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Virtue fucked around with this message at 20:49 on Aug 18, 2018 |
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Feb 22, 2015 01:11
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This is a really fun and informative thread. It seems like the majority of posting goons are either agents or claims adjusters. Are there any lurking underwriters, analyst, or actuaries? Might not be as helpful for the Q/A but it would be interesting to hear from the back end of the insurance enterprise as well as the front.
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Nov 5, 2015 04:26
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I wouldn't be too surprised if more companies start implementing things like progressive snapshot. Market segmentation through analytics is becoming a big topic and lots of firms are trying to move into the UBI space. The savings can be substantial in some cases though so I wouldn't rule it out immediately unless you know your driving habits are high risk or are really opposed to being data mined
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Mar 16, 2016 23:51
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Xenomrph posted:Hmm when the Progressive guy was doing his sales pitch for Snapshot, he mentioned that my rate could go up if I do a lot of hard acceleration/braking, and it seems like a no-brainer that they'd penalize me if their device thinks I'm a hazard. Are you sure I wouldn't get penalized? Something to think about is that in general people are less likely to post about positive experiences than negative ones so those comments will be biased towards the negative end. Large auto carriers will increase their rates periodically though so it wouldn't be crazy to have a 2% discount balanced out by an annual 2% rate increase for example. You don't really have to worry about progressive trying to screw you since the competitive market will control their rates. If you know you are a safe driver I would advise giving it a shot unless the competitors rates are significantly lower already which they may be depending on your profile. Disclaimer that I don't work for progressive and ymmv with my advice. Also drunk posting.
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Mar 17, 2016 00:05
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I know an agent that works as an accountant and owns a restaurant supposedly full time on all 3. No idea when she sleeps.
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Apr 7, 2016 07:52
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Trillian posted:How do insurers calculate the replacement cost of a house? I found a few pay services to get a replacement assessment done -- is there anything free that would give me a vague ballpark figure? Have you asked your agent? Replacement value is not the same thing as market value though
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Apr 19, 2016 02:43
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Jastiger posted:I'm pretty sure you can, yes. This sounds incredibly open for abuse. What's the catch?
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Jun 9, 2016 20:27
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Min limits?
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Aug 2, 2016 04:38
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Edit: I'm dumb. New guess is that it damages the structure
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Sep 14, 2016 00:13
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Valicious posted:Hey Overwatch goon buddy! State?
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Sep 16, 2016 00:41
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LongDarkNight posted:Barring some other intervening factor the tow truck causing damage should be treated as comprehensive. Fun fact about sunken cars, the insurance company needs to retrieve it if possible and it's hella expensive. Thanks ice fisherman that driver their trucks out on the lake. If the cost to retrieve exceeds the replacement cost of the vehicle is the insurance company still required to retrieve it even if the insured cashes out? I guess it would make sense since there's probably some law against dumping vehicles in lakes
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Nov 15, 2016 21:59
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Three-Phase posted:There was a couple of incidents I've heard of where people drove their vehicles out onto the Lake Erie ice and ended up with their vehicles on the bottom. Someone can correct me if I'm wrong but it's surprisingly hard to get a policy cancelled midterm like that. Non renewal sure though
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Nov 17, 2016 02:15
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Droo posted:I have car insurance through Traveler's, two cars for two drivers. In my policy it contains this: This doesn't make sense to me since we're looking at liability coverage premiums. My money's on some kind of discount structure or driver rating that's not obvious from the dec. Same comment for the mileage figures.
