Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/25 for details.
A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/25 for details.
Options
Comments
For another comparison, Allstate's website lets you get a quick approximate quote in a few minutes without having to put in very much info.
Do you have extras on the insurance that you don't really need? Things like "medical payments", towing, rental car?
Was this at your 6 month renewal? I asked the same question a while ago. I have heard that some insurance companies give a low-ball quote for the first six months and then jack you up upon renewal.
I don't know if your accident had anything to do with your rate bump. Years ago I had insurance with the same company for over 10 years. I had a minor ($600) collision claim and the raised my rates $300 per year for three years ($900). I dropped them like a hot potato.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
My car was in a 1 person accident. . The lower control arm broke and the wheel came off while driving, slow but driving. When we got it back from the body shop, my son took it out for a test drive, and he said the engine rev's up but are not able to go forward. Took it back where we had it fixed, and they said nothings wrong. Had it checked, by a transmission place. well we took it to another transmission place and they said it definetley was the transmission. Now I am fighting with the insurance co. cause the place we took it to , to get fixed in the first place, said there was no problem.
Any suggestions?
Grandma 22
Tough one to prove. They will of course say that the control arm had nothing to do with the transmission problem.
Years ago I was in an accident that smashed my fender. The other party's insurance fixed the fender but when I got it back my alternator didn't work. Cost me $200 but I couldn't prove that one had anything to do with the other (although I'm sure it did).
What did the second shop say was the cause of the transmission failure? Was the transmission pan damaged when the wheel fell off? If you can show proof of something like that you may be able to recover something.
On another occasion I was hit in a parking lot. Dented fender,minor repairs. A week after I got it back the check engine light came on. I took it to a local shop who wrote me a work order that said it was caused by a broken evap canister. They wrote on the repair order that it was broken by the accident. That was enough for the insurance company to pay for the fix.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
You don't mention what type of car it is, so we don't know whether it is front wheel drive or rear wheel drive. If rear wheel drive, then your front wheel problem would have nothing to do with the transmission problem.
If a front wheel drive vehicle, then it's conceivable that your problem could have damaged something in the half shafts or CV joint....and potentially even something with the transmission output.
I think what somebody is going to have to do, is fix the problem and identify EXACTLY what the failing component is and how/why it failed.
The average cost for Medpay, here, is about $60-75 per year for about $50K in medpay...one thing you totally misunderstand is that medpay covers EVERYONE in the car, whereas health ins covers only you and your family...so, if your friends are in the car with you and you have a wreck, everyone is covered...if you and your wife and your friends are in the car, your group covers you and her, and your friends have to fend for themselves...nice guy...:):):)
Plus, using group may cost you a deductible, whoch could be anywhere from $250-1000, and copays average about $20-30 per office visit...if you and your wife receive 20 physical therapy treatments, you could spend upwards of $1000 in copays...medpay covers it all, no deductible, no copays, and all for about $75 per year...
I fail to see any argument against it...now, if medpay cost $400 per year, it might be cost ineffective...but at $75 yearly (that's $6 per month), and it covers anyone in the car, you would pay your entire premium with 4 visits' worth of copays, and your copays go on as long as you treat...if you add in deductible my financial argument only gets better...
Recent client of 3 weeks ago, needed low back MRI...group copay was $350, luckily he had medpay, pays all of it...his medpay premium was only about $35 yearly, as he bought only $5K medpay...
What is the logical argument against it, except that you may just not want it, but the group insurance argument fails badly, simply on sheer economics, and I don't mean a couple of bucks, but possibly hundreds/thousands...
And, as I said, medpay will cover your neighbor's or cousin's injuries in the back seat but your group ins will not...thanks for leaving me unprotected, especially when it is so damn cheap...
How does it make any sense to be concerned about these costs you itemize, only when they are related to a car accident. What if I injure myself some other way and have 20 physical therapy treatments, spending upwards of $1000 in copays. These costs are somehow only a problem for me if they are related to a car accident???
$75 per year is not a big deal, but if one does not need this add on it is still wasted money. If you think nothing of wasting $75 per year, I'll be happy to give you my address and you can mail me a check once a year
Recent client of 3 weeks ago, needed low back MRI...group copay was $350, luckily he had medpay, pays all of it...his medpay premium was only about $35 yearly
Yeah, and how many years has he been paying the $35 per year? How many years into the future will he continue to pay $35 per year, without a claim?
Just the cost of any copays and deductibles with typical health insurance is so much more than the medpay cost in GA and IMO makes business sense.
