Answering insurance questions

[Stupidquestionspro]

What is the MTSS and I just spoke with hagerty at least here in Florida the guaranteed value is provided in a total loss situation less any deductible and salvage value if you keep the salvage.

In the event of repair rather than total loss the repair is covered up to the total guaranteed value of the policy with the ability to choose whichever shop repairs it or actually choose to repair it yourself.

There is no appraisal needed for value unless hagerty believes the requested value is well above market.

Actually at least in Florida the hellcat and demon have their own semi special policies with unlimited mileage provided they’re not daily drivers.




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[Stupidquestionspro]

Yea insurance is all about risk management so I wouldn’t doubt them giving up more ground.


That hellcat should be fun I’m so jealous.

As to .50 cent a mile for driving I’m definitely sorry to hear that unfortunately insurance has as much to do with your decisions and driving as the people around you so sometimes no matter how well you do you still are punished for others at the same time with annual mileage that low and coverages that low I’m honestly unsure if you could do better truth be told sounds like you would be better using Uber.

In your Situation the only good advice really would be find alternate transportation or drive more to lower your cost per mile there are really many options




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[FastCraig]

Thanks for making a thread and making yourself available to answer our questions. Here is one for you. I buy a new vehicle for $30,000 and it is insured for the full value, minus the "drive it off the lot $5000 penalty". I keep the vehicle for 10 years and have no claims submitted to the insurance Co. so why does the premium never go down even though the same vehicle is now worth 1/3 of the original new value? The insurance Co. will pay the $10000 even though I have been paying for $30000 for 10 years.

Here's another for you. When it became mandatory for every driver to have insurance, part of the reasoning was it will reduce costs for everyone. I never got my discount. I am also required to buy under/uninsured coverage. Why do I need coverage for uninsured drivers when it is law that all drives must have state required minimum coverage?

 

[Stupidquestionspro]

Thanks for making a thread and making yourself available to answer our questions. Here is one for you. I buy a new vehicle for $30,000 and it is insured for the full value, minus the "drive it off the lot $5000 penalty". I keep the vehicle for 10 years and have no claims submitted to the insurance Co. so why does the premium never go down even though the same vehicle is now worth 1/3 of the original new value? The insurance Co. will pay the $10000 even though I have been paying for $30000 for 10 years.

Here's another for you. When it became mandatory for every driver to have insurance, part of the reasoning was it will reduce costs for everyone. I never got my discount. I am also required to buy under/uninsured coverage. Why do I need coverage for uninsured drivers when it is law that all drives must have state required minimum coverage?

1. Because the most expensive part of your coverage isn’t the vehicle it is the liability and medical so while your vehicle depreciates the cost of one idiot in your area suing another and a 3rd idiot faking an injury raises offsetting any savings.

2. Insurance does reduce costs for everyone let’s take for example an accident with only mild injuries is typically 40-50k between medical and property.

Let’s say I’m paying 2k a year which wouldn’t be terrible here in Florida it would take me obviously between 20-25 years to pay in as much as that single claim paid out and some people have more than one of those. So while when you are not the one using the insurance it sucks the one time you really have to have it and use it it won’t suck quite so bad.

Uninsured and underinsured motorist is a hot topic here in Florida the land of insurance fraud, personal injury attorneys and sun drenched stupidity. The reason for this is there will never be legislation strict enough nor will there every be enforcement efficient enough to keep people from driving without enough insurance and so when someone decides to ruin your day with their car and you break your pinky toe and need the hospital without the uninsured motorist it’s essentially dig out your wallet or kick rocks while we stalk you for life demanding money. All because someone didn’t want to pay their insurance and there was no one to stop them.

Florida is truly land of the stupid too because based on legislation you can register a car with only personal injury protect and property damage and drive perfectly legally but the instant you are in an accident it is illegal. Stupid right? And yet people do it every day for some reason and Florida hasn’t fixed it yet.




