Posted on 04/03/2020 11:22:38 AM PDT by dragnet2
Since millions of us have been directed to stay home and shelter in place and avoid all needless, unnecessary travel, will our insurance payments and or premiums be adjusted down or waived during this crisis?
My driving has been reduced about 95 percent, not to mention not using/riding my motorcycle at all.
I suggest everyone call their insurance carriers and inquire about this. Maybe save some big money.
MetroMile charges by the mile.
How about health insurance? I suspect those companies are making out like bandits. Elective surgeries suspended, once busy doctors offices practically empty. A few limited parts of the country have busy hospitals, but most are twiddling their fingers waiting for a surge which may or may not come. But they dang sure still want my exorbitant Obamacare premiums, inflating at Jimmy Carter compounded interest rates. All over a disease currently incurring hospitalization charges for less than 1 person in 40,000 statewide (IA) and which caused zero death statewide over the last day. A third of our counties still haven’t had a single case, much less a death. The rest of the few hundred active cases are recovering at home, ie. either at no cost to their insurance or perhaps costing their insurance the $20 for the best available treatment.
WE have 2 car van, van gets used on grocery day or if we have to go separate ways at same time. We travel o more than 2 hrs round trip to doctors. Occasionally 1 of the kids has a car break down, and borrow van.
I will send u the company’s link in private mail. I can’t recommend them because they’re very very very hard to collect even patently valid claims from. Abusive imho. But it’s a good example of several insurance companies that offer discounts for driving few miles. You can ask your insurer about it. I think this company starts discounting for under 7500 miles a year and you can save about a third off their usual extortion amount. Shop around!
Then I would expect those things to be covered as the payments are adjusted. You need to understand, the big claims/liability and the overall majority of claims are due to collisions on the highways. Probably 95 percent of your payment/coverage is for on the road liability/damage/injury. Not vandalism or wind while your car is parked on your property.
Please stop. Get a grip and get over it.
Just looked at my recent auto policy renewal and the liability/collision part is about 82% of the total, but I get your point. To your original point, how would you prove that you aren’t driving during the “policy/premium reduction period”? I don’t like those “drive safe & save” tracking devices the insurance companies are using nowadays. My state/county/city treats the “lockdown” as a suggestion with lots of exceptions for shopping, exercise, walking the dog, going out to take care of elderly relatives, etc.. In fact I am just about to drive 3 hours one-way to check on my elderly Mom.
“Then I would expect those things to be covered as the payments are adjusted. You need to understand, the big claims/liability and the overall majority of claims are due to collisions on the highways. Probably 95 percent of your payment/coverage is for on the road liability/damage/injury. Not vandalism or wind while your car is parked on your property.”
I am intimately familiar with loss types as a percentage of overall losses. I was in collision repair management and vehicle insurance claims management over multiple states for 40+ years. If you want your collision and liability premiums to be based on miles driven, there are companies that structure their fees on that basis, but be prepared to pay considerably more when your driving returns to normal (assuming your mileage is “normal”). Your current carrier probably offers lower premiums if your annual average mileage is below a certain figure (for example, 7500 miles), but they’re not going to adjust your premiums because of a short-term decrease.
They build these glass tower hi-rises for their corporate headquarters and they're secure them like fortresses. Funny, they must understand how many people they've pissed off, denied claims and robbed. Why do you think most people literally need a lawyer, or should have one, just to understand their contracts? From my perspective, it's obscene.
And I believe this is the same carrier who openly promotes homosexuals in their commercials. Nice huh?
It's common knowledge millions have been directed to stay home, and eliminate all needless unnecessary travel. Millions are not even going to work. The insurance carriers know this full well. And now they have to "Prove" they're not driving as usual?
lol...
“Most people drive all their lives and don’t have so much as a fender bender.”
Whether insurance companies charge too much for what you get is certainly a reasonable argument, but your statement above is incorrect. Statistically, an average driver has 3-4 accidents over a lifetime of typical driving. I realize that may not apply specifically to you.
Buying vehicle insurance is purchasing an intangible commodity - i.e., protection in the event of a loss - which you typically buy on an annual or semi-annual basis, and which you use up every day the policy’s in force whether or not you file a claim. It’s not intended to be, nor is it sold as, a savings plan.