Your passengers can expect you to be a safe and sane driver, but if injured getting in or out of your vehicle, or riding in your vehicle, they expect you to be financially responsible for their med bills.
If they happen to have private Medical Insurance, you can expect their insurance company to bill you for their expenses due to your being responsible for their safety.
Do you believe you are responsible for their safety?
But then I believe my responsibility continues by providing the necessary medpay coverage to be sure their med bills are paid, long before any lawsuit or liability coverage, simply because it may take months for a case to settle, but unpaid med bills will be sent to collection agencies and ruin my passengers' credit...
Remember, they may not have group ins, and if they do you still subject them to deductibles and copays, which may or may not be affordable to them...do not forget, it is also possble that YOU might be the at fault driver...
Failing to cover your passengers is selfish, irresponsible, and simply downright mean-spirited...you basically tell those who ride with you, "I'm covered and you might be, providing you have your own insurance"...
Nice guy ("guy" is said in the generic sense...:):):)...)
Basing my comments on what the cost is here (almost always under $100 YEARLY for $50-100K in coverage per person), I never cease to be amazed at the worthless excuses folks come up with to save $100, especially when it could cost thousands for treatment...which brings me to another response...if medpay averages $75 yearly, over 10 years it would cost $750...if a wreck occurred, that potential payback would be ENORMOUS, especially if 4 occupants are injured and their medbills combined are $20K ($5K each is a pittance these days) up to $50/100K if the injuries are serious...
Make sure you tell me who you really are if you ever ride in my car, so I can call my insurance and exclude you from my medpay coverage...
I'm not sure exactly what this is supposed to mean.
I believe that being responsible means having adequate insurance (or assets) to pay for things for which I am liable, to the extent I am finacially able to do so. For about $300 per year I get $1 million in umbrella liability coverage. This covers any liability, not just car accidents. I think this is far more responsible than concerning myself with petty things like $350 in medical copayments, or whatever.
If I wanted to spend another $75 or $100 on insurance, I could probably bump that to $2 or $3 million. Do you think it would be more "responsible" to spend that additional money to cover petty co-payments and deductibles, rather than providing substatially higher amounts to cover something really horrible like causing a death or permanent disability?
While I can appreciate that you are not worried about $350 in med copays, I am referring to passengers who may not be your spouse or children...they could suffer serious injuries in a wreck, whether your fault or the other driver, and w/o medpay they must fend on their own if they do not have any group of their own...
That means they must find doctors who will work on a lien basis, which can sometimes be difficult to find...w/o medpay you would place those injured passengers under severe financial hardship w/o a means to pay for their treatment...that is the responsibility I am referring to...how you spend your money is your business, but the possible financial hardship you place on your (potential) injured passengers is another matter...hence, my ongoing reco for medpay (assuming it is offered in your state and assuming it is priced similar to what I am seeing)...
Whatever is spent on medical payments coverage would be better and more responsibly spent on higher liability limits on the auto policy. For $60 per year I can go from 25/50 coverage to 100/300, or from 100/300 to 250/500.
You think I am immoral, selfish, etc., what do you call driving around with 25/50 coverage? "Oh sorry I killed you, here's $25,000 for your surviviors." What do you call their insurance agent?
Still wondering about how many years the person who saved this $350 recently has been paying the $35 per year or how many years into the future he will likely continue to pay $35 per year, without another claim.
Do you think that if you don't "Use" insurance, or make a claim, the premium is wasted?
Upon your answers to the above, we can go from here.
Euphonium
Now, I do carry LOTS of liability so that if I cause an accident (especially a catastrophic one), those injured will be adequately compensated.
We disagree. You see med pay as a good buy. I see it as ill-advised.
My vote, against it in Florida, but for it in Georgia, all due to the cost and coverage amounts.
Which is why having high limits on UM is also, to me, a wise purchase, so that if the other guy has minimum limits or is uninsured, you can hopefully recover a reasonable amount if seriously injured...
And do you think your lots of liability insurance covers your passengers injured in your car?
So, 36 times x per year would be a not insignificant amount for no return whatsoever in my case.
What kind of a "return" did you not get? The purpose of insurance is to pay a carrier to be responsible for up to a certain amount of dollars for a certain period of time for certain types of crashes and injuries. Expecting a "return" is not within the principles of Insurance. If you collect on your policy, you don't consider it a WIN or getting a return on your investment.
Insurance is nothing more than a bet isn't it? I mean, between you and the insurance company?
Ha, the minimum here in Florida is 10/20/10, with 10K of PIP required at this time but the law requiring PIP is set to expire next month making Florida an at fault state. Hospitals and medical providers are not happy. Oh, and no motorcycle insurance is required here.