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Jun 30, 2017 21:49
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22 Eargesplitten posted:I know the conventional wisdom is "get as much insurance as you can afford," but I think I'm overdoing it at this point. I've got a '99 Subaru that's probably worth about $1500 judging by Craigslist. State Farm has raised my rates by 15% since January. It's now $80/mo for $500 deductible comprehensive. I'm really considering reducing coverage to liability and uninsured motorist. Would that be a bad idea? 22 Eargesplitten posted:I know the conventional wisdom is "get as much insurance as you can afford," but I think I'm overdoing it at this point. I've got a '99 Subaru that's probably worth about $1500 judging by Craigslist. State Farm has raised my rates by 15% since January. It's now $80/mo for $500 deductible comprehensive. I'm really considering reducing coverage to liability and uninsured motorist. Would that be a bad idea? Drop physical damage coverage, not liability. UM is really cheap for the coverage you get and you'll be reeeeeeally happy you have it if you ever need it. State Farm is raising rates everywhere because they're bleeding out of every orifice in the auto market just like every other carrier. Expect another bump next year, albeit a smaller one. Virtue fucked around with this message at 03:56 on Jul 27, 2017 |
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Jul 27, 2017 03:52
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You can automate underwriting guidelines so probably
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Aug 31, 2017 19:37
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Bad faith suits are always fun
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Dec 5, 2017 00:54
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Isn’t HDHP ideal unless you have a chronic condition? If you’re paying the premiums out of pocket at least. If my employer is paying everything then of course I want top of the line everything.
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Jan 23, 2018 21:09
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EAT FASTER!!!!!! posted:The CW is that your rates start to go way up after 2 or 3 years (because people don't bother shopping around once they've hard coverage for that amount of time) so fire away. Citation needed. Shop your renters and auto all you want. Moving homeowners can be a pita if you have a mortgage. Virtue fucked around with this message at 04:27 on Apr 11, 2018 |
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Apr 11, 2018 04:23
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Jaxyon posted:What about Whole Life? Nothing except the insurance protection which is the point of purchasing the product. If you want to invest then invest, if you want insurance then buy insurance.
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Jul 30, 2018 19:37
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Xenomrph posted:My auto insurance with Progressive is up for renewal and I’m getting real tired of them jacking up my rates after every 6-month renewal period. I’ve been with Progressive for like a decade, I pay my 6 month premium in full, I’ve only ever made one claim in my entire life (windshield replacement, like 5 years ago), I’ve never been in an accident, I’ve never so much as gotten a speeding ticket in my life. Despite this, my 6-month premium has jumped by like $60+ each time for the last 3 renewals, and that poo poo is getting old. Call an agent and get a bunch of quotes. All auto carriers have been raising rates over the past few years so your situation isn’t progressive specific. Root insurance is burning through vc atm but they’re a real carrier if you don’t mind not having a local claims person to yell at if anything happens. Virtue fucked around with this message at 08:46 on Aug 15, 2018 |
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Aug 15, 2018 08:38
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big crush on Chad OMG posted:Inflation also plays a factor. Rising costs of repairing vehicles and the massive costs of healthcare are also a big one (severity) even though safety features can mitigate or avoid accidents (frequency). If your carrier also writes home insurance and gets blasted with a hurricane or tornado or whatever, they’ll often raise rates for auto to help offset it, because customers who bundle home and auto are typically less price sensitive and won’t leave as frequently. You’re describing price optimization which is illegal in most states (might be all of them by now). Well for insurance companies anyway. Amazon et al is free to continue dicking around with your purchasing info. They aren’t raising rates on auto to offset home losses. Usually when a large event happens the carriers will update their catastrophe model results and this feeds into the rate need for auto comprehensive coverage. Virtue fucked around with this message at 20:03 on Aug 17, 2018 |
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Aug 17, 2018 20:00
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big crush on Chad OMG posted:If you don’t think they’re taking auto rate to offset home losses I have a bridge for you. You can’t easily prove it since nobody is filing rates with the DOI saying they got hosed by Harvey HO losses, but the pricing folks don’t live in an auto only bubble. I didn’t say they did and provided an example of why a loss in one line can lead to a rate need in another without any fudging going on. Reinsurance pressure is another possibility depending on the nature of the contracts.
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Aug 18, 2018 03:03
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Do you have any experience in pricing?
