Insurance

[Domsz06]

i just did a quote and they wanted 1500 a year. I don't pay that much now. And I have lower dect with state farm Thanks though. and it's my daily driver through them. When I get to take it off that it drops to well under half what I pay now.

could it be that I have to register it as an exotic through them? not a stock or modified?

[chpthril]

i just did a quote and they wanted 1500 a year. I don't pay that much now. And I have lower dect with state farm Thanks though. and it's my daily driver through them. When I get to take it off that it drops to well under half what I pay now.

could it be that I have to register it as an exotic through them? not a stock or modified?

Could be, cause it will be an exotic. NC wont let me write newer than 86 throught Hagerty so I dont know how they (newer cars) compare, But doesn't make sence though.

[spharis]

Insurance has become rediculous....especially in the South. My home, health care, dental, auto, and boat insurance are the second highest expense I have (right under $800/month). Local agencies reported record profits since the hurricanes hit. It is a very ludacris industry; I am willing to say more so than big oil. I have had insurance help me for total amount less than $500/year across the board on everything since I moved into my current home in 02, and my policies continue to rise yearly, for things like "Katrina relief fund". The last local agency I had went bankrupt and couldn't pay more than $400 to fix my missing roof after Hurricane Lily. I ate the $8000 in repairs on that one.....somehow they are still in business. Louisiana also has a 1 in 4 fraud rate.....probably doesnt help. I despise insurance policies and how shallow most of them are. It is the only industry with employees specifically hired to get out of anneing up what they should be responsible for.

[dogbert]

Like a buddy of mine once told me, I want to be a State Farm agent when I retire

[chpthril]

Insurance has become rediculous....especially in the South. My home, health care, dental, auto, and boat insurance are the second highest expense I have (right under $800/month). Local agencies reported record profits since the hurricanes hit

Most of the premium goes toward liability - fixing the other persons property, med bills and legal fees/settlements when they sue us. When you say "agencies" to you mean the Ins Co, or the self employed agent that represents the Co?

my policies continue to rise yearly, for things like "Katrina relief fund".

Most states "insure" the Insurance Co from large losses like this. A portion of every premium goes into this fund to keep an Insurance Co from going under and not being able to pay claims. When these funds are tapped into, they have to be built back up. After a dissaster like Katrina, the State Gov is forced to raise the fees to recoupe this money. States like FL, SC, NC have all seen this in recent years.

The last local agency I had went bankrupt and couldn't pay more than $400 to fix my missing roof after Hurricane Lily

Thats what the Fund is supposed to cover, sorry thats all you got from them.

I despise insurance policies and how shallow most of them are

Not sure what you mean. Insuranse is based on the "law of large numbers" and is intended to protect us from losses that would be "A finacial burden" meaning : "my toilet leaked and it's going to cost $1000 to repair the floor" is this going to break the average person....... no, but "my dryer cought fire and caused $25,000 in damage" ......yes. Insurance is like a boat, they come in a base model, and you can add on the options (riders) that fit your needs.

It is the only industry with employees specifically hired to get out of anneing up what they should be responsible for.

The major Ins Co's in LA are being sued by the State for damages that are clearly not covered...flood, rising water...in the name of people who chose to live on the coast and declined the coverage. Since these Co's are no longer writing property in this state, who do think is going to absorb that settlement... the rest of us.

[spharis]

I just want a reasonable explanation for this graph, and yet still raising rates. Americans have been getting screwed by insurance for far too long. I mean 44 billion dollars and yet you need a "fund" to rebuild.......

The way things are re-written in policies, insurance continues to cover less, yet charges more. Pretty soon they aren't going to cover any risk at all. They seem to run from risk right now. That's what I meant bby shallow. Thinkgs like "Mr. Pharis your fence is not covered because it is not a permanent fixture to the house", and "the roof is covered minus depreciation so here's a check for $400, even though you have full replacement and the roof is only 3 years old".

The problems with the state suing the insurance Cos here is because insurance is not paying for wind-driven rain that should be covered, and instead call it flooding. There was no flooding in Southern MS, almost all of that was win-driven water. Insureance doesn't think so, and are fighting to the end to weasel out of paying up. They turn to the court system instead of just paying out what was promised. Anything to keep the profits up. You know as well as i do an adjuster gets kickbacks on what he doesn't pay out. So how do you think he is going to "adjust" fairly knowing this.

here's the story on the wind-driven water debate. Guess what....that judge.....he got special interest luncheons from insurance reps....go figure.
http://www.washingtonpost.com/wp-dyn...081500584.html

$44 billion........unimaginable......and I read where they are expecting $60 billion for 06. There is no reason everything shouldn't be rebuilt with profits like that. it's as ludacris as Shell posting up 16billion a quarter and charging $2.50 a gallon for fuel.