It's a rather strange one when you're betting against yourself and the other guy is betting for you!
tidester, host
SUVs and Smart Shopper
Lottery tickets are cheap too, doesn't make them a good bet. However they at least have the potential to significantly change your financial life, in a positive sense.
Because the "Law of Probability" is that there is a higher frequency of a crash than a fire. Thus, the exposure to fire is less and so is the premium enabling the Comp deductible to be a very good buy. One can buy $500 Ded Comp when the company has filed rates for it.
High Deductibles and high limits of Liability and Med Pay is the recommended Rx.
It's not a "better buy" it is just cheaper, presuambly because the insurance company ends up paying out less in that category of losses.
But I confess that it does seem like when I pay my life ins premiums, I am "wagering" $2000 that I will die and they are "wagering" $500,000 that I won't...if I do die, they pay...if I don't, I live to pay another yearly premium and we start the cycle all over again...:):):)
Speaking of medical coverage...I think you need all you can afford. I spent one night in the hospital in early August after getting heat exhaustion, passing out and falling face down on ceramic tile floor. By the time they got through with CAT scan, X-ray, a couple of heart test, plus one night room and board, the total was over $15K. Health insurance covered most under the ER $50 co-pay. How BIG a risk do you really want if there is something major from an accident?
That sums up my point...I want to protect my passengers (to the extent I can, of course) so I carry medpay...
If you are willing to accept the risk, you will not carry medpay...
My continuing arguments are only trying to document how many ways things can go wrong that you may never have imagined, in order to justify the medpay purchase...
YMMV...................................................
Again, what difference does it make if the costs occur as a result of a car crash or something else...such as "getting heat exhaustion, passing out and falling face down on ceramic tile floor"?
I've still had the piece (sic) of mind for fire, theft and other parts of the comprehensive I have not used.
I have that peace of mind too. It is just that I carry the same $1000 deductible (highest available) on comp as I do on collision.
Selling stocks is a bet, too, in that sense. You are betting the stock will go down, the buyer of your shares is betting they will go up.
It's really all about bottom line at the end of the day, isn't it?
Even though I am immoral, selfish, etc., can I get your opinion on these alternative uses for an extra 50-100 bucks per year or so?
You are purchasing protection against a possible expense that you wouldn't have the means to pay for. You are receiving the protection, whether the policy actually pays off, or not.
If I buy 20-year-term, I'm protected for the entire 20 years. Even if I out-live the term, I've still received that protection... and paid for it. (I'm paying $5800 total from age 41 to 61 for $250,000 of term insurance.. seems cheap).
It's why very wealthy people don't buy LTC insurance. It's an expense they can pay themselves. They aren't betting that it won't happen. They just feel like they can pay for it, if it does.
regards,
kyfdx
visiting host
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
My only point is.. you receive a benefit from purchasing insurance, even if you never file a claim. You are protected for a specified period of time.
I guess I could see picking limits, deductibles, etc... as a "bet".. If that makes you feel better..
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
The car is repaired now but I have no desire to keep the car. I want to trade the car in but I know they are going to cut my trade value. This happened in Maryland and the accident was not my fault. Maryland is "DV friendly"
What should I do? Who should I contact? What should I expect to receive?
Trade in value $19,000 to $20,000
Retail value $22,000 to $25,000
A lot of people in Hurricane Katrina would not feel that way after their treatment by the insurance companies.
2014 Malibu 2LT, 2015 Cruze 2LT,
You're entitled to your opinion on the "return" question, mine just happens to be different. I don't mind paying for other types of auto insurance because I have a reasonable expectation that they will pay off due to inevitable losses that will occur ($15,000 in hail damage in '06 for example). Med pay, on the other hand, is just money done the drain in my book.
When you say that Maryland is DV friendly, I am assuming you are making the declaration that Maryland does not recognize diminishment of value. The facts of the matter are that all but three states have allowed the departments of insurance to remove payment for loss of value on first party losses under the contract of insurance. A first party claim is when you are filing a claim with your own company whether you were at fault or not. You are a third party claimant to the other guys insurance if you are filing a claim against him through his coverage.
What this means is that you can not collect DV under your own collision coverage in your policy but you are entitled to collect for all losses due to the negligence of the party that caused you damages under the reinstatement of torts. Damage caused by other people which harm you or your property are governed by law and statute not the departments of insurance. It is a matter for the courts to decide ultimately unless a settlement can be reached between parties that is equitable and you have been made whole. Being made whole is a term used to describe your position you or your property held prior to the negligence or damage caused by another whether intentional or upon accident.
