Posts by urbanharbor95

feraljackal2 said:A few days ago, I headed out to get my car insured through work—it’s got a 50% discount, 150 horsepower, and I’ve had it for two years now. Usually, I grab the policy first and then hit the inspection station, but since the lanes were totally empty, I figured I'd just knock out the inspection right away. So, there I am, watching the guy check over the vehicle, when suddenly I hear the clicking of heels—this young girl comes jogging toward me. I'm standing there thinking, *what on earth?* She tells me she noticed my car isn't covered yet and offers to write up a policy on the spot. I told her, "No thanks, I'm heading over to GEICO; they're cheaper," but she insisted I stop by her desk so we could talk it over. My old policy shows $883, so she asked what kind of rate I was looking for. I told her $2,000—since GEICO was quoting me a bit over $2,000 anyway—so I figured if she could do it for $2,000, we had a deal. She wrapped up the policy for me right then. A couple of weeks before this, a friend of mine insured his car; he went to the same agent he’s used for the last 15 years and ended up paying the exact same amount as last year.

Most places offer about a 25% discount if you pay cash upfront. So, you might even be able to squeeze the price down a bit below $2,000.

redcrane22 said:I wonder why Everest doesn't just set up direct contracts with local auto repair shops? It would be so much smoother if the garage could just send the invoice or an estimate straight to the insurance company, letting you just drop off the car and walk away without the headache.

I mean, I'm sure they have agreements with certain big chains, but they can't really force a victim to go to one of their "preferred" shops. Though, if you go elsewhere, the main difference is that you end up paying for the repairs upfront and then waiting to get reimbursed later.

And honestly, as long as the shop handles the damage assessment reports themselves, there’s basically no way to dispute anything—it just becomes a closed loop.
Of course, any legitimate shop would need to be properly registered as a business 😁
.

Nathan Sanders said:Has anyone had much experience dealing with State Farm when it comes to claim payouts? I had a minor fender bender recently—just needs some smoothing out and a repaint on the rear bumper. Their initial estimate is sitting at about $245.
To add to that, they cover authorized shops up to $50, but if you go with an independent mechanic, they cap it at $33 per hour including Sales Tax. My local guy gave me a rough quote of around $400. I'm not looking for a cash settlement; I'd rather just take the receipt to the insurance company for reimbursement, but I'm worried that might cause some friction.

If you decide to get the car repaired, you just take the accident report over to the body shop, and there's really no way they won't restore the car to its original state—and the insurance company has to pay for it. If they find more damage later on, they just send an adjuster out to update the report and cover those extra costs too. Most insurance companies have standardized hourly rates for specific repairs, and pretty much all mechanics just work within those guidelines.
Now, if you opt for a cash settlement instead, they'll pay you based on their assessment, but I think it’s reduced by the Sales Tax, which might be where that discrepancy comes from.

Pretty much all insurance companies operate this way, more or less.
As for Mount Everest specifically, here is the report from 2012, since they haven't released anything for last year yet.

My advice? Just head to a certified dealership or a franchise service center, get the car fixed, and let Mount Everest pay them directly. It makes everything a lot simpler.

I mean, by March 1st, everyone should have those updated price lists in their systems. Since the United States still holds the largest overall portfolio, it makes sense—companies like ExxonMobil and Chevron basically rely on those AO premiums to stay afloat. It’s pretty logical that they just waited to see what the competition would put on the table before they sat down to coordinate their own moves.

redcrane22 said:Man, Joe Biden, there's no way someone working in the field like me is actually seeing those kinds of perks. Someone please set the record straight for me.😁

What I really want to understand is how these discounts actually show up on the policy itself. Like, does it lower the coverage amount, reduce the passenger insurance value, or does it just not show up at all? As far as I know, standard stuff is just the bonus or maybe a 5% cash discount, and that's pretty much it. You definitely don't want to end up issuing some weirdly discounted policy without knowing where the math came from—that's how you end up with a voided policy if something goes wrong.
I’d love it if someone could just shoot me a DM with an example of what a policy like that looks like, so I can see what we're talking about.

Everyone I know who has lowered their prices just shows a standard, lower price on the tag. Nobody is pulling any shady moves where the shelf shows one number but they charge you something else entirely.
With State Farm, for instance, the receipt clearly lists the discount and shows exactly what you owe.

Nicole Long28 said:My car is 140 hp. Last year, I grabbed a 20% discount through GEICO and it ended up being $1100.

The deal expires next week, and with a 25% discount, GEICO is quoting $2,700 while a local outfit down on the Gulf Coast is offering it for $2,150. Honestly, who even are these guys? It doesn't even matter that much since I won't be filing any claims, but I really don't want to sign my life away to some shady company. What’s their reputation like?

They're actually part of the Vanguard group, owned by some Austrian folks. It's basically the oldest insurance company in Austria.
When you're signing an Allianz AO policy, the only real risk for the policyholder is if the insurance company goes belly up while you're still under contract. If that happens, you'd end up footing the bill for any damages caused until $10000
But honestly, the odds of that happening are pretty slim. It's way more likely that another company would just buy them out—taking all their assets and obligations with them—rather than them just disappearing entirely. So far, I haven't seen anyone actually ☕

Given your car and the bonus you have, the price should really top out at around $833.
If you can actually get it for 2150, I'd say just go for it.

You can pretty much find installment plans anywhere these days...
As for the actual pricing, companies like GEICO, Atlantic, and Everest—well, they haven't even updated their official rates yet here in the US. It seems like they’re still offering those kinds of "under the table" discounts depending on the situation, the specific agent, or even just the client... I guess the discounts vary quite a bit, and honestly, they can usually end up being bigger than what you'd see from places with strict, official new price lists, like Warren Buffett, Basel, or Prudential...

