I HATE Insurance

[cwilson]

I think its dumb to have consumer and small bussines insurance it doens't make much since to me either... i think one type of insurance should cover everything

 

[Builder]

I can't let a group flogging of insurance pass without participating. I've had a hard time with the concept of insurance for a while. I won't get into the "Healthcare costs are so high because the insurance bureacracy interferes with the market impact of supply and demand", but I will chime in about auto insurance.

It's bad enough that we are required by law to pay someone for something that we really never want to use. What gripes me is that if you pay the guy to sit on his @$$ for ten years and then you finally need what you've been paying for this whole time, the guy gives you the fight of your life trying to satisfy the claim, raises your premiums, and/or drops you altogether for filling out a form wrong that his secretary actually filled out for you.

(No offense, Powerstroke444e. I know there are good agents and good companies out there too.)

The most frustrating thing is that the state of our "Not-my-fault-because-the-world-owes-me-a-living-anyway" litigious society is such that no responsible person dares go without it.

One final hint, though, that is only somewhat relevant to the discussion: If your car is totalled and the adjuster calls to settle, remember that you are selling a used car. Negotiate with them to get as much as you can.

Good points. I'm so sick of paying for it, too. I've never had a claim, but I notice my insurance increases every year.

Thay know they've got you by the neck because it's too time consuming to try to fax all your policies to 5 other insurance agencies to get lower rates.

 

[powerstroke444e]

Side note on insurance is that now most large companies, A or better rated, use credit as a major part of their rates for new clients & for giving discounts to current clients. If you get more advice from your agents staff than the agent I would shop or at least get a second opinion to make sure you are covered.

Most likely you will give more $ to your insurance company than you give the church, just makes you wonder don't it.

 

[Rara Avis]

The need for the right insurer

Sometimes the insurance company is not well suited for a trucker's exposures. Let's say Local Insurance Companies (LIC) writes truck insurance and one of its clients is Local Trucking (LT). While Local Trucking (LT) is hauling for itself and acting as a contract hauler, LIC is able to properly handle LT's insurance. Gradually LT starts to expand. Without LIC's knowing about it, LT travels into the neighboring state of Michigan. The first time this occurs, there is no Department of Transportation inspection where they entered the state. On the second trip into Michigan, the Department of Transportation inspection station was open; and as part of the inspection process, the DOT checked to determine if Local Trucking was filed with the Michigan Department of Transportation. Upon learning that Local Trucking did not have a filing in Michigan, DOT told LT to park its rig until the proper filings had been made.

A call to Local Insurance Company revealed that LIC was not filed to write insurance in Michigan and, therefore, they could not make the necessary filing for Local Trucking.

The lesson is that truck insurance should be written only with insurers who know the intricacies of making filings and can service the client's needs. If the insurer can't help you, my recommendation is to use a managing general agent that specializes in truck insurance.

 

[b33b]

Pay attention to what Paul just wrote if you are a commercial operation, your home/auto guy may try to do this but doesn't do it often. I once worked a claim on a tow truck and found that the agent only handled policies on tow trucks - he knew his coverages.

Coverage - when you tell your company you want insurance on your truck, they know from the VIN basically what you have, assess rates based on the value, and usually allow for $1K in extras - replacement rims, special sound system, etc. So if you change to a flat bed, add a lift gate or plow, or any other expensive change, tell your agent and get it included in your coverage - or they may not pay for damage to it.

I don't like to pay for insurance either and carry a high deductible. You buy insurance to cover risk you don't want to assume, so shop around, lowest cost may not always be the best.

 

[Rara Avis]

Seems to be my day today with insurance folks.

Seems I just found out today when I went to insure our new truck, that I would need to buy a rider (or some such insurance drivel) for each and every trailer I own for liability towing behind my commercial truck...........

Becuase it was a "Heavy Duty" truck.... (the first answer)

So, I ask the question, why don't I have that on my current policy?

Was told it was not needed because it was not a "heavy duty" truck....

Then on the callback, apparently I DO need it, and have been towing without liability coverage on my trailers for the past couple years.............

So they will write the rider on the "new" truck, $40 or so, per trailer,,, per 6 months, but it will cover either truck.......... Wait a minute, it will be on the "new" truck policy but will cover it on any truck?? Well yes, obviously.