Third party losses are not governed by contractual policy languages of the policy of the person that caused your damage. The insurer of the negligent party pays your losses from the liability portion of the policy of the at fault party. If you can prove your loss, then it is encumbent that the insurer cover that loss. Of course you can not make the negligent party's insurer pay you one thin dime. Technically you must prove your damages. And how can you prove your damages? Filing a lawsuit is one way. This can be expensive for all parties, so insurers under each states unfair claims practices or codes of statutes and regulations are required to pay for losses they know they owe. If everything works as desired, all proven losses are covered. There are few penalties for insurers that do not prudently pay for third party losses if any. I think a slap of the wrist is somewhere in most codes. However on first party claims one may make a case for bad faith if it can be proven. Insurers do not like hearing this as it also carries triple damages most of the time for the plaintiff.
However, in the real world, and not the bizarro world of insurance, we all know just by reading posts on this board that all adjusters feel they are being fair in their settlements and all vehicle owners feel they may not have been fully made whole. Somewhere between those two facts lies the truth.
If you feel you have sustained a loss in value, and I believe you have, you should seek a diminished value specialist in your area that works with an attorney that will take your case on contingency. If you google loss of value, diminishment of value, diminished value, or DV you will find a multitude of competent appraisers that will advise you and guide you through your demand for payment.
The sad truth is that unless you hire an attorney that specializes in this field to represent you, you will face nothing but stone walls of silence and denials from insurers that believe that no inherent dimished value exists if vehicles are repaired properly. These same insurers believe that parts made in overseas manufacuring processes are equal to your original manufacturers parts. These parts are essentially reverse engineered parts, stolen from the original manufacturer who holds patents, and marketed to insurers as equal to the original even though they have never been crash tested; nor do they have galvanized rust protective coating that your part had from the manufacturer.
Do your homework online, and get a documented appraisal from an expert that is willing to be your witness in court if necessary and is from your area. Don't fall for inexpensive online documents, you will want your vehicle inspected to see that it was repaired to pre-loss condition, no fraud was involved, and the insurer did not refuse to pay for a needed procedure. If it is under the amount you can sue in your small claims court, try that venue. Some vehicle owners have been having some degree of success by filing complaints to the department of insurance for improper claims practices but don't hold your breath.
The truth is, a car's accident history follows it for the life of the car due to new online accident history companies that avail themselves to the public and due to disclosures you may have to make upon trade. Oh, and don't believe the insurer when they tell you that you do not have diminished value until you sell your car. The inherent loss of value happens at the moment of impact the same as the property damage loss.
DV would not be a concern to me except for the fact that I am now in the process of selling/trading my car. So the DV I am trying to recoup will be real. My main concern is to no be upside down when I trade my car due to the actions of someone else.
After speaking with an attorney aquantance of mine, I have hired a local appraisal service who specializes in DV cases. They charge $75 for a full DV appraisal and report.
My question now is once I have the report in hand, what next? Should I send a certified letter to the 3rd party insurance company? If so, to whom do I address it to, the adjuster or claims rep? Should I also send a copy of my letter and report to the Maryland Insurance Commissioners office?
Thanks in advance.
I also advocate spending another lousy $20 per year for rental car coverage, which offers to cover 30 days of a rental vehicle while yours is repaired...is it mandatory???...of course not...but you would be surprised at the number of folks who complain about the cost of a rental vehicle while theirs sits and liability is being disputed...so, having the coverage is certainly helpful...
For those who have sufficient funds to pay med bills, or copays or deductibles, by all means do not buy what I recommend...but most are not in that category after something as traumatic as an automobile injury...
I feel it is my responsibility to carry medpay, if nothing else, for my passengers...also realize that medpay will cover "any willing provider" whereas some group plans restrict which doctor you can see...if it does not matter that meds are paid quickly for your injured passengers, then, by all means, do not pay for medpay...
I only make recommendations based on how I see folks injured from auto wrecks...please do not feel the need to follow anything I say...I obviously do not care what you do, I only offer insights as to coverages that many people are unaware that they exist and what they do and how they work...if you don't want them, hey, don't get them...
But, depending on what COULD happen in a wreck, they can all be extremely cost-effective...and, when you pay for insurance, you are simply insuring yourself against a potential payout when you least expect it...
Warren Buffet and Bill Gates obviously do not even need basic liability insurance, since they can payout any judgment against them...so I would advise them to go "uninsured"...