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Land Ark 06-26-2014 03:30 PM

I don't mean to make this a story suggestion, but there's not really any other topic this falls under, so I see it as a catch-all. I plan to post here more frequently and maybe it'll encourage other B&B folks to share some of their vast knowledge with the group. I had to wade through so much tumbleweed in here I figured it needed to be livened up. Seeing the insurance tracker thread and a recent thread of Fark inspired this topic. I was an adjuster for Progressive for a couple years and when I started I knew nothing about insurance. Working there was eye opening and terrible. My first piece of advice is to not work for Progressive. That aside, I figured I'd run down a list of advice I try to give anyone who will listen until their eyes glaze over. Shopping for insurance is not a lot of fun and neither is dealing with it after an accident. With a little knowledge it still won't be fun but at least you can save a few bucks and understand the process a little better. 1. Being loyal to your insurance company will only wind up costing you a fortune. For the most part, your rates will not go down from policy term to policy term. Why is that? The short answer is because they are counting on you to not bother shopping for a new policy. Sure there are other factors, but it's really just because they can. I shop rates every 6 months. Here's a quick example from earlier this week. I have 5 cars and my policy only allowed 4 (fairly common) so I looked at rates for companies that allowed 5. Geico is who I wound up switching to and it cost $696 for 6 months. To compare, my 4 car policy with Esurance was $652 for 4 cars. I could have just added the new car to its own new policy with Esurance for $250, and I fear most would since it was in the middle of the policy term (3.5 months in). You can cancel your policy at any time and you should shop rates at least once a year. 2. Don't fall prey to bundling. You might find rates are lower with different companies even with the claimed discounts. And if not, make sure you check rates often, because insurance companies really do have "introductory" rates - they just don't call them that. They spend a ton trying to get the highest number of people switching to them. They care more about switching than retention. 3. Always pay your premium in full, not in monthly payments. Add up the payments and compare it to the full premium, it's almost always different. For me, I saved $30. Sure, I could have invested it for a return, but with my investing history, I'd wind up not needing insurance since I'd have to sell all my cars to pay for the groceries. 4. After seeing what some people had to go through, my insurance limits are high ($250k/$500k for BI - $250k for property damage) and my deductibles are low ($250 comp/coll). The last thing I want to happen is a small mistake to cost me and my family our life savings. They are actual limits the insurance company will pay out, if you reach your limit, you are on your own after that. If you know the price an ER visit those numbers start to seem small really fast. 5. If you unfortunately have to use your policy for an auto accident it's really hard to not get covered. I was forced to provide coverage to a person who we had on tape cancelling her policy 2 days prior to drunkenly slamming her SUV into a tree because she threatened to complain to the SCC. If you aren't getting what you want (and if you actually think you deserve it) ask to speak to a supervisor. Mine would give the world to just not have to talk to customers. 6. Witnesses will not stop and give you their information after an accident. You need to get every detail you can. If you witness an accident, please stop and just give your phone number to one of the victims. All you need to do is tell the adjuster when/if they call what you saw, it only takes about 5 minutes of your time. The police do not determine liability, the adjuster does. I now drive with a dash cam. 7. I will never, ever ride a motorcycle. 8. If you get seriously hurt, get an attorney. You'll have enough to deal with recovering and in rehab, let someone else handle that. If you have a minor injury, getting a lawyer is not always the best action. A seasoned lawyer will have an idea what they can get, and trust me, they work out their own percentage before yours. You may actually get more money on your own than after paying the fees for representation. 9. If you have full coverage on your own car, no you do not need insurance for a rental car. If you don't have full coverage on any personal car, you do need to get it. I don't know how credit cards work for it, so look into that before traveling if you want to use it. Also, if you drive in another county, you probably aren't covered. If you get in an accident and need a rental through your policy, remember you have a limit and it goes quick when you demand that Escalade or Mustang. If your car will be in the shop for a while, get the smallest (i.e. cheapest) you can live with. 10. There are different insurance regulations in different states. Get to know your rules. I worked with Virginia, Maryland, DC policies which all use contributory negligence meaning if you are even 1% at fault, you pay for your own damages. Most of the time, it has to be clear that you did something wrong to get that, but if you're a jerk to the adjuster expect them to find that you did something. There are also no-fault states, where everyone pays for their own no matter what. And comparative negligence, where the fault is divided up between the at-fault parties. So if you hit someone and you are found 25% at fault, you pay 25% of the damages. I'm so glad I wasn't in one of those states. So there you have it. A non-all-encompassing list of tips from my time in **** the insurance business. If you have questions or comments, or if you have a scenario or hypothetical you want to talk about, post it up. I'm happy to give any advice I can.

saleena 03-21-2020 12:41 PM

Please I got a question, I have Ford, a car and I pay $1000 annually for both liability and comprehensive coverage, I don't know if it's high so I want to switch or sell it and buy another one, do they apply this hight rate because of the brand or what? I searched in this forum for it I only found these threads: car insurance, it's not enough I want more info about travel insurance because this is very painful thanks

sanjeev90137733 09-25-2021 11:50 AM

suggestion
 
Quote:

Originally Posted by saleena (Post 18336)
Please I got a question, I have Ford, a car and I pay $1000 annually for both liability and comprehensive coverage, I don't know if it's high so I want to switch or sell it and buy another one, do they apply this hight rate because of the brand or what? I searched in this forum for it I only found these threads: car insurance, it's not enough I want more info about travel insurance because this is very painful thanks

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