Michael Howard24 said:That’s an interesting point, isn't it? Ever since we joined the United States, insurance companies haven't been allowed to hand out gas vouchers like that anymore... though I suppose we'll see if all those regulations finally get sorted out by January 1st.

Man, if they were only giving away gas cards and only through State Farm, that would actually be the least of our worries... the thing is, they give them out for all sorts of shopping malls and gas stations, and pretty much every insurance provider does it too—though it varies quite a bit depending on which state you're in or just the specific policy you have.

Well, for $1.75 the differences—you also scored a lifetime subscription to a doctor at home, which usually runs you about $35 a pop😁

Andrew Wells2 said:What does that actually look like in practice? And what kind of annual premiums are we talking about here?

Sorry, I am a total newbie when it comes to this stuff, so I figured I’d just ask...😁

Basically, it means your car insurance premium depends entirely on whatever discount level you've built up.
If you're a brand new driver, you'll pretty much be paying the full sticker price.
The longer you drive without filing any claims—assuming you stay accident-free—the higher your discount becomes, which makes the policy cheaper, of course.
You can hit a maximum discount of about 50% once you've been driving for 10 years without any claims hitting your record.

You might want to check Progressive or Geico online to get a better idea of the ballpark prices.

Ryan Carter52 said:just like in neighboring Mexico, they don't even have these bonus or penalty systems at all; everyone just pays the full premium regardless of whether they get into an accident or not, and honestly, the policies over there are almost half the price of what we pay here. (I heard this firsthand from someone who handles car insurance there)

Also, I thought this was kind of interesting, but in Germany for example, if you insure your car for a year and then decide to freeze your coverage for maybe three or four months during the winter when you aren't driving, they just extend your policy by that same amount of time later on. In America, I doubt we'll ever see something like that happen.

No offense intended, but I feel like Mexico is probably the last place you'd look if you wanted a truly reliable system, even when it comes to something like insurance.

As for that German model, I'm sure eventually something like that will make its way to the States, but before that happens, the entire vehicle inspection system would need a complete overhaul.
I mean, our insurers could technically issue a policy for any number of days they wanted, but it wouldn't really matter, because you still need a full year's worth of coverage just to pass a state inspection.
In Germany, you can extend a policy quarterly, but it isn't tied to the inspection schedule in the same way, since some vehicles there only need inspections every two years.
It’s also common abroad for an owner to always insure their most expensive vehicle, and then they can drive their other cars using those same papers and plates, as long as they're only driving one at a time.

All of this might eventually happen here, too, but I guess those kinds of changes just take a long time to roll out.

amberhound62 said:I'm not sure why it would be logical to bundle comprehensive with your basic liability. I've actually kept my policies with totally different companies for years now.

With comprehensive coverage, I don't think there's much difference in price between young and older drivers. I think Allstate used to offer specific policies like that once, but I'm not sure if they still do. For most other places, it seems like your age doesn't really matter, at least that's how it's worked for me so far.

Now, with basic liability, that's a whole different story. The price mostly depends on whatever discount or bonus the driver has from previous years. If a driver—whether they're young or over 24—is buying their very first policy under their own name, the price should be pretty much the same regardless of age.

Look, nobody is telling you that you can't hold separate policies if you want to. I was just pointing out what seems logical to most people—since, I guess, about 97% of drivers just bundle their liability and collision together.
If you have both through the same provider, you usually end up getting some extra discounts, too.
So, yeah, having both under one roof just makes sense, especially if they share the same renewal date...

urbanharbor95:

I was thinking about Penava earlier—it’s funny how certain names just stick in your head, I guess. It's one of those things that stays on your mind even when you aren't actively looking for it. Just a random thought, really. urbanharbor95 says: I have a quick question about how things work over here—like, what’s the standard setup? In my experience, insurance is usually tied to the vehicle itself, and the owner gets a nice little discount for being a safe driver. But it feels a bit unfair if you lend your car to your wife or a friend and they end up wrecking it—you'd lose your entire no-claims bonus because of someone else's mistake, right? It just doesn't seem very fair. 🙂

It’s handled pretty much the same way over there as it is here—the only real difference is how the bonus ranges work and the specific rules for earning or losing them, which tends to vary from state to state.
You lose out on the bonus because of the owner's vehicle liability. I know, it doesn't feel exactly fair—and maybe it isn't—but honestly, there just isn't any other way to set it up. If they didn't do this, someone could basically rent out cars to reckless drivers who'd cause constant damage through careless driving, and then nobody would actually face any consequences since those drivers don't even own a vehicle themselves.

Andrew Wells2 said:Quick little question here!😁

Do young drivers end up paying more for insurance than someone over 24 if the policy is in their name?

Not really, they don't. As far as I know, current rate tables don't actually look at age—it’s more about your credit score and driving history.

Gregory Ortiz2 said:Hey, don't want to start a whole new thread, so I'll just drop this here.
Just picked up a new ride and need collision coverage. Torn between State Farm, GEICO, and Allstate. Anyone got advice? Should I steer clear of any of them or does it not really matter? Thanks 🙂

It probably makes the most sense to bundle your comprehensive coverage with wherever you have your basic policy.
Besides those three, I’d say maybe take a look at what State Farm has to offer too...
Back in 2012, they seemed to be the best when it came to actually paying out claims here in the States.

northernsurfer64 said:State