultimately worth it if you are in a flood prone area. Keep in mind Flood Insurance Programs are closely monitored by the US Govt so most of my knowledge about them pertains to the US only. Canada probably has something similar, but I'm not for sure. I'd hit up your govt website for any more information pertaining to flood risks since that is a very specific line of insurance offered outside typical home owners policies.
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Aug 6, 2012 01:31
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Initio posted:How much liability (auto) insurance should someone buy? I get that it's important and can be supplemented with an umbrella policy, but most web sites I've seen don't give a number or a method to calculate what you need, but instead say something like 'Buy a lot! If you don't have enough you'll get sued for all of your assets'. "You should buy all of it. All of the insurance"- Online Insurance Companies It really is specific to everyone's needs. Let me address the bit about umbrella's. Most umbrella policies will require you to have a minimum amount of liability on your home and auto. Otherwise you'd just get the skimpiest auto you could and then go to the umbrella. If they are talking about umbrella's you want to stop and read the fine print first. As for auto I've seen many different methods, from how much you make a year times 2 or 3, how many assets you have, how much your house is worth, etc. I would rather find something that fits within your budget and within your abilities to pay if it DID exceed your limits. In general most people need insurance that would cover them if they damaged a car with more than two people in it. Usually those costs will be around $100,000. $50,000 per person, $100,000 a total accident. For me, I would love if that were the bare minimum because it does fulfill MOST peoples needs in MOST situations. Higher is better of course, but 50/100 is a good amount for the young person or young family. If you have a lot of assets that you could lose, that is where you want the higher liability limits. Generally, unless something truly catastrophic happens, you're not going to pay out more than a few hundred thousand in an accident unless you specifically have something to lose or someone to go after. If you're Bill Gates and a lawyer represents someone that Bill hits, you can bet they are going for everything they can because they know the insurance company is on the hook and that Gates has assets. If it's a regular joe, not so much because of litigation costs and assets to pull from. There is no magical amount though. I hate to sound like a shill, but this is what us independents do, we go over your insurance needs and find out what would be appropriate based on assets and your budget. If you are concerned about it, send me an email (it is posted below) and I can help out.
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Aug 7, 2012 23:08
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Postmastergeneral posted:Paying $65 through gently caress farm; one vehicle, oldish. Bodily injury/property damage liability. Personal injury protection. Comprehensive. 250 Deductible. At 29 years, no speeding tickets, zero moving violations in the past 7-8 years or more. Motorcycle endorsement. I'm having a difficult time parsing your post. What are you trying to ask here? As far as ADAD? Accidental Death Insurance? Is that something they are offering through auto? If you're talking about that, then it is kind of like Life Insurance. They pay out an extra amount if you are killed in a car accident. Usually it's a paltry amount, but functions the same as life insurance. Never use an accidental plan to replace life insurance. Dollar for dollar it is no where near as good. Consider it just some extra cash, not an actual plan. If you mean something else, let me know.
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Sep 13, 2012 22:57
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zenintrude posted:I was involved in a hit-and-run (not my fault) and I was able to grab the make/model and tag numbers off of the car and take a picture of it as it sped away... police track down the car, but the person it's owned by/had the insurance policy wasn't the person driving the car (hit-and-runner was male, policy owner was female) and she wasn't giving anyone up; she claimed to not even know that the car had been used despite being at home all day... she also didn't file a police report that the car was missing and when police did go to her house 2~ hours after the crash, the car was there, so...... If the boy borrowed the car from the girl, the girls insurance is still liable. If she had filed a police report and the vehicle was then "stolen" the it all goes on the boy. Since that is not the case, and it appears the boy was driving with the girls knowledge, she is pretty much on the hook here. Her insurance company can most definitely deny the payment since he is probably not listed on the policy. What this mean is that your uninsured/underinsured coverage kicks in. It also means either you or the insurance company can most definitely go after her for any and all damages since both of them are liable for the damage since insurance has stepped away. If it were me I'd go after the boy. File a case against him with the police like you have and pursue it. It will keep him off the streets (and maybe her if she loses the car) and you have a shot at getting money back. He's guilty of a hit-and-run and I doubt going to court over that and losing his license is worth more than the few hundred for your deductible. Keep in mind that this may still raise YOUR rates too.
