Is full coverage for gen 1 stuiped?

[The Viper]

So, ask your buddy what he means by "full coverage" the next time the subject comes up. There are most certainly other coverages available that I didn't remember, and you may or may not want or need all the ones I did or did not list. Be informed, ask your agent questions and make them quote you policies with different deductibles so you can really see if the savings they are pushing make sense to you. Heck, if a guy who repairs appliances (me) can spout this much nonsense about insurance, it probably means I took a little time to investigate what it is that I'm paying SO much money for every month.

John B.

this is a great point, John

I learned through my wife that full coverage is very vague, especially regarding the limits on your policy, you could have full coverage and low limits on that coverage, which will screw you in many scenarios (ie, multi car accidents, damage to really expensive cars)...my wifes advice to me was carry as high of limits as you possibly can, to protect yourself against as many of these scenarios

 

[tgreening]

your facts are mistaken, do you work in insurance claims?

.

Wouldn't be the first time, and no I don't, but honestly think about this...


As an example there s someone on here looking to sell 200x-ish Wrangler for the neighborhood of $45,000.00. New I'm guessing this would retail in the 30-ish range, but he added somewhere around $85,000.00 in aftermarket work. Let's assume he bought this brand new for $30k, added his $85k in aftermarket the next day, and then rolled it off Mt Everest the day after that.

If he went and insured this vehicle as a 200x-ish Wrangler, and nothing more, do you really think the insurance company is going to pay out on $115,000.00 worth of his investment, receipts be damned? Do you really think they'd even pay out on his $45k asking price today, even considering the approx 60% depreciation he rolled into his aftermarket work?

If so I'd really really like to know your wife's company and their nearest agent because they can sign me up right now.

 

[The Viper]

Wouldn't be the first time, and no I don't, but honestly think about this...


As an example there s someone on here looking to sell 200x-ish Wrangler for the neighborhood of $45,000.00. New I'm guessing this would retail in the 30-ish range, but he added somewhere around $85,000.00 in aftermarket work. Let's assume he bought this brand new for $30k, added his $85k in aftermarket the next day, and then rolled it off Mt Everest the day after that.

If he went and insured this vehicle as a 200x-ish Wrangler, and nothing more, do you really think the insurance company is going to pay out on $115,000.00 worth of his investment, receipts be damned? Do you really think they'd even pay out on his $45k asking price today, even considering the approx 60% depreciation he rolled into his aftermarket work?

If so I'd really really like to know your wife's company and their nearest agent because they can sign me up right now.

what you kinda, sorta, need to understand (or not), when i said your facts are mistaken, it wasnt based on what i know...it was my wifes response to you, and according to her (she is an experienced claims rep for a large Ins co) your assumptions were inaccurate. You can continue to be in absolute disbelief hanging on to what you think you know but youd still be wrong

Since you like examples, heres one for you, a pretty crude one, i must admit

If a mathematician told you 2+2=4...you could argue with him all day long on the how and why hes wrong, but the truth is youd be the one mistaken.

Now if im mistaken all your sarcasm, and you want an honest answer to your scenario, i can have her pm you how they would make a determination on how much they would pay out in your example of driving your jeep off mt everest. But once again, youd have to accept (or not of course) the "mathematician" answer.

Now i will say this, the ins co my wife works for is really big on customer service and they bend over and backwards for their customers, but they are also really expensive and as soon as i realized how much more expensive they were I quickly switched us to geico, where its true..."you can save 15% or more on car insurance", we saved nearly 50%.

feel free to PM any further questions or other wild scenarios

sorry for getting off topic OP

 

[tgreening]

No sarcasm involved, and I don't see how it's a wild scenario. There is a Wrangler in here somewhere with numbers close enough to what I stated to not really matter, and I would be highly surprised if any ins company would pay out on those numbers through a standard policy.

I'd still like to know the name of this company and you might want to recheck your first response re sarcasm.

Mt Everest was just a bit of levity and not meant to be taken literal. The point just so you know was totaling a vehicle, via brick wall or mountain doesn't really matter

 

[plh]

Not sure how on-road vs. off-road is take into account. I think most standard insurance is void if you are racing (like SCCA or on a track event), so there are alternate policies for that kind of abuse. I am going to guess that if you are 4 wheeling off-road and roll your truck down the side of a hill that is NOT adjacent to a public road you will be SOL. But like was said - not all insurance is equal.

 

[JohnnyBfromPeoria]

this is a great point, John

I learned through my wife that full coverage is very vague, especially regarding the limits on your policy, you could have full coverage and low limits on that coverage, which will screw you in many scenarios (ie, multi car accidents, damage to really expensive cars)...my wifes advice to me was carry as high of limits as you possibly can, to protect yourself against as many of these scenarios

Again, there's no definition of "full coverage," unless you sign up for every single thing that your insurance company offers, which might apply to one per cent of people who actually need/think they need to cover every possible scenario (and some of them are pretty far-fetched).

The only coverage you can select your limit of liability is...liability (coverage defined by the letter "A" on most standard definitions). You might want to think of your limits on liability based on how much someone could realistically sue you for in your present situation or your near-term expected worth. Own three homes and have a large investment portfolio not bound in in an ironclad trust? Better get those limits high enough to cover that. Work at McDonalds and live in a rented room at a friend's house? You probably don't reasonably need to have a million dollar umbrella policy or a huge three-number-set. No one is going to waste their time suing someone for a huge dollar amount they have no reasonable expectation of ever recovering a large sum from, most probably.

Your mileage may vary.

John B.

 

[jeep-N-montero]

I'm very pleased with our insurance, we only pay $208 per month for our 5 vehicles and the 2 boats for full coverage including UIMP and zero deductible on comprehensive/glass. Granted we get a multi-car discount, are over 30, and have excellent credit.

 

[JohnnyBfromPeoria]

You might also be surprised to learn that beyond your credit score, which is increasingly used as a basis in your rates, one big factor in your overall cost is based on where you park your vehicle at night, namely, your home ZIP code, including the plus-4 suffix. I would think everybody knows your claim history plays a large factor as well. Underwriting seems to be a fascinating science.

John B.

 

[JohnnyBfromPeoria]

5 vehicles and the 2 boats for full coverage

Are your pets covered for their full medical costs, plus burial? If not, I'd amend your definition of "full coverage."

How about if you have seventeen guns, all antiques and irreplaceable, plus the last four generation's heirloom jewelry in the vehicle? While you're moving, and don't actually own a home?

What's "full coverage?"

Just sayin'.

John B.

 

[jeep-N-montero]

Are your pets covered for their full medical costs, plus burial? If not, I'd amend your definition of "full coverage."

How about if you have seventeen guns, all antiques and irreplaceable, plus the last four generation's heirloom jewelry in the vehicle? While you're moving, and don't actually own a home?

What's "full coverage?"

Just sayin'.

John B.

We are discussing auto policies, but yes our dogs are covered under both our home and auto policies, plus anything I have in the vehicle or on a trailer is covered up to $100k. If I ever need to move more expensive items I would just hire that out, not that I ever intend to collect a bunch of hand me down jewelry or other crap. We have been with State Farm a very long time and they take care of us.

If you ever get out to LS Fest make sure you check out the JDP Motorsports booth, a good friend helps run it and owns one of the faster street legal 5th gen SS's in the country. We were going to build an Ls powered Miata a few years back but figured it best to not make my wife a widow.