Insurance: Helpful Info

[PERCULATOR]

INSURANCE: Things You Need to Know.

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Ok, so I may have a reputation of being a jerk on here at times. Anyways, I thought I would provide some info that may help some of you out since I see insurance threads on here from time to time. I dont claim to know everything about it, but I may have a little knowlegde to help some of you.

First of all, as im sure most are aware, your insurance rates are based on several factors, such as: Age, driving record, location, and type of vehicle you drive. Here are some other facts that many dont realize:

1. Insurance follows the vehicle. So your buddy wanted to take your cobra out for a spin. He losses control and hits a tree. Well your buddy feels terrible about the car, so he calls his insurance company to take care of your damages. It doesn t work that way, his company can do nothing for you. The only case it would, would be if you didnt have insurance on the car, then it follows the driver. But either way, driving a veh that does not have insurance is illegal.

2. Kelly Blue Book means nothing. The value of your vehicle is based on its condition, mileage, and the local market you live in. ALWAYS PURCHASE GAP INSURANCE. KBB is most helpful when selling privately.

3. Police do not determine fault in accidents. Insurance companies do. Just because you did not receive a ticket does not mean you are free of fault. Your rates can still go up, even though you didnt receive a ticket.

This is just a few things that some may find helpful. I originally posted in the Terminator forum, but figured others would find it useful.:rockon:
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INSURANCE ADJUSTER

 

[Jefe]

1. This rule varies state by state and company by company. Most insurance companies allow permissive use. In AZ, the vehicles insurance will be primary no matter who is driving. Some companies make you list everyone that will be driving and some just let you know that if the driver has the owners permission, then they are covered.

2. The only time GAP insurance needs to be purchased is when you are taking out a loan for the car and it is more than the value of the car(dealerships) This is a common mistake by a lot of people.

3. Police do determine who is at fault on public property. If there are more than 2 cars involved in the accident, thats where the adjuster determines who is at fault.

4. One thing you forgot to mention, is that your credit score will affect your rates. Almost every big name insurance company is doing this now. They believe that if you have bad credit, you are more susceptible to having claims/acc's/tickets.
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INSURANCE PRODUCER

 

[Bens4vcobra]

2. The only time GAP insurance needs to be purchased is when you are taking out a loan for the car and it is more than the value of the car(dealerships) This is a common mistake by a lot of people.

this isnt necessarily true. the reason GAP is good to buy is that your car will most likely depreciate faster than you can pay it off. Even if you are getting a 'deal' its always good to buy it if you can.

3. Police do determine who is at fault on public property. If there are more than 2 cars involved in the accident, thats where the adjuster determines who is at fault.

also not true. the police didnt witness the accident. they dont determine fault. they give their opinion of who the primary contributor was, but its not the 'end all' of who is at fault. ask a liability adjuster. thats why they dont just go off the report, they take recorded statements, observe and document damage of both vehicles.

p.s. what do the number of cars have anything to do with it? fault is always determined by insurance carrier. they're the ones writing the check(s).

 

[PERCULATOR]

1. You missed the point here. What im telling is correct. Im not talking about permissive use. INSURANCE ALWAYS FOLLOWS THE VEHICLE REGARDLESS OF STATE.

4. This is a good point and a true one. I said a few pointers, I wasnt listing the every aspect of insurance.

 

[PERCULATOR]

1. You missed the point here. What im telling is correct. Im not talking about permissive use. INSURANCE ALWAYS FOLLOWS THE VEHICLE REGARDLESS OF STATE.

4. This is a good point and a true one. I said a few pointers, I wasnt listing the every aspect of insurance.

 

[PERCULATOR]

this isnt necessarily true. the reason GAP is good to buy is that your car will most likely depreciate faster than you can pay it off. Even if you are getting a 'deal' its always good to buy it if you can.



also not true. the police didnt witness the accident. they dont determine fault. they give their opinion of who the primary contributor was, but its not the 'end all' of who is at fault. ask a liability adjuster. thats why they dont just go off the report, they take recorded statements, observe and document damage of both vehicles.

p.s. what do the number of cars have anything to do with it? fault is always determined by insurance carrier. they're the ones writing the check(s).

Ben is absolutely correct.

 

[Bens4vcobra]

Ok, so I may have a reputation of being a jerk on here at times. Anyways, I thought I would provide some info that may help some of you out since I see insurance threads on here from time to time. I dont claim to know everything about it, but I may have a little knowlegde to help some of you.

jerks make the best adjusters!