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Sep 16, 2012 09:46
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Weinertron posted:Really? I thought that uninsured / underinsured effectively took the place of their liability insurance and would cover both medical and property damage to me. So if I get hit by someone uninsured and I have no collision, I am just screwed? I'm carrying liability, comprehensive, and underuinsured / uninsured on an older vehicle right now. Sheri has pretty much answered the question really well here. UM/UIM is for liability, property is under UMPD. Usually they are the cheapest part of a policy if your looking good already. For example if you're rates are $300/yr for 100/300/100 insurance, then I'd expect UIM/UM/UMPD to all be about another $60 combined. Definitely worth it.
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Sep 22, 2012 04:28
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FISHMANPET posted:So this has always bugged me. Yes and no. It depends on how a particular company segments their base. Lets take a geico for example. Their entire premise is to insure as many people as possible, even some high risk drivers. They count on you being uninformed, not paying an agent (usually), and fighting claims. This doesn't mean they are necessarily a BAD insurance company, you just need to know what you're buying. If you can find a rate with another company that is in the "preferred" market (no tickets, no accidents, good record) that is comparable, go there. As far as "saving" they only say they can save you. They always quote you the lowest rate with a perfect record. It's a lot of the "people that don't like the thing they buy, buy on price alone". That is why you see all the saving stuff. Then you have the introductory deals, etc. It's all about your record, your segment, and the company.
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Sep 22, 2012 09:22
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Sorry! This thread totally goes in spurts and I miss a ton of questions. let me get them all."Bitter[HATE posted:" post="408335199"] I'd look at the larger companies. They are large and probably evil, but they are the best bet. They are safe, competitive, and have decent products. I used to work for Metlife, so I'm partial there, but others would be Prudential, TransAmerica, Genworth, American General, or USAA. You can also hit up an independent broker that can run all of those for you at once. That is what I'd do, but make sure you've heard of the company, and get multiple quotes. Some small companies have good deals, but for most people a large company with many assets and options is a good way to go. Cuckoo posted:This is more of a question about the job than the insurance itself, but you said you were a broker. If any of your industries offered a captive spot (as in, you sell only that company's plans and only that line of insurance) would you? If not, why? Well to be honest I no longer do this work any more. I've had to move on to something else because of my families unique circumstance, but I can still answer your questions. I wouldn't take a captive position unless I had a solid book of business and a steady flow of income guaranteed. The trouble is exactly what you said. If I work for one company and my product sucks, or the marketing sucks, or my company screws up and gets a ton of bad press-I pay for it. It is much better to have a wide range of products to offer. The flip side is if you're starting out, I'd recommend starting captive so you can build that book of business. Once you do that, you can go on your own and then, along with your experience, offer more product! So if you're already independent, you'd need a lot to pull you captive. Starting captive is great because the risk is mostly on the company and you're still learning. Knightmare posted:I've had renter's insurance for years now and still not sure how it works if my apartment went up in flames. Do I then make a list of my stuff for the insurance or do they just give me a check for how much I was covered for? I don't save receipts or anything and would probably forget a bunch of stuff if I had to list it out. How does that all work? Should I just take pictures of all my stuff? Renters is what you make of it. If you have a limit at say $30,000 and your place burns down, the max they will pay is $30,000. Now, you could make a list if you like. This allows you to verify that everything you lost is replaced at replacement value (if you have that) in the event htere is a dispute. Generally in a total loss there is no dispute. You pay premium for $30K, they pay out $30K. The issue is when there isn't a total loss and you're trying to claim your Xbox is worth $500....not gonna fly. If you have a list of why its worth $500 and all the games, now you have a case! Generally things that you'll want to have receipts for, you'll have listed separately on the policy. For example, I insured a goon and we listed out all 75 pieces of his collectables. For Auto-they generally go away after 5 years. Maybe 10 for the state you're in and carrier. It really depends. If its been more than 3 years ago, I'd run the numbers. You never know who may not care-Progressive usually only looks back 3 years and that is it.
