ask an insurance expert: the insurance non-bs thread

your insurance company filed claims, not you. a claim was started and they will pay out. this is independent of the carfax report. i have no idea what will show the carfax, but honestly, that’s kinda the least of your worries right now.

you need to stop bumping into cars. lol.

 

Exactly! I'm 45 and this is my first accident. I'm over it.

Double down on being safe.

 

I don't want it on the Carfax because I want full value for my undamaged truck when I go to trade it in.

I'm worried about ME.

 

Hey Dexter,
Could you give us the run down on "diminished value'? Hypothetically, if I hit a deer, can I get it from my own insurance company?

 

there are different types of diminished value. but the main point is - once a vehicle has been damaged, it’s value goes down.

so if you hit a deer and you’re vehicle can be fixed, can you ask for your insurance company to reimburse you for diminished value? yes you can. would they comply? probably not in that scenario since it would be a comprehensive claim and not an accident. state laws and company policy dictate when you may be compensated.

a more likely situation - you’re in an accident and it’s not your fault. you ask the other insurance company to reimburse you for diminished value because you know you’ll get less if you sold your car. also, vehicles that have had damage can also effect your premium.

 

Thanks for the quick reply!

 

insurance companies are rolling out credits, refunds, billing leniency and policy reviews. head over to your carrier’s website for more information.

 

https://www.yahoo.com/finance/news/...ing-customers-amid-coronavirus-194654373.html

 

HEY @cromag27 ,

Doing this a favor from another forum. Any thoughts/impressions would be appreciated

Received renewal for my six months car insurance policy with Geico for three cars. The new policy increased for two thousand dollars :frown:.
I don't have any violations or tickets. I've been hit by commercial track riding my bicycle resulting of dislocated and broken shoulder two months ago. This is no-fault accident and medical bills will be reimbursed by other party insurance company. NJ law is required to go against auto insurance for any accident involve motor vehicle regardless if you driver or not. So, in ER I gave them my Geico auto insurance. For this Geico(or any other insurance company) should not increase my policy premium. When I went over my policy with the agent, he said that I have discount for being a good driver. But no reasonable explanation for premium increase. I asked to speak with supervisor. I've been on the phone with him for over 15 min and never got reasonable explanation either. All he was repeating it is because my driving history. When I asked what is that history about, he failed to explain. My suspicion is that maybe insurance companies can somehow monitor through modem or Ford Connect app that I have on my phone connected to my 2019 GT350? I'm driving this car, modestly said, very spirited on the streets as probably many of us do. Do any of you guys know anything about this insurance activities if so? Interested to read your comments/thoughts.

 

they’re lying to you. we can absolutely see why a renewal premium changed - for better or worse. very shady. but to be honest, sometimes an increase is their way of saying “time to shop around, we don’t really want you as a customer”. this is common with geico who happens to have the most unstable rates in the industry.

there are two main reports we use for driving history - mvr from your state (tickets and violations) and your clue report from lexixnexis (accidents and claims). you can request copies of these to see what’s on there. you just have to request them from the reporting agencies, not your insurance company.

another option would be to get online and start quoting with other companies. i’d start with the big ones, progressive, state farm and allstate.

they probably raised your premium because of the claim and they moved you into a more risky underwriting tier.

but in any case, no they are not tracking your driving.

 

Awesome. Thanks a bunch . Appreciate your time and expertise.

 

no problem!

 

Bump because some might not know of this thread...

 

what general questions you got?

any michigan-ers confused about your new (year old) laws regarding bi pip? i get asked those questions a lot.

 

The driving record and the age of the driver are very important when taking out an insurance policy. At the time my wife and I bought the policy, we were 33 and 34 years old, respectively. I had 10 years of driving experience and my wife had 6. We live in a quiet and safe neighborhood, which does not increase the cost of insurance. We read safeco insurance reviews and thought it was better to get insurance for both cars, and they are not expensive. By the way, marital status also affects insurance claims and payouts. I had glass when a rock flew in there. After paying a little, the cost of insurance was not increased and nothing has changed subsequently.

 

Is this thread still alive? I’d love some guidance!

I pulled into a trailhead parking lot and a random branch twisted into my sliders and smashed in the rear quarter panel on my access cab. I failed a claim with the insurance company and sent in pics. They wrote an estimate and sent me a check for $1200ish. I thought it was low and got an estimate for $2300 from the body shop around the corner.

I’d really just like to keep the cash, repair what I can and put the rest into other parts that the truck needs (wheel bearings, clutch, etc).

The insurance company sent an appraiser to the shop but the truck wasn’t there because I’m still driving it. The shop sent more pics to the adjuster and called to get them back up to the shop, but they haven’t heard from them. I spoke with my insurance agency and insurance company today. They want me to have the truck torn into and repairs started before they send an appraiser again. But like I mentioned I’d rather pocket the cash for other parts / repairs.

Any thoughts on my options? Im not trying to rip them off, just trying to get the cost to repair the truck based on that body shop quote. I didn’t tell them I want to pocket the cash. Trying to keep my cards hidden as I imagine the insurance company wants to keep as much cash for themselves.

thanks for any input!!

 

but you ARE trying to rip them off. your actions are what we call 'soft fraud.' ultimately, you are paying to insure your vehicle. if you have a claim for damage, you are telling your insurance company - here's the damage that's happened and i want you to pay to fix it. if they cut you a check, the implication is that you're going to use the money to fix the insured vehicle. they have the right to hold you to that in this situation.

 

thank you for chiming in. Damn, I didn’t think it would be fraud. The original estimate I got from the insurance company I listed keeping the payment as an option.

So the insurance company doesn’t need to pay for all damages unless they’re repaired?

 

you wouldn’t go to jail or anything, but it can be a reason to cancel or non renew your policy. they are obligated to pay to repair the vehicle. and if that’s what their adjusters came up with, that’s it. the next step could be doing a complaint with the dept of insurance in your state. which is a months-long process.