1. Insurance follows the vehicle. So your buddy wanted to take your cobra out for a spin. He losses control and hits a tree. Well your buddy feels terrible about the car, so he calls his insurance company to take care of your damages. It doesn t work that way, his company can do nothing for you. The only case it would, would be if you didnt have insurance on the car, then it follows the driver. But either way, driving a veh that does not have insurance is illegal.

and get ready to be cancelled at your next renewal!

3. Police do not determine fault in accidents. Insurance companies do. Just because you did not receive a ticket does not mean you are free of fault. Your rates can still go up, even though you didnt receive a ticket.

pretty much if your carrier wrote a check on your behalf, your rate will go up. unless you have some sort of forgiveness on your policy.

 

[Jefe]

this isnt necessarily true. the reason GAP is good to buy is that your car will most likely depreciate faster than you can pay it off. Even if you are getting a 'deal' its always good to buy it if you can
p.s. what do the number of cars have anything to do with it? fault is always determined by insurance carrier. they're the ones writing the check(s).

Good points first of all. Another thing to remember is that the ins company offers GAP insurance at a much lower rate. Getting it through the dealership is a rip off!

For example you have a 3 car pileup and the cop comes out and issues the person driving the 3rd vehicle the citation. When the adjuster starts getting statements, they will try and find out how many times the person in front and the person in the middle were hit. That determines whether the person in the middle was on the brakes(maintaing a safe distance). If they werent then the person in the middle pays for the front car and the person in the back pays for the middle car. Happened to my buddy and he was in the middle.

 

[Bens4vcobra]

1. You missed the point here. What im telling is correct. Im not talking about permissive use. INSURANCE ALWAYS FOLLOWS THE VEHICLE REGARDLESS OF STATE.

4. This is a good point and a true one. I said a few pointers, I wasnt listing the every aspect of insurance.

an easy way to remember this is that mandatory insurance follows the vehicle registration. thats how they track it. if a cop pulls you over, they check to see your id card matches the car, not the person driving.

 

[Bens4vcobra]

Good points first of all. Another thing to remember is that the ins company offers GAP insurance at a much lower rate. Getting it through the dealership is a rip off!

For example you have a 3 car pileup and the cop comes out and issues the person driving the 3rd vehicle the citation. When the adjuster starts getting statements, they will try and find out how many times the person in front and the person in the middle were hit. That determines whether the person in the middle was on the brakes(maintaing a safe distance). If they werent then the person in the middle pays for the front car and the person in the back pays for the middle car. Happened to my buddy and he was in the middle.

I used to sell it for only $250 on loans up to 84 months. thats until my company pulled the plug on it, guess it was too cheap.

 

[Jefe]

I just added it to a policy this morning. 2007 Titan. $117.10 for 6 months.

 

[Bens4vcobra]

Terry,

do you sell the OEM? its optional coverage that will pay for new replacement parts rather than used/aftermarket.

 

[Jefe]

Its actually Jeff. I saw the name Terry McCarl in the credits of some movie and had to put it there lol

Farmers doesnt sell it as a coverage but in the event of a claim its basically whatever is available will be used. Unless the client wants new parts and would be willing to pay the difference

 

[Bens4vcobra]

Nationwide has it. its pretty good i think. they will use new factory parts. customers have been happy with it.

 

[Jefe]

How much does that cost? Its a great idea

 

[CobraBen98]

Nationwide has it. its pretty good i think. they will use new factory parts. customers have been happy with it.

Absolutely correct. I'm a sales agent for Nationwide AND I handle the all the states east of the Mississippi. Feel free to PM me and I can give you a quote. Now it does depend on the state, we don't offer it in all states, but most.

Even if your west of the Mississippi, pm me, I can have someone here call you.

 

[CobraBen98]

1. Insurance follows the vehicle. So your buddy wanted to take your cobra out for a spin. He losses control and hits a tree. Well your buddy feels terrible about the car, so he calls his insurance company to take care of your damages. It doesn t work that way, his company can do nothing for you. The only case it would, would be if you didnt have insurance on the car, then it follows the driver. But either way, driving a veh that does not have insurance is illegal.

This comes down to the state and the company. I've had a company pay out on the driver, even when the vehicle had it's own coverage through it's owner. I think it was Allstate.

 

[Jefe]

We had a client loan her car to her boyfriend(not listed on insurance) and he totalled it. Farmers paid the claim and then made the clients boyfriend sign a "no coverage letter." Didnt raise her rates either...If hes ever in an accident with that vehicle again, they non-renew her auto policies...

 

[CobraBen98]

In my time in the insurance business, I've learned that every company does things their own way.

 

[Jefe]

Do you do commercial as well? Im looking for an outside carrier for some things that Farmers doesnt do