Make sure you get paid when you wreck your truck

[armadillon]

Hey y'all, I just wanted to mention something. I was doing some searching and I came across a couple of threads where people wrecked their truck .
I saw a few comments like "Aw insurance never pays enough for the work you put in" or "nah they didn't pay, I just had liability" blah blah

Ok, I admit, I'm a damn insurance agent. I'm not going to tell you my company's name because I don't want you thinking I'm promoting them.

What I want to say is this: If you're running an 80s-90s ranger and you've done a Solid Axle swap, larger tires, suspension mods, lift kits, you DO know you can cover ALL of that right?
For those of you who don't know, full coverage consists of only three different coverages. Liability, Comprehensive (also known as Other-Than-Collision), and Collision. We all know what Liability is right? You cover the other guys injuries and his vehicle/yard/garage (if you're the GT500 wrecking teenager). Add on Comp (For acts of god, theft, hitting a deer) and Collision (hit a car/guardrail/stationary object), you've got full coverage.

It's usually dirt cheap on our trucks because they're so old. What you may NOT know is most insurance companies offer a rider/endorsement (basically an amendment to your policy) called "Custom Parts and Equipment". Sometimes they even call it "Accessory Coverage". You can do almost any amount and $10,000 is probably no problem for the company. All you need to do is take photos and keep receipts/bills of sales/etc. Sometimes you can even just get away with photos of your build and be just fine without receipts as long as they're detailed enough.

So now, you not only get the amount your truck is worth (which is probably crap) but you're getting ALL you invested in it too. Also, for those of you with build threads, you can add or subtract the damn amount depending on what you do.


One last thought for you. Don't call into an agency and try to argue that sliding on ice, water, running into a ditch isn't your fault. We consider ANY single car accident to be At Fault. Same goes for motorcycles. Just thought I'd throw that out there since I get yelled at all the time for it



Also, remember that your accident history is your fault. Please don't act like it's our fault that you have 7 accidents on your record and your insurance is expensive. (<-- I just had to vent )

 

[doorgunner]

me have rider policy.......gooooooooooood to have......and cheep.....now my $400 Ranger be worth $10,000 !

 

[armadillon]

Heck yeah! I can only imagine how depressing that would be if you lost your truck. WAY too much work in it

 

[Stangman92]

Thanks for sharing this, good info here!

 

[det107]

What about when the car/truck is PARKED ??? My insurance went up after a hit & run-

 

[Pruples]

What about when the car/truck is PARKED ??? My insurance went up after a hit & run-

Lol, insurance is just a huge scam.

 

[armadillon]

Hit and runs are considered to be a Not at Fault accident, and ARE a rating factor. I've got one on my record as well, causing my insurance to be more as well. Statistics over the past 30 years have supported the fact that once you get in an accident, you're actually higher risk and more likely to file a claim. Also, you can blame the idiots out there who are fraudulent. They're one of the main reasons it increases. If your car gets hit 3 times in a 6 month policy while parked, you're obviously parking it in a bad spot, you're enough of an accident magnet, and you're costing the insurance companies more to insure you.Welcome to the psychology of insurance.

Now I know that most people will be up in arms about that, but the powers that be (your state) allow it, AND the statistics support it. Do I have access to those stats? Nope, I couldn't even tell you where to look. Possibly your states DOI (Dep of Insurance).

Pruples, most people that don't understand insurance think it's a scam. I am not saying you don't understand insurance, but in my extensive experience those who don't understand what their policy actually covers are the ones up in arms about not having their assets covered.

If you don't mind me asking, why do you think it's a scam? Is it from a personal experience?

If you don't understand the implications of what is and is NOT covered by your policy you're of course going to be unhappy. Many people buy the crap liability coverage from an insurance company of ill repute and than are disappointed when they don't get a payout for their vehicle. Of course not! Liability doesn't cover that. It's for saving your own *ss so you don't lose your house from the other guying suing you.