I HATE dealing with this crap. Oh, and the same trailer, hooked behind my non commercial tagged vehicles is covered..................... no additional riders needed.....

So she says I would not need to say cover my Motorcycle trailer,,,,,,,,,,,,, I said well, what if I pull it with the new (commercial) truck,,, then she says it would not be covered for Liability

This is driving me flat up the wall.

Oh, and if you take your kid to the emergency room,,,,,,,,, You pay the doctor, and the hospital, and the radiologist, and god knows who else seperate.............. Oh, and the inusrance wants a $100 copay to everyone that sends a bill...... So far, $500 in bills for a freaking tetenaus shot that the week before he stepped on a nail his doctor said he did not need.... then the next week when he stepped on the nail, they say I need to get him to the emergency room to get this shot................

Sorry, just wanted to rant a bit.

It's all good, and I am proud and glad to live in a country where these are my problems.

Actually you are lucky, because if you had Progressive...the Maximum Weight of Supplies & Equipment is 500 lbs. under their Personal Policy and Unlimited under their Commercial Policy...
And Liability Coverage for Mobile Equipment is non existant under their Personal Policy and covered under their Commercial Policy...

Do I Need Commercial or Personal Insurance?

 

[mjncad]

Insurance is nothing more than a state mandated legalized protection racket.

Our uninsured motorists premium went up $84 (50%) annually; yet we have no accidents or other claims. Care to guess why our premium for this coverage jumped up that much? My guess is all the unwanted pests...err...guests in our country and the fools who refuse to carry insurance.

 

[Iplayfarmer]

I don't like to pay for insurance either and carry a high deductible.

I think you may have the answer right there. My employer went this route with our health insurance and everyone actually likes it. The higher deductible lowered the premiums enough that the company now provides a Heathcare Reimbursement Account for the employees. Most years no one pays a dime for any healthcare that is not re-imbursed in full.

I wonder what the effects of a high deductible would be on auto/home/commercial insurance.

 

[turbo36]

I can't let a group flogging of insurance pass without participating. I've had a hard time with the concept of insurance for a while. I won't get into the "Healthcare costs are so high because the insurance bureacracy interferes with the market impact of supply and demand", but I will chime in about auto insurance.

It's bad enough that we are required by law to pay someone for something that we really never want to use. What gripes me is that if you pay the guy to sit on his @$$ for ten years and then you finally need what you've been paying for this whole time, the guy gives you the fight of your life trying to satisfy the claim, raises your premiums, and/or drops you altogether for filling out a form wrong that his secretary actually filled out for you.

(No offense, Powerstroke444e. I know there are good agents and good companies out there too.)

The most frustrating thing is that the state of our "Not-my-fault-because-the-world-owes-me-a-living-anyway" litigious society is such that no responsible person dares go without it.

One final hint, though, that is only somewhat relevant to the discussion: If your car is totalled and the adjuster calls to settle, remember that you are selling a used car. Negotiate with them to get as much as you can.

Ok so you don't like insurance I don't suppose anyone does (except when they need it) what's your better idea?

 

[AlanB]

Well, this is what I did,

While crying in my beer (figure of speech) and speaking to a mentor or mine, (owns the used tractor place) he said "here, call this guy".

So I called the independent insurance guy he reccomended late Fri and left a message for him to call me. I figured Monday.

Sat Am he called, we talked for a while, he set up to come to the house that afternoon.

He has been in the business 35 years, and his father had started the business before that.

What I ended up doing was moving all my commercial policies to him, my commercial liability expired on 25 Feb (coincidentally) so now I have one agent handling all my personal insurances (handled by an insurance agent) and one agent handling all my commercial.

So I now have two trucks, 4 trailers, Workmans comp, liability and equipment replacement, and a term life under on the commercial side.

I liked him when I found out he collected old crawlers and Bridgestone Motorcycles.

I also liked him when he looked at my current home insurance policies and said I better keep them, I am getting a great deal there.

I hate paying the insurance, just a little less then I hate the thought of loosing everything, or leaving someone else struggling through my actions.

I hate to think of what I pay a month in all my insurances put together. Rough figuring I am thinking about $600 a month, or $7200 a year for stuff I hope never to use.....................