Re: Insurance Question | <– Date –> <– Thread –> |
From: Doug and Terri Anderson (dnt![]() |
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Date: Mon, 7 May 2012 22:07:04 -0700 (PDT) |
Sounds interesting Chuck. Suffice it to say, there are three legs to
the insurance stool (no pun intended) – Sales, Underwriting, &
Claims. For the most part, each department gets
along with each other under the corporate umbrella about the same as the
Infantry, Artillery, and Corps of Engineers get along with each other under the
umbrella of The Army. So it ain’t just premium that should
drive your decision it’s how do they handle a loss. Under a standard ISO Home Owners policy,
damage to the home caused by an earthquake or (for real) volcanic action is NOT
a covered peril. So a baseball goes thru your window – covered
peril. Earthquake breaks your window – not a covered peril.
BUT sometimes it is. Huh? Ayep. Some polices will cover an external
glazing loss due to an earthquake and some won’t. Well – how do you know? Guess
wot? Read yer policy. They are easy to read, really. Standard
ISO policy language is laid out thusly - First part is usually definitions,
second part is what is a covered peril and the last part is specifically what
is NOT a covered peril. For instance – you have a set of
concours wheels off your car stored in your garage. Garage suffers a
fire. MOST likely NOT covered under the auto policy for which the wheels
and tires fit – wheels and tires gotta be ON the car. Oh, so then it’s
covered under home owners fire policy – NOT so fast – auto stuff ain’t
covered under home owners UNLESS you have a specific rider covering stuff off
your car – tools the same way. Most home owner’s policies are
vanilla ice cream. You have $10,000 in tools and lab scopes and suffer a
loss? Here’s your $100. Or some such number. Read your
policy. Your car undergoing a restoration? Is “while
undergoing restoration” specifically covered under your auto
policy? Most likely not – Insurance companies like vanilla ice
cream – cars are whole things and most people don’t restore them –
they sell them. And speaking of selling a car – picture
this. I have my 78 308 up for sale – Chuck comes by, clean cut guy
and with his wife in a MB. She drops him off as she has to run an errand
and will be back in 10 minutes to pick him up. So far so good.
Chuck wants to drive the car – sure, here are the keys. Three hours goes by and I am really
worried. I call the police and report a stolen car – they ask if
anyone was murdered and I say no, so they say they will get someone on it
tomorrow or next Monday – but “we’re sure it’s not
stolen.” Couple of days goes by and I now file a stolen car
report and report my car stolen to my insurance company. My ever so fine
premium sucking company politely says - - - - - “Not covered.”
HUH? Whaaa? Ayep – “Conversion.”
I GAVE the keys to Chuck the perp (sorry Chuck) to drive the car by himself and
this is a risk the insurance company didn’t agree to underwrite. I
gots no claim. Now had I gone with Chuck and one or two
blocks later he forces me out of the car either physically or by intimidation –
then I have a claim. Simple, yes? Read your policy. So premiums and underwriting are only 2/3’ds
of the picture – the most important leg is how they resolve a
claim. You don’t want to be left without THAT leg to stand on.
Most states have a Dept of Insurance or insurance companies may have to report
to the Dept of Treasury or some such Department. Oh – and it is NOT
against the law to sell insurance (at least in Kalifornia) if the company is
NOT reregistered with the state – but you run into a duty to defend problem
with an off shore company. But hey, the So contact your state dept and ask them
what type of complaint history your company has with the state. Don’t
be discouraged if they can’t tell you in black and white – after all,
this society we now all live in is quite litigious and the states may be
reluctant to black ball anyone directly – but be creative – it will
pay dividends just when you need them. Remember – ALL insurance policies
are exactly the same except for the differences. Onward DOUG From: chuck datte
[mailto:ferraridriver07 [at] gmail.com] The
quotes I got for my 2 ferrari's was crazy, we went with gieco. They had no
classic or show rates either On May 7, 2012 7:26 PM, "Charles Perry" <charles [at] carolina-sound.com>
wrote: I know we hit this topic every so often, but I'm dealing
with it now. Do any of you use State Farm for your exotics? If so, have
any of you had a claim with them on an exotic and what was your experience? I've been with American National (ANPAC) and have been very
happy with them (no claims), but State Farm is offering me similar coverage for
more than 30% less than what I'm now paying. That's pretty dramatic but I don't
want to be penny-wise/pound-foolish if State Farm is a PITA for claims. Thanks! -- charles
Charles
G Perry IV
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- Re: Insurance Question, (continued)
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Re: Insurance Question Erik Nielsen, May 7 2012
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Re: Insurance Question Charles Perry, May 7 2012
- Re: Insurance Question judge4re, May 7 2012
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Re: Insurance Question Charles Perry, May 7 2012
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Re: Insurance Question chuck datte, May 7 2012
- Re: Insurance Question Doug and Terri Anderson, May 7 2012
- Re: Insurance Question A.J. Merrifield, May 8 2012
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Re: Insurance Question Erik Nielsen, May 7 2012
-
Re: Insurance Question Michael James, May 8 2012
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Re: Insurance Question cjromero, May 8 2012
- Re: Insurance Question A.J. Merrifield, May 8 2012
-
Re: Insurance Question cjromero, May 8 2012
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