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Oct 13, 2012 09:27
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The Locator posted:Why is it that insurance companies will not give me a quote for coverage that is even remotely competitive with my current rates? It seems like at least one of the other big companies would be interested in my business and quote me into their preferred rates, but every time I try, I get a number that's anywhere from 50-80% higher than my current rates. It's strange. State Farm is known for grandfathering people in. It is very possible that if you were to re-apply as a fresh customer to State Farm you'd get the same higher rates. I would also go find very preferred if it is that big a deal for you. Some companies like Hartford, Grange, or Metlife have very low rates for very safe drivers. If you're super clean, then you may be in luck there. Don't try Progressive or Geico. Atimo posted:I also work in insurance, but as a Web developer. Mostly dealing with claim intake, and adjusters though. I know very little about what are agents do on a day to day basis so this has been a great read. Thank you! If everyone could afford an umbrella I'd say you should get one. That is exactly the kind of thing it protects you against in the event your auto/home doesn't cover it. Remember, umbrella's cover the cost of defense. It doesn't mean it'll automatically pay out, it means they'll go to bat for you so you don't have to. Then if you do lose after that, THEN they pay.
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Oct 13, 2012 09:43
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Alterian posted:I'm going to have a baby in mid November. The baby is going to go on my husband's insurance rather than mine since its better/cheaper for us. He talked to his HR and they said he has 30 days to put the baby on it before he has to wait until the add/drop period. FISHMANPET is pretty much right. The effective date will be the baby's birthday for MOST policies. This does mean that if you have right away medical expenses you may have to put some up front. I'd get with your husband's HR department and get a specific printout of what his particular policy covers. Sometimes they do have a cooldown period, a separate deductible, or some other thing like that. Also, your insurance should have coverage for yourself and baby since a lot of it could be seen as pregnancy coverage, so I'd find out what exactly is covered there as well. Remember, almost all preventative care visits are 100% covered by insurance companies. A check up with the pediatrician should count as this at least and you'd only have to pay the co pay for any vaccinations and the like. If you get all the ducks in a row before baby comes, you should be able to have a seamless transition. They key is to talk to the insurance company because it can literally change from company to company or even position to position within the same company.
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Oct 18, 2012 07:28
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I know about a lot of the womens healthcare stuff that came with the ACA, but specifically pumps I'm not so sure. I know about the extra time required and that you may be able to use some of your wellness plans to help with getting pumps, but I don't know about completely free pumps or stuff like that. Wellness things are key though. Mammograms, pap smears, all that stuff should be included with your plan. Your specific company may have a wellness plan for pumps and classes for sure. This is the tough thing when it comes to medical coverage-every company is different. If they hit the basic rules they are legal and a lot of other stuff is gravy that your company is willing to buy from them, which means someone that doesn't know your specific policy isn't going to know all the answers to these questions. One thing I will tell you is make sure if you're buying stuff for baby, keep track of it, preferably in a savings account. Remember, healthcare costs out of an HSA can result in tax credits for most things!
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Oct 19, 2012 01:14
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The Locator posted:Back to car insurance. This isn't a question, so much as a recommendation to everyone regarding their own coverage. Absolutely. It's why I mention it in the OP. A lot of people shop on price and say "bah, I don't NEED that coverage, so I won't get it" and it ends up biting them in the rear end. It is important to remember about the "tiers" of coverage. If you're a top tier driver with no incidents and a good company, the price between coverage amounts is relatively small. Basically if you're a top grade driver for an insurance company it doesn't matter what limits you set, you'll be golden. If you're in a lower "tier" then you'll see a higher rate, but again, you'll see less dollar difference between the rates. If you're paying say, and only for example with the numbers,$20 for 50/100 and you're a super safe driver, you can probably go to 100/300 for $25/30. Not a big jump at all!
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Oct 20, 2012 08:36
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Stew Man Chew posted:I posted this over in the D&D thread about our awesome healthcare system in the U.S. but I figure you're a good person to ask: Again health stuff varies from company to company but my understanding is this: You can sign up for the discount if you do the things required of the programs. These are called "Wellness" programs or "Preventative" programs in order to help save both you and the company money. These are most prevalent in company provided insurance plans because the company pays less money for you and you do too. The thing is, just as you say, enforcement. What is to stop someone from just signing up and then smoking 3 packs a day? Not a lot. However, I would expect with increased legislation coming down that companies will start cracking down on it. Now, I hope they don't go grabbing medical records or pulling your sick days or something, but I can see them sending an HR person around or an insurance company rep to see who smokes and who doesn't. When I worked for a large company we were supposed to log how much exercise we did throughout a few months and they'd give you a discount based off your log. The reason they've cropped up so much recently is because if people did follow them they WOULD save a lot of money. My guess is that there is an even larger kick back to the employer in terms of premium reductions as I bet if you are found in violation, guess whose rates get jacked up?