[evil0ne]

It seems that we've gotten a bit off topic here. This started as an informative thread on who has the cheapest boat insurance and turned into a political debate over home and car insurance.

I will admit that I don't like the prices for health and car insurance; however, my two biggest "assests" are the cheapest to insure and I like the assurance that I am covered.

[spharis]

Back on topic then. I think $400 a year for boat insurance in La. on a 10yr. old $12500 recorded value boat (although it would sell for 14-16) is too high; but it is what I pay. Boat insurance has been jacked to help cover other sectors. I have All State and recieve numerous discounts and have never had a claim with them other than an automobile break in to have the window repaired (which falls under comp). They were the cheapest hands down for total loss coverage. When I call my agent, he/she know me by name, and are familiar with my policy. Plus they have some really kick *** time warp commercials and that cool-as-hell dude doing the voiceovers.

I will admit that I don't like the prices for health and car insurance; however, my two biggest "assests" are the cheapest to insure and I like the assurance that I am covered.

Wouldn't you like a payback on that when you saw they earned record profits. Insurance companies work for you, not the other way around.

[chpthril]

It looks like a paliticaly motivated chart to me, ment to say "big business is the bad guy, any body that makes a profit is a bad guy, any body that lives the american dream and gets rich is a bad guy" JMHO.

This chart does not make sence to me, I don't see the "ratio" that it's talking about, just numbers up the left side and years across the bottom.

Katrina hit Aug 29 05. the chart stops at the 05 year. Many covered losses may have not been paid, therefore they are not included in that data? I'd like to see this chart in about 2 years when these claims/lawsuits are settled. I think it will look differant.

Again, Insurance is about protecting us from financialy devistating losses, If you dont think you need this protection, dont take out a policy.

Katrina losses: The storm is estimated to have been responsible for $81.2 billion (2005 U.S. dollars) in damage. With a $44billion in profits, that leaves a -37 billion.

[TigeDuner]

I have stated value policies with Progressive on our boat and motorhome. The only way to go. If they are totaled, I get the stated value. No claims on the boat only one on the RV for a cracked windshield. Didn't cost a dime, only the phone call to get them to come to the house and install a new a new one. Couldn't be happier and about 40% cheaper than state farm with no accidents and a combined policy with autos and home.

[evil0ne]

Wouldn't you like a payback on that when you saw they earned record profits. Insurance companies work for you, not the other way around.

Actually, I got my dividend check from USAA this year . Back off topic, it's like paying social security when I know I'm not going to get it in 40 years. Just bend over, take it and get out of the house and enjoy the lake.

[evil0ne]

meant to say "big business is the bad guy, any body that makes a profit is a bad guy, any body that lives the american dream and gets rich is a bad guy" JMHO.

Yes, that is exactly what it's getting at. But, when there is collaboration amongst competing companies to keep prices at a certain level, some people get suspicious.

If you dont think you need this protection, dont take out a policy.

Ah, but I legally have to have insurance to drive my car and store my boat.

[sparky216]

You know, I'm with Spharis on this one...for different reasons mind you. Do I pay $800 dollars a month for all my insurance....hell no!!! maybe closer to $400. Recently my wife fell off the platform of our boat at a local lake, the staging area, prob a 6ft drop right onto her left elbow. We went to the hospital, now I work for a major medical company and have great benifits. The hospital wanted our boat insurance policy(State Farm) to recoup the costs of the ER visit. I asked why? I have a Cadillac health policy. They stated that any accident occuring on a boat, the health policy will not cover, the boat policy will cover. Well come to find out because we were staging and the boat was hooked to the Tahoe, the Auto insurance policy (Country Ins.) was responsible for the claim......after 5 months of back and forth we finally got Country Ins to pay for the claim.....this crap is just that....CRAP.
I mean if I cut my foot on the door to my house, should my Home Owners Policy cover that too....it's getting a bit crazy

[TigeDuner]

Sparky, who covers the accident if you hurt yourself wakeboarding? You are technically connected to the boat bfore the fall...

[sparky216]

Sparky, who covers the accident if you hurt yourself wakeboarding? You are technically connected to the boat bfore the fall...

exactly my friend
who the f knows, this crap is so confusing