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Aug 18, 2018 20:47
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Bank posted:I have an insurance policy for a condo (HO-6) that is expiring soon. The premiums jumped (doubled..) so I'm shopping. The coverage is the same so it's probably just a first year thing. What does the policy say?
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Jan 15, 2019 19:10
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my bat mitzvah ROCKED posted:My wife’s car got smashed up today so we’re having to deal with the other party’s insurance. We’re all good as far as fault because my wife’s car was parked and she was at work. I know they’re towing it to a lot to have someone look at it tomorrow. We had it towed to our place. I guess we’ll be waiting on what the claims adjuster has to say but you can’t even open the hood because the cable to the latch got cut and the frame is hosed along with the bumper being inside of the radiator now. Spoke with a few people that I know that work with vehicles and they said to expect to deal with a total loss just based on visual damage. Cooperate. The adjuster wants to close your claim as much as you do. If they tell you to take it to a shop, ask them for a shop in their partner network. This will save you a ton of headache down the road if anything is funky with the repairs. If they decide to total it and give you an offer, ask for the valuation report. Make sure all the options are checked that match your actual vehicle. If you really hate their offer or don't understand it, post again. Virtue fucked around with this message at 05:19 on Jun 14, 2019 |
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Jun 14, 2019 05:15
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CelestialScribe posted:Got a couple of questions about US based insurance (I'm in Aus, so forgive if I seem dumb). Whole life: "poo poo" is a strong word but it's usually not ideal for most people. LTD and life: Sometimes but even if they do, many people want more coverage so they either buy up through their employers plan (especially if you can do this pretax) or hit the private markets. Dental is separate from health and usually easy to shop around for yourself. The coverage is generally awful for anything other than routine cleanings and minor fillings though.
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Jun 14, 2019 05:18
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The ticket and the claim are separate issues from a premium perspective. Even if you get the court to waive the ticket, your insurance carrier will have an at fault accident on your record. If you’re not reporting this to your insurance company at all and settling out of pocket then it might be worth fighting the ticket. Some carriers won’t double surcharge you so you’ll get hit once for the at fault accident and not again for the ticket but YMMV. Unfortunately that situation sounds like 100% your fault. Your agent might say differently because they want to keep your business but I doubt an adjuster would. Virtue fucked around with this message at 03:54 on Aug 1, 2019 |
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Aug 1, 2019 03:51
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Does your condo policy covers water damage? Burst pipes in the walls can get tricky because of the condo owner and AOAO playing the blame game.
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Sep 18, 2019 01:47
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Infidel Castro posted:If it's anything like Auto, most probably won't touch it since there's no money to be made in property damage claims. Injury attorneys work on contingency because they can actually put a lien on the settlement they get. That would be a bad faith which does involve big dollars but it sounds like one of those stories that gets made up and passed around by people who don't understand insurance. Little harm in getting a lawyer on board to work purely on contingency though since if there's no merit to it, they'd be wasting their own time.
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Oct 13, 2019 05:32
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KOTEX GOD OF BLOOD posted:I have been buying auto insurance through the same agent my family has used for some time, to the tune of $1510 yearly. I have tried various agents and they all quote me at around or above that price. If you're only buying auto and are a relatively low maintenance and internet savvy consumer, there really isn't a great reason to not go with GEICO (or shop around with other carriers). Just make sure the coverages are the same. GEICO (and Progressive) are making heavy market share plays right now so they're going to be very competitive for most people. If you have multiple types of policies you'd like to keep together or significant assets/unusual exposures (like a rental property) staying with an agent who can keep all of that straight might be better for you. Quick note -- broadly speaking in personal insurance there are two types of agents: captive and independent. Captive agents can only write for a single company (think State Farm) whereas independent agents are appointed by multiple companies and can write you policies with any one of them. There's really no point in shopping between captive agents for the same company because they have access to the same products and rates but good independents can quote you across a variety of carriers. Virtue fucked around with this message at 23:57 on Aug 11, 2020 |
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Aug 11, 2020 23:45
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Mecca-Benghazi posted:Would you say that’s true if you’re also interested in renters insurance (for a renter, not a landlord) in addition to auto? You're fine. Renters insurance doesn't vary much person to person besides what limits you carry so there isn't a whole lot of potential to screw that up. You still want to discuss your needs with an agent even if you end up buying direct because I'm just a talking head on the internet but GEICO will probably facilitate you obtaining a renters policy with the auto and a discount to boot. They won't issue it on their paper but they'll partner with some other companies to get the policy written. That said, you might be surprised at the premiums you get quoted by independent agents if you're looking at both an auto and a home (or condo/renters) policy. Many smaller low profile companies tend to be much more competitive for that segment.