PS: Credit, Marital Status, Education, Driving History, Zip Code, Age, Gender, etc are ALL rating factors. When the statistics no longer support the increased risk, the factors won't be used. But...we do our homework. You a safe driver but you're 18, single with bad credit? Don't blame the insurance company, blame the other idiots out there who are single, 18, and have bad credit that cause the accidents.

 

[Pruples]

Pruples, most people that don't understand insurance think it's a scam. I am not saying you don't understand insurance, but in my extensive experience those who don't understand what their policy actually covers are the ones up in arms about not having their assets covered.

If you don't mind me asking, why do you think it's a scam? Is it from a personal experience?

Why is it a scam? Because simple statistics show that the average person is required by the government to pay more money to insurance companies than they will ever pay out for any accidents they have. Granted, there are people who actually do gain from paying insurance, but they are extremely rare and as soon as the company pays off big for them (assuming the company doesn't worm its way out through sky high deductibles and biased insurance adjusters) the company jacks their rates through the roof or drops them, forcing them to go to another company who will just do the same if they'll insure them at all. So no one ever really gains from it. Except the people who own the insurance companies, of course. We are legally required to flush money down the toilet. Scam might not be quite the right word, but you get the picture.

 

[Pruples]

PS: Credit, Marital Status, Education, Driving History, Zip Code, Age, Gender, etc are ALL rating factors. When the statistics no longer support the increased risk, the factors won't be used. But...we do our homework. You a safe driver but you're 18, single with bad credit? Don't blame the insurance company, blame the other idiots out there who are single, 18, and have bad credit that cause the accidents.

The initial cause is the 18yo who shouldn't be driving, but insurance companies pounce upon the chance to suck the blood out of everyone else and try to place all of the blame on the 18yo who shouldn't be driving while causing everyone else to be miserable.

I understand that it makes business sense. But that doesn't make it any better.

Imo there should be some accountability in this world. If the 18yo mashes into someone's house, crippling the homeowner, he should lose everything and have to pay more to the homeowner in the future/etc. Yes, if I was in the position I'd hate it. But it'd be right.

 

[adsm08]

Why is it a scam? Because simple statistics show that the average person is required by the government to pay more money to insurance companies than they will ever pay out for any accidents they have. Granted, there are people who actually do gain from paying insurance, but they are extremely rare and as soon as the company pays off big for them (assuming the company doesn't worm its way out through sky high deductibles and biased insurance adjusters) the company jacks their rates through the roof or drops them, forcing them to go to another company who will just do the same if they'll insure them at all. So no one ever really gains from it. Except the people who own the insurance companies, of course. We are legally required to flush money down the toilet. Scam might not be quite the right word, but you get the picture.

Yes, and the average person has the financial sense or ability to save the quarter million dollars every 5 to 7 years (the statistical interval between accidents for the average driver) to pay out for the damage they are responsible for.

Insurance transfers risk. Plain and simple. I personally have never had an issue with insurance payout. They called, I answered their questions, told them what I told the cop about what happened, and that was the end of it.

I bet you have SafeAuto.

 

[Pruples]

Yes, and the average person has the financial sense or ability to save the quarter million dollars every 5 to 7 years (the statistical interval between accidents for the average driver) to pay out for the damage they are responsible for.

Insurance transfers risk. Plain and simple. I personally have never had an issue with insurance payout. They called, I answered their questions, told them what I told the cop about what happened, and that was the end of it.

I bet you have SafeAuto.

If they don't, they should lose everything. It's called accountability. Imo insurance should be optional.

For your info, I've only ever tried to make 1 claim, and my deductible was $1500 so they didn't pay a cent, despite the thousands I've paid to them over the years. And it's State Farm (who has a golden reputation, as I understand it), if that matters any. But all insurance companies are the same. A bowl of s*** is a bowl of s***, just some smell worse than others.

 

[adsm08]

If they don't, they should lose everything. It's called accountability.