As far a needing a lawyer to understand an insurance contract, I can’t recall any kind of contract where I wouldn’t have benefitted from having a lawyer to truly understand it. That’s not just insurance - that’s the law and lawyers. Some insurance companies have come out with a “plain talk” policy (although I believe they still could be made more understandable).
Do people sometimes have a legitimate beef with insurance companies? Absolutely! Do people not often not fully understand what they’re purchasing when they purchase insurance? Absolutely.
I never worked for Progressive nor was I ever interested in working for them, but I know that the rank and file of any company generally has zero input on the nature of the commercials that their employer runs.
“Perhaps the greatest advertising campaign of all time! Millions of American men have a crush on Flo.”
I know! Although I talked to a few guys who worked for Prog and they all thought she was kind of a dog :) Eye of the beholder, I guess!
Are these statics from the insurance carriers? And do they mention the severity of these collisions? Were they bumps in park lots, minor fender benders? You can bet the rent most of them were very minor.
Do you think someone who's had a reported fender bender in their driving life is able to recover the tens of thousands of dollars they pay insurance companies in monthly payments over a period of say, 50+ years?
Come on. It's a win win racket for the insurance man. Otherwise they wouldn't have built all these elaborate hi rise monstrosities in every city.
Btw, ya think the average person in the U.S. understands their insurance contracts and all the legalese, many of which can be dozens if not many more pages long? Come on.
So on top of paying these people all your life, the insurance companies advise that people should hire a lawyer to go over their policies?
Lemme ask ya, do you people in the insurance industry advise your clients to hire lawyers so they fully understand these contracts, so they're fully protected and fully understand these contracts?
If not, why not?
“Are these statics from the insurance carriers? And do they mention the severity of these collisions? Were they bumps in park lots, minor fender benders? You can bet the rent most of them were very minor.”
The stats are available via various internet sources, but I’m not sure who’s in a better position to gather those statistics than insurance companies. They pay closer attention to them than anyone else. But feel free to find a better source, if you can.
I don’t have to “bet the rent” on it. I know for a fact that the average collision severity when I retired in 2011 was about $2600 per auto property loss (and that does not include the much higher personal injury claims, which you conveniently fail to take into account). This data came from 3rd party estimatics platforms, which provide statistics for both the insurance and collision repair industries. I’m sure you’ll have a conspiracy theory about the validity of those statistics, but I can assure you that they don’t bullshit themselves about internal financials.
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“Do you think someone who’s had a reported fender bender in their driving life is able to recover the tens of thousands of dollars they pay insurance companies in monthly payments over a period of say, 50+ years?”
You continue to insist on viewing auto insurance as a savings plan. It’s NOT. You are buying insurance coverage, and at the end of the policy period it’s GONE. EVERY company of any kind stays in business by taking in more money than they spend (other than potential returns on investment, which can be a source of additional profits or additional losses).
“Come on. It’s a win win racket for the insurance man. Otherwise they wouldn’t have built all these elaborate hi rise monstrosities in every city.”
I get it, you have a permanent rage-on at insurance companies - and I really don’t give a damn - but it’s odd that you don’t have a rage-on at every other company that built an “elaborate hi rise”? More non-insurance companies have them than insurance companies do (not to mention that many of them are leased). If you’re so certain that you’re never going to have an accident and that no one is going to run into you, you could post a bond and pay out of pocket when the SHTF. And you can use your vast knowledge of the repair process to negotiate directly with the collision repairer; if you think they’re in business for charitable reasons you’re in for the rudest possible surprise.
“Btw, ya think the average person in the U.S. understands their insurance contracts and all the legalese, many of which can be dozens if not many more pages long? Come on.”
How about you read my prior response so you’d know that’s exactly NOT what I said. Come on, yourself.
Yep you would, like I said, I am doing a 325 mile round trip soon while under “lockdown”. Figuring out who/who is not under a state/county/city “lockdown’ would be a paperwork nightmare. Just call your agent and “suspend” your policy (ies)...like your motorcycle for example.
And trust me, the huge majority of people are not going on 325 mile trips during this crises. If they did, the cootie would spread even faster. My area is full of parked cars parked in driveways and in front of homes. But most everyone is still paying full pop on their auto premiums.
Yet the big insurance carriers are conducting business as usual, telling everyone to pay up, regardless if their not using their vehicles daily as they once did.
Funny how that works.
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