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Aug 12, 2020 04:31
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KOTEX GOD OF BLOOD posted:When I asked my agent about this she said something about GEICO wouldn't be able to offer me the same kind of protection or service and would try to gently caress me out of a claim. In my experience there is a bit of a bias from the agency side towards regional/super-regional carriers and against the national giants. There is a drastic difference in claims handling between a specialty high net worth product (e.g. AIG Private Client or Chubb Masterpiece) and your bottom of the barrel non-preferred auto carrier (GEICO isn't one of these btw) but for most people the difference isn't really that large. Something else to consider is the value of "service" for each individual varies as well. One company might have great "service" because they have a call center with underwriters on staff to answer questions and process changes but that might seem antiquated and clunky to someone who prefers a DIY approach with a spiffy website and doesn't care all that much about the 500 factors that go into their premium. As with all things, YMMV.
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Aug 13, 2020 22:30
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bird with big dick posted:You mentioned home also, the biggest thing for home owners insurance for me is that they don't cover poo poo for personal possessions. Like I think my policy has 250k worth of personal possession coverage but you dig into the fine print and they don't cover poo poo for: guns, jewelry, collectibles, antiques, computers, electronics, etc. So I guess you're covered if you've got 250,000 worth of non-antique furniture and clothes or something. How anyone could have 250,000 grand worth of poo poo when all the poo poo that's actually valuable is excluded from coverage is beyond me, but I think this is an area where people think they've covered but actually are not. Certain types of property are subject to "sublimits". For most of them you can get coverage by scheduling them on a separate endorsement which is a process your agent can walk you through. For some types of property there isn't an easy way to get coverage for like currency. This isn't exclusive to personal property either. You'll likely find sublimits under other parts of your policy like tree and shrub removal.
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Oct 5, 2020 22:57
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mrmcd posted:... So I would suggest as a next step you ask to speak to a supervisor about this because at the very least the adjuster is not communicating this well. There are some confusing parts of your post but I think I get the gist of it. For this next bit I'm going to assume your renters policy is based on the ISO HO-4 which is very standard in the industry. What I think the adjuster is trying to say is that there is no coverage under either the standard or what your carrier calls the "deluxe" policy. Are you sure that is the only reference to structural movement in the entire policy? The way that language is written makes me think it's in addition to the existing exclusion and not the entire exclusion on it's own. Perhaps the "deluxe" version of the renters policy adds coverage for "additions and alterations" and has separate additional exclusion language for only those items? HO policies usually have an entire exclusion and definitions surrounding "Earth Movement". It might look something like this: quote:Earth Movement means: Edit: I removed commentary about "additions and alterations" because it caused more confusion than it solved Virtue fucked around with this message at 01:05 on Oct 6, 2020 |
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Oct 6, 2020 00:16
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mrmcd posted:Yeah, I have a rider that also covers alterations and additions, up to 8k or something. I can dig it out later and post it. The adjuster isn't saying there is no loss, they're saying there is no "covered loss" under the policy which triggers coverage. They sent an engineer to investigate whether or not the loss was covered under the policy. Again, I don't know if the adjuster is playing fast and loose with the language here but the insurance contract is a very specific thing which is why I recommended going to a supervisor. Your ALE coverage has to be triggered by a covered loss. If there is a general "earth movement" exclusion on the policy, there is no covered loss. What usually happens is there is an exclusion somewhere in the boilerplate policy against the "earth movement" peril. What I think happened is you purchased additional coverage (additions and alterations) and the exclusion language you cited specifically regarding this coverage. It doesn't overwrite the existing "earth movement" exclusion which would apply to your actual claim. The reason I added brought up the additions and alterations coverage at all is because you seem to think that single exclusion applies to any claim under the policy which you should clarify with the adjuster. Virtue fucked around with this message at 01:04 on Oct 6, 2020 |