That's awesome. I personally struggle to pull in (after taxes) 30,000 a year. In the time period I do not MAKE let alone have the ability to save the amount we are talking about. Even if I had it invested in a mutual fund that was returning 20% rates and paid my bills, did nothing else, just paid my power, water and mortgage, no food, no gas, no medical, nothing, I don't make enough to do what you say I should lose everything I have for not doing. Period.

 

[Pruples]

That's awesome. I personally struggle to pull in (after taxes) 30,000 a year. In the time period I do not MAKE let alone have the ability to save the amount we are talking about. Even if I had it invested in a mutual fund that was returning 20% rates and paid my bills, did nothing else, just paid my power, water and mortgage, no food, no gas, no medical, nothing, I don't make enough to do what you say I should lose everything I have for not doing. Period.

As I said, it should be optional. For you (and me, actually, as I draw less then that at the moment) it'd probably be a good idea to use the optional insurance anyway, but imo it's complete bulls*** that it's legally required.

Edit: Oh, and btw, where did you get the idea that the average accident costs a quarter of a million dollars?

 

[armadillon]

The initial cause is the 18yo who shouldn't be driving, but insurance companies pounce upon the chance to suck the blood out of everyone else and try to place all of the blame on the 18yo who shouldn't be driving while causing everyone else to be miserable.

I understand that it makes business sense. But that doesn't make it any better.

Imo there should be some accountability in this world. If the 18yo mashes into someone's house, crippling the homeowner, he should lose everything and have to pay more to the homeowner in the future/etc. Yes, if I was in the position I'd hate it. But it'd be right.

I understand your sentiment, but remember that the 18yo WANTS to drive and there are companies out there who will insure for less. If you look. Per the State of Texas: Driving is a privilege. Not a right. If you want to be on the road driving you have to prove you're responsible enough to obey the laws, and cover damages in case you cause them, thus, paying for your insurance. Nobody is holding a gun to your head making you buy insurance, I lived in a small town with no public transportation and I didn't get a vehicle until I was 20. I survived.



Also, $1500 is a very high deductible, which you chose and you legally had the right to change your policy. Obviously you didn't check to see how much the value of your vehicle was before you chose that deductible. Insurance is a network that supports others. You, and other policyholders are keeping everyones as well as your own claims covered.

You don't pay a guard to stand only when a thief breaks in, you pay a guard to be always vigilant, even if no break-in ever occurs.

Also, you should probably check State Farm's reputation. I get calls ALL day from people changing from State Farm who are pissed off at them. It's up to how you manage your life.

Also, because you pay for insurance they MUST pay out? What kind of ridiculousness is that? Have you heard of insurance fraud or incorrect information? How do you pay for a vehicle that's worth less than the deductible they chose? Are they supposed to pay $4000 for a $500 car?

Yeah, there's optional insurance in a couple of states. Do you know how awful the constituents of that state get f'ed? They pay MORE because idiots don't have insurance, cause accidents and then shrug. If insurance was optional, and nobody carried it except you, do you realize how expensive it would be to repair your vehicle without that huge support network?

How does a cell phone company survive it's overhead if you aren't paying for service? How does a shop survive if you don't pay for labor?

I bet you also find the stock market unfair, since you obviously buy things and then you don't get money back.

Should we REALLY get into health insurance? So we can argue about who is going to treat injuries for free? About who is going to go to medical school and pay the ridiculous costs so they can make peanuts treating injuries the public deems unnecessary to pay for?

Know you financial situation. Know your vehicles value. Drive safely. Understand math and statistics. Know what coverages you have on your insurance. And be sure to remember that there's no such thing as a free lunch. (Sonic fast food coupons don't count.)

 

[armadillon]

Because an accident includes medical injuries up to a few years after the claim is made. MRIs and physical therapy bills from back injuries are expensive. Also, if you really want to get down to it: the average accident may not cost 250,000 in payout to a customer, but follow the paper trail back to the salary of people working to labor, parts, traffic stopped, people late for jobs due to traffic stopped, it adds up.