What insurance do you have and how much do you pay?

+1

Almost no one knows WTF they are talking about when it comes to insurance. How it works, what it costs, what is covered, what this term or that term mean, etc.

 

A police report filled out at the station after the fact is worthless. Insurance companies don't care. It's not proof of anything regarding who is at fault or what happened.

 

"Full coverage" is not a thing. It's a term that was made up by someone that means nothing. Consumers get burned by this constantly.

 

I live on the Big Island of Hawaii I've got one of our local insurance companies called Island Insurance for 2 vehicles is $1,000/6 months and that's full coverage and roadside assistance
I love my full coverage saved me
But when it com3s to car insurance companies there's a lot of variables that come into play
Age, sex, location, prior history, and type and age of vehicle are all factors

 

ABSOLUTELY. Someone’s getting free money from us all. Options are either don’t pay & hope for good luck. Or pay and accept the fact you’re getting screwed.

For if you’re making monthly payments, a little trick I used when I was. Instead of paying monthly to the insurance company at a very high interest rate, take a loan from your bank. They’ll give you a lower interest rate which saves a bit annually.

 

If you're in the US, your insurance company is not charging you interest on your insurance payments. They might give you a small discount for paying it all in one lump sum, but there is no interest charged on your premium. They aren't permitted to do that.

 

Insurance is a legalized scam. They have us over a barrel as in most states insurance is required. Insured a new vehicle worth $49k. Several years later still paying the premium for a $49k. If the vehicle gets totaled, they will only pay for the current book value, i.e., depreciation and mileage, etc., but the premium is still for the original price. Premiums should go down yearly for that reason. If you keep the car for 7 or 8 years and you need major repairs after an accident, if the repair costs are more than the vehicle's current book value they will total it, and it won't be for the original cost of the vehicle. Actually the premiums will be higher each year as they continue raise the premiums for inflation. Most people will not file a claim if it's not a MAJOR repair because they don't want their premiums to go up. Guess what? Over 18 years with no tickets and no accidents. My insurance went up over $700 last year. Why? Use it, you're paying for it. They raise your rates regardless. Legalized gambling and the game is fixed. They're betting you won't get in an accident and you're betting that you will, except you keep paying them and if needed, you get short changed in the end.

 

That's your opinion.

 

Yes it is, and it's based upon decades of insurance claim handling experience. How about yours?

 

Im at like $750 per 6 months. Its going up to "increased accidents" in my area despite me being fine. Dont really want to lose the progressive perks ive earned but gonna shop around next time if it goes up again

 

I keep a record of my premiums. Every September I pull quotes, and I switch companies more often than not.

I complain often about mine being jacked, but really it stays relatively stable. Currently on 100/300 with 1k deductible. April was a shocker, that one was 100/300 with 2500 deductible. Which is why I switched carriers. Again.

 

I raised my deductible on both cars and new policy still have a big increase this year. Was at like 1,875 for the taco and cayman. Jumped to like 2,050.

 

Just because you ignore police reports doesn't mean other companies do. I was always asked if I had filed a police report when I had hit and run and theft issues. Apparently, some companies do care.

 

Check out Toyota Insurance. Saved over $1,000 for my new 2024 4Runner and my wife's 2018 Tesla Model 3. Company cancelled I had been with for over 40 years.

 

Toyota Insurance

 

A police report filed after the fact is meaningless when it comes to auto accidents. No one has ever proven who is at fault based on such a report. No one's claim is handled any differently whether there is or is not such a report...unless someone filed one and lied. That's why they ask if you filed one. They want to see what you claimed happened, and then compare that to the damage on the vehicle. I caught tons of people trying to commit fraud on alleged hit and runs, thinking the police report would help them when in fact, it did the opposite.


A theft is different. In fact, regarding theft, it can make a huge difference.

 

Auto 300/500 with 1,000,000 rider was $1,200 yr now $2,490

home owners was $1,400 yr now $2,750

Been with Travelers 16 yrs looking to change but other quotes have been the same or more.

 

Geico- 494.80. 6 mo.
No claims / no tickets
805 credit score
Under 5k yr
Full coverage
Retired
One driver
NE region
No combined

it also makes a difference if you live in a state that has vehicle inspections.