Tacoma Wreck - No Insurance

This...I KNOW I've saved money by holding my 1K deductible-I've paid for 3 accidents since I've had insurance (12 years now...and 24 years if you count that's 3 accidents between my wife and I) and would have paid far more than that in monthly premiums.

 

Bingo, your a red flag in their system...that show's you don't have a "good driving" or "defensive driving" skills...and you are prone to causing the company more money. Insurance companies do not care about their customers, now the agents might..but the companies themselves are in it for the money..just like alot of companies these days.

I've seen people's rates go up through the roof because of that...just because they have 1 ticket PLUS now an accident? Oh boy..they will hammer you big time.

 

Exactly, I actually calculated it out, it saved me 780$/year to have a 1000$ deduct vs a 0$ deduct. so in just 16 months its already paid for itself. and i've had my tacoma 18 months and counting

 

Hello Blanca. Where's my brick dance?

 

Yep..learned this the hard way when I was a teenager. I had an accident at 17 and a speeding ticket when I was 17. Then a year later when I was 18 I totalled my car (not at fault..T-boned someone who pulled out in front of me). A few months later they jacked my rates waaaay up to $290 a month on a Honda accord and took me off my parent's policy and put me on my own seperate "high risk" policy for 12 months and made me sign an affidavit saying I wasn't allowed to drive my parents' vehicles.

 

The new season delivers, dude.

 

I learned the hard way that "Un insured motorist" ONLY covers bodily injury. It does not cover vehicle damage. I had $1200 in damage, the lady agreed to pay it, sent me a check for $60 bucks and changed her phone number. Never heard from her again!

 

This is what I stated.

 

See, I'm referring to the only company I know..Farmers. My parent's have been agents in Farmers for 12 years, and have made top 50 agents in the nation 6 years in a row...so the information I get is good sh1t haha...and I also worked in the office for 2 years but it's not my kind of work..so I know a good amount of insurance stuff..but not all


Different companies are different amounts..but Farmers is maximum 40% saving on high deductibles vs low deductibles...but it also takes into consideration how much your premiums are too...plus all the other discounts you can get (multi car, student, good driver, etc).


Good sh1t what your saving through Progressive.

 

This is not true some lady bashed her car into mine and had no insurance , my insurance company billed her ass and I got my car fixed and did not halfto pay a deductible

 

Yeah, my apologies..I read right over it.

 

First: with 500 deductible I don't need 1000 in the bank, only 500 to cover the difference

Also: after 10 accident-free years I got 500 dollars in the bank still plus (your number) 260 * 10 = $2,600 dollars more. A nice down payment on a brand new Tacoma. If you're starting out with an empty bank, the only risky years are the first two.

Ask any businessman: you gotta assume risk to make money. The risk-averse are always losing money.

 

I believe there's a threshold in California of $3500 (which is available to anyone, even those without collision coverage). If it falls within that threshold, it's paid in full. Beyond that amount you have to have uninsured motorist and the amount is based on your deductable.


All this varies from state to state.


Edit: You are correct:
http://autoinsurance-com.com/california-auto-insurance-uninsured-motorist-property-damage/

 

Do what you want, but you did ask for advice, so here's mine.....Actually, one question first-who gave you that estimate? Was that a police estimate, or your insurance adjuster, or a body shop? BIG DIFFERENCES!

Do not take cash. That means you settled. Why would you take $2000 or anything less than the actual value of repairs? Don't settle. Second, since no one mentioned it, filing with police and insurance will allow you to settle on an amount for the DEPRECIATION on the vehicle from damage. $7500 is a lot of damage. How much is the book value on the truck? Whatever it is, it's less after the repairs. I bet $7500 is close to or over 25% of the value of the truck. Sue him for depreciated value. If the real repairs cost $7500, I guarantee you should get over 10K when you add in the depreciation. Probably more.

Oh, and as to why anyone would have a $1000 deductible, I own a bodyshop. I can fix my own vehicles. I keep my premiums down. Haven't filed a claim in 18 years of driving, other than broken windshields.....knock on wood!

 

See, you live in Penns. I live in California.
Two different driving characteristics..

You have to remember how many stupid drivers are in California, also take into consideration of Bay Area driving..some of the worst drivers in the nation reside in the Bay Area..

and $1000 was if you raised your deductible to $1000 obviously..learn to read what I was referring to, which was the OP's deductible.


That's cool, but buying a 05+ Taco is useless
Oh sh1t..I'm posting this in 2nd Gen forum...flamers here they come

I understand totally about risking money to make money, but not everybody has the money to risk, so that thought is just a personal thought. You do have to spend money to make money on the business side of it though
Why do you think thousands and thousands of "businessman" are on unemployment and broke these days?
That's a whole different topic though..

I fully understand your concept, but depending where you live..you have to adjust accordingly. Sh1t happens..specifically in lovely state of California

 

Hey guys, apparently he's going through a divorce and the insurance got skipped through, it lapsed from June 20th to July 15th. I confirmed this with his insurance; he missed a payment.

He owns a photography business, a high profile one here in Salt Lake City, which pulls in a lot. Apparently his clients are the LDS Church and Intermountain Health Care.

The estimates were completed at both a body shop (Shine Collission) through the Insurance (Progressive, mine) and at Karl Malone Toyota. I had both Karl Malone and Shine create an estimate on worse case scenario.

I have a 1,000.00 deduct because my insurance was running me 340/mo, now it's down to 240/mo and I just forgot to swap back to the 500 deduct. I'm not concerned; I talked to Progressive, they said they should be my Plan B, but to make sure all estimates are agreed on by them before doing any work, otherwise if this goes south with the other driver, they won't cover mechanical, only the body work. This means a lot of hoops to jump through with the estimates.

I'm meeting the guy for coffee to go over options. If anything doesn't work out, I'll pay my insurance, and they said their legal team will go after him for the money.

Let's assume he pays; what should I do to the truck?

 

fix it....

 

this

 

X3

It makes extremely good sense to have a high deductible, especially if you dont get in accidents.

Oh and good luck OP, got pictures?

 

Aww geez... IMO drivers are much, much worse New York / Pennsylvania / New Jersey / Delaware / Maryland than Cali., especially considering conditions are much worse here with weather and roads that suck badly. I've driven a lot in both places.

But: $500 (for 1000 vs 500 deductible) isn't much for incremental risk, that's all I'm talking about . If someone can't afford to put that much to risk then they should re-examine the wisdom of buying a truck approaching $30k, or more with mods.

If you're talking about an older, high miles vehicle it starts to make sense canceling collision/comp. altogether. The analysis is indeed dicier but consider that insurance is more likely to total it and give you only blue book. Many times that will be a lot less than what it's worth to you and not near enough to get you back into a comparable replacement vehicle.

Most people don't analyze their insurance needs carefully and pay way to much to protect small incremental amounts. But as with anything, taking on risk is something that has to be done smartly. Businessmen are suffering now largely 'cause they're dumb about the amount of risk they took on in a market that changed outside of their control. As the driver of your vehicle, you are in control of how safely you operate it.