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Car Insurance/Totaled Car Question

Deacsfan27 said:
So you have no idea how insurance (literally defined as a pooling of risks) works.

Good to know.

I cannot tell you how many conversations I have had with folks who have this mindset in the two years since it's become a hard market. It's just exhausting, but also not surprising that you're making this post.

The advertising budget has (almost) literally nothing at all to do with the rates as set forth by State Farm/approved by the state board/DOI/reinsurance facilities.

Let's say you've paid $2K every year for 20 years - you've given State Farm $40K total (not a small amount at all, I 100% understand that!). If you run a red light today and t-bone a family of 6 would you be ok with State Farm only paying out the money you have paid them since you started being a customer, or would you expect them to pay out to your full policy limits (hopefully $250K/$500K or $500K CSL) despite "only" paying them $40K?
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The only thing I would expect them to do is to try to deny the claim whether valid or not, which is their business model. Promise, collect, and then come up with bullshit reasons why they don't want to pay. Then raise rates. Insurance, in all forms, is the biggest crock of shit in America today.

To Biff's point, it makes sense to just get the absolute minimum required so as not to go to jail, then if something happens just say fuck it. The chances of insurance actually covering it are pretty slim anyway.
 
first he never files a claim and then complains claims aren't paid out, despite evidence to the contrary
 
working through a weird builder's risk/liability insurance thing that is all he said, she said

lots of fun
 
I've written a lot of Builder's Risk policies down here in the last 3 years and they are never really fun.

Most companies don't include liability on their BR-I form, so you have to get a separate policy for that.

Also, it seems like every single BR-I policy has different endorsements depending on who is writing it (Bankers, Builders Mutual, US Assure, Palomar, Safehold). Can get dicey to make sure you know what you are offering.
 
we usually just write the HO3 with theft of building materials

BR policies are kind of shit
 
Yeah some of our E&S let you do an HO-3 with the Course of Construction endorsements, but oddly enough, most folks really want all the BS stuff like soft costs/profits/environmental stuff that an HO-3 wouldn't cover.

We are also not flush with HO-3 admitted companies right now at all in the area, so asking for anything beyond that is pushing it. Travelers and Nationwide are AM Best Companies who have hit the pause button in SC, and we've had a ton of Demotech companies (Southern Fidelity, FedNat, Capitol Preferred) just straight up pull out of the state. It's a barren wasteland and cycling of random ass niche markets lately to get premiums that people can afford.

E&S is just ridiculously expensive now since they are charging closer to the actual premium that is required.
 
Deacsfan27 said:
Yeah some of our E&S let you do an HO-3 with the Course of Construction endorsements, but oddly enough, most folks really want all the BS stuff like soft costs/profits/environmental stuff that an HO-3 wouldn't cover.

We are also not flush with HO-3 admitted companies right now at all in the area, so asking for anything beyond that is pushing it. Travelers and Nationwide are AM Best Companies who have hit the pause button in SC, and we've had a ton of Demotech companies (Southern Fidelity, FedNat, Capitol Preferred) just straight up pull out of the state. It's a barren wasteland and cycling of random ass niche markets lately to get premiums that people can afford.
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womp womp
 
we don't do a lot of BR, mostly because everyone argues about the contracts, values and who's responsible

too much time and effort per dollar
 
If they keep raising rates I’m crashing on purpose to get my moneys worth.
 
Did your rates go up when you started driving on the left side of the road ?
 
2&2 Slider To Leyritz said:
To Biff's point, it makes sense to just get the absolute minimum required so as not to go to jail, then if something happens just say fuck it. The chances of insurance actually covering it are pretty slim anyway.
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I've literally never had my insurance company deny a claim, whether on my house or car.
 
we hit a bear before Christmas 2022 and got our car back in Feb of last year, and that was with the body shop being able to look at it the week after Christmas. most of the ones we called had a 4-6 week lead time on just evaluating things. and State Farm would only pay for 30 days of a rental, so we had to do some out of pocket. we rented our car in VA and the Enterprise guy said that must be a NC regulation because VA doesn't have a rental days cap. Fortunately we only had to pay the $100 deductible for all the service done, but with body shops being so backed up it fucking sucks that you're on your own for rental cars. maybe they could upgrade my policy but I've been too lazy to look.
 
$100 deductible is super low, wow. I was at $1000, but may have changed to $500 because it was still cheaper last time I switched. I'd imagine your premiums are fairly high at $100...
 
tigerswood said:
$100 deductible is super low, wow. I was at $1000, but may have changed to $500 because it was still cheaper last time I switched. I'd imagine your premiums are fairly high at $100...
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We have our home, auto, and wife’s engagement ring all as one policy and pay like $275ish a month? Idk seems to work out ok.
 
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