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Oct 23, 2012 04:32
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dur posted:My problem is similar to Alterian's - I've got a kid on the way, and need to figure out insurance for it. The problem, though, is that in Minnesota, you can not get a child-only insurance plan, and adding it to either my wife's or my employer plan is prohibitively expensive. I pay nothing for coverage for just myself, but it's $450/mo to add a child to my plan, or about 12% of my gross income. For one child. My wife pays about $230 for herself, and it's $600/mo to add a child. That would make her health insurance costs about a third of her income. Sorry I missed this. Those premiums are sky high. Like seriously. I ran insurance premiums for a guy who had frickin cancer and they were not much higher than those. What kind of plan is your employer offering? That is super high premium for a group policy. It very well may be worth while to go for the individual plan over the group plan. Also, have you looked into a family plan with you, wife AND baby at either of your employers? Perhaps with all things considered that may be a cheaper route than keeping the insurance separate. If you do the whole family on your plan and its $450, maybe that is cheaper than splitting it up over all of them? I'd also look at private insurance for the entire family. I can't imagine your premiums would be much higher than what the group is offering.
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Nov 12, 2012 21:45
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Sorry. With the job and the baby coming I don't get to check this thread as often.fivre posted:Woo I recently lost my job and will be out of insurance at the end of the month. I can probably afford COBRA but don't want to; since I'm under 26 I'll probably see if I can get back on my parents' insurance. It looks like this is okay under Obamacare according to NYT and the Chicago Sun-Tribune. For employer insurance policies, no. They offer the health insurance to the whole group, you're part of the group, you sign up, you're in. Group policies spread the risk across the whole group, so if you're healthier than the rest of the group, tough noogies, you pay the group rate. If you're not, then hey, you get subsidized overall by the group. They cant' pick and choose what to cover or not cover on a case by case basis. They CAN choose what to cover based on class basis. Like "All people who have diabetes have to wait a year for treatment", is legal, but rare. I'd get a job, get covered, then get checked out. Even if its under your parents, I'd get checked out when you have insurance, not before. Unless you're in serious condition that is. Brady posted:This is probably a dumb question but as a renter with renter's insurance do I need to keep a record of receipts or make a list or take pictures of the stuff I own? What if there's a fire and I say my $1000 TV is worth $6000? The easiest way to look at this is to look at what your total renters policy covers. If you bought a $40,000 policy, the insurance company will cover you for $40,000. Not to exceed that number. Renters policies are usually pretty easy going. If you pay the premium for $40K, they'll pay up to $40K without too much hubbub. They just need to see proof of a covered loss, like a break in, fire, etc. So, this means if you claim your TV is $4000 and it was only worth $1000, well, if you're still under the blanket $40K then they'll usually pay it. The thing is, if you were paying a premium for $40K and you're using more money than what you expected for the TV, then that is on you. You'd only be screwing yourself by paying a higher premium than what you have actual stuff. The thing is, if you're intentionally paying a higher premium and then set fire to your stuff so you can get more money, then that is fraud. If you have a legitimate loss, then "TECHNICALLY" its not fraud. This is something called indemnity, or the idea that the insurance company has to "make you whole" and not have you profit from the loss. If you bought a policy for $100K, lost everything in a fire, but only had $50K of stuff, they only have to pay you $50K to indemnify you, or "make you whole". Back to the original point; yeah you can take a photo if you like. Most insurance companies aren't picky with renters policies. You have a covered loss, they'll pay out without a problem most of the time if they are a decent company. The times you want to make an itemized list is if you have collectables or small valuables that are not worth a ton individually, but may need special coverage. If you DO have a lot of valuables you're worried about, say items worth more than $1000 or so each, I would consider scheduling, or separately listing, those items. INTJ Mastermind posted:Congrats OP, you just convinced me to buy renter's insurance! You have the two coverages I'd choose right off the bat. Water back up is key since it is NOT covered under home owners or renters policies by themselves for most companies. If you're worried, you can always do the safe thing and take pictures and send them to your agent or the company. Items off premises yes and no. If its in your car parked at your place, yes! If you're out walking around and get mugged you can have that covered if you choose "mysterious disappearance" coverage on certain items. Sometimes "Special Personal Property" is what this is called. It means they'll cover the items no questions asked. Its a bit more expensive, but its the way to go if you're worried about that kind of thing happening. Generally renters policies will have a small bit on property they'll cover no matter what but it caps out really low at like $1000 or so. Talk to your company and get that special property coverage, or if its cheaper, itemize those things to cover them for special property. Or stop walking around with $6000 worth of stuff.