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Oct 6, 2020 00:59
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Thanatosian posted:IANAL, IANA Insurance Adjuster, but assuming it wasn't your fault that the work needs to be done and the landlord isn't going after you for it, you wouldn't really have a liability claim under your policy. You could go after your landlord for violating your lease, in that part of the lease is providing you someplace to live, but I would bet dollars to donuts there's a clause in your lease that limits the landlord's liability for loss of use to the amount of your rent. Is that legally enforceable? That's a great question for your lawyer, assuming you no longer want to live where you're currently living. Practically speaking, your best bet is probably to suck it up and deal, join your local Tenant's Union, and lobby for better renter protections in the area where you live going forward (all of this assumes you're in America). Liability coverage isn't involved here, this is entirely a first party issue.
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Oct 6, 2020 01:00
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MrLogan posted:Is there an easy summary or flow chart of how much insurance you should have for auto/home? For instance for auto liability, we have 100/300, which seems like a lot compared to the minimum of 30/60, but the internet seems all over the place for recommendations. If you don't want to think too hard about it get a $1M umbrella policy and whatever the carrier requires as minimum underlying limits for that (probably 250/500 or 300/500). You probably want all three policies with the same company to make this work neatly.
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Oct 6, 2020 01:14
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mrmcd posted:Yeah I checked, there isn't any earth movement exclusion other than the one I quoted above. I checked several times. Otherwise, it's an all perils policy. It's really uncommon for a standard market HO policy to not have some type of earth movement/sink hole/earthquake exclusion on it so without having the actual documents in front of me I'm out of ideas. I don't think I've seen one myself.
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Oct 6, 2020 01:43
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MJP posted:sheri raised a good point - if I end up at an in-network hospital, and I don't have the indemnity insurance, would I just be on the hook for deductibles and out-of-pocket maximums under my health insurance? Let's say for sake of argument it's for an appendectomy, never had an issue before, and it's 1/1/2021 so I haven't been to a doctor in the deductible year yet. The answer is yes with about fourty asterisks at the end because of out of network balance billing nonsense. More specifically if your health insurance plan is ACA compliant the maximum you'll have to pay in any given plan year is your out of pocket maximum which includes the deductibles first and then any applicable copays. Indemnity plans on top are nice to have but not necessary since the health insurance should protect you from the catastrophic scenarios (and in the world of medical billing, a routine apendectomy is far from a castrophic scenario). If you have a decent emergency fund and relatively liquid investments already like it sounds you do the cash won't make or break you but at the end of the day it's a judgment call on your part. Virtue fucked around with this message at 00:03 on Oct 24, 2020 |
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Oct 24, 2020 00:00
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| # ¿ May 3, 2024 04:18 |
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Assuming you're not in a really wonky situation, your home (specifically the "structure") is insured to replacement cost. However if you choose to cash out, your insurance company will likely only pay you the Actual Cash Value. Contents coverage works similarly. Usually your insurance company will issue you a check up front for the ACV, then will reimburse you the rest up to the replacement cost (subject to any applicable policy limits) once you provide proof of actually replacing the item. You'll need to send them an itemized list of what you lost to get the ball rolling.
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Dec 15, 2020 10:08
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