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[Stupidquestionspro]

Also, word of advice for everyone price is extremely important when it comes to insurance because I assume none of us including myself are on Forbes billionaire lists. Though don’t forget insurance is a form of protecting yourself so make sure you get the advice and information you need to protect yourself and your assets and then attempt to find the lowest price for that necessary protection.

I’ve seen people who own bunches of assets not be properly advised and essentially be gambling everything they own every morning they get on the road to save 500 every 6 months it’s insanity.

I would advised whether you intend to buy from them or not contact a real relationship based insurance agent for a quote if they don’t ask about your assets and goals to decide coverages find someone else until they do. That is how you find out the proper coverage of course at that point it’s your choice whether to pay the price of the policy they have available or take the knowledge and find the best price for the coverage you need.

While it’s not always the best for business my boss and I believe in putting good things out and good things just might come back so I will always attempt to give someone advice on coverages etc just like my boss will because even though some people will not like the price and will not purchase sometimes there is an intangible value to knowing you may have done something that could one day make a huge difference in someone’s life.

If you own your own business congratulations but especially if you are an LLC especially in Florida it is crazy important you talk to a good insurance agent for your business and personal insurances because most business owners have Mack truck size gaps they don’t realize until they need it.

Insurance isn’t like your cable the quality of service and coverage varies in leaps and bounds between each company and there are quite a few things to watch out for.

Last piece of advice for the morning always and I mean always talk about life insurance with someone doesn’t matter who your life insurance will never be as cheap as it is today and there is the chance tomorrow something will happen to where you would never qualify again. Having insurance through your work means nothing because if you worked there 30 years and quit then died a day later you would have no coverage because you didn’t own the policy.

More families are left without homes due to the death of a breadwinner without life insurance than almost any other reason. It is an extremely good idea if you buy a home and have a family to at the very least buy a term life insurance policy for the length of the mortgage and the amount of your mortgage plus funeral costs so you know if god forbid something happens to you you’ll leave a home behind for your family.

There is so much more to be said about various insurances and situations but that is today’s advice.


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[RICKDIZZLE]

I have Hagerty for my 1985 Oldsmobile Cutlass. Car has a guaranteed value and its literally a "show car" that is garage kept...almost never driven and so on. For some reason...Hagerty keeps raising my rates. Each year it has gone up. I started at approx $400 a year for coverage a few years back. Keeps going up. Just got my renewal for it...its almost $600 a year now. No tickets, no wrecks, no claims...no increases in guaranteed value, nada...so why do they keep hiking up my rates?

 

[Stupidquestionspro]

This is the most common question I run into and unfortunately like all auto insurance it’s related to liability and medical coverages. Insurance changes based on everyone so unfortunately if medical costs go up or if there is a huge amount of claims etc they have to adjust accordingly and spread the cost because that’s essentially all insurance is is spreading the cost over a larger group of people so each individual who has a claim isn’t responsible for large amounts. While it may be unfortunate you are paying for this insurance but haven’t used it in the event you had to use it you depending on your limits and the claim you could potentially have more paid by hagerty than you have ever paid in. It sucks to have your rates effected by others but the only way to avoid that is self insurance.


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[lilbowtie]

What do you have for drag racers insurance.

 

[Stupidquestionspro]

What do you have for drag racers insurance.

I’ll take a look but I can only write in Florida that’s my only license


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[ck80]

Here's an odd one for you, I was asked this informally in connection with someone's bankruptcy and didn't have a clue myself.

Driver holds an insurance policy on a late model car. There is a loan on the car, but, no lien holder was listed in the policy nor was the lender named as an additional insured. Liability/comp/collision exists, but no gap policy.

As part of the bankruptcy, owner is trying to redeem, BUT may end up surrendering vehicle.

Does the auto LENDER have any right under the insurance policy to initiate a claim under collision coverage for dents/defects without the owner wanting/being willing to do so?

It may be policy specific, but, really just looking to whether a 3rd party who isn't listed can customarily try to initiate a claim.