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Nov 25, 2012 08:32
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Especially since I'm taking an extended vacation at my parent's place and my apt will be unoccupied for 7 weeks...
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First post from my phone so bear with me Get the 100k. The difference in premium between 100k and say 50k is going to be a few dollars a month and you are getting the double coverage. I usually recommend against getting tiny amounts because the insurance per dollar is so much more at the 100k mark. I'd guess a 29 y o would pay 30 some odd for 100k and maybe $29 for 50k. Getting the 100k is a no brainer. Of course ask for quotes and compare but you won't find a lot of reputable companies that will write less than 100k or so.
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Dec 3, 2012 20:29
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OP here. Just noticed the new questions. When I get home I'll put in my two bits and help answer some of these questions. Good advice here so far.
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Jan 24, 2013 20:59
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canyoneer posted:Is there typically any discount to be applied (without changing coverage) to a vehicle's insurance premium when you own the car outright? I just paid off my car and thus have no lienholder, and I don't want to drop full coverage (it's still a valuable vehicle, and I'm not crazy). Can insurance get cheaper for me now? Usually the answer is no, but sometimes its yes! If you're bundling with a carrier and you have a short history with them, if you own the car outright it can result in a very small discount on premium. The line of thinking is that if you own the car outright you're getting coverage because you can A) afford it, B) want it, and C) are more likely to take care of the car. It's like being cheaper just because your married. It doesn't necessarily always make sense, but its there. Not every carrier does this and the discount is minimal. We're talking like $10 a year or something, but hey. Its there! ifuckedjesus posted:Thanks for confirming. To just concentrate on the interest rate aspect, I would assume that fixed rates adjust with the current interest rate market, correct? Are there people that took out whole life in the 70's with some ridiculous fixed rates out there? Actually, yes! I've seen annuities and life insurance policies that offer something like 7% interest on the cash value. They are obviously quite old. However, contracts work both ways. As I think I mentioned earlier in the thread, back in the late 90's interest rates were higher and people were getting that Variable Life Jizzer mentioned. This means the cash value was tied to an investment in the market. People were getting 8%, 10%, 15%, and higher on their variable. The Whole life guys were like, "well we can't beat that, so lets set our rate a bit higher since the market is doing well. We'll guarantee 7% and WE will invest and make 15% to cover it!" Well you know what happened, rates dropped and Variable life is something I would advice against for 90% of the people that would come to me. But the whole life contracts are going to stay in force no matter what the external interest rates are. So you can still have a 7%. More likely people are going to have lower, but its still a nice (key word) GUARANTEED 3%-5% interest rate. Oh and to make sure I cover your bases, no. The fixed rates do not have to match any market rate. Often they are either locked in or give the company discretion on where to set it. Legally rates can go up to 7% and the company can raise yours 1% because the policy gives them a floor that it can drop but don't specifically tie it to existing rates. Good companies will raise your rate in correlation with the market though.
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Jan 25, 2013 06:42
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Tab8715 posted:What's the average cost of car insurance for accident and ticket free individuals? I google a bit and haven't found much for an average and any decent resources. Well you can hit up a private broker and they can quote you out with different companies. How old are you? What do you drive? Absolutely NO tickets or accidents? Just yourself you're insuring? Multiple vehicles? Do you own your own home? Are you married? You can see it's a pretty broad question you asked, and there are a lot of details that dictate the answer!
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Feb 19, 2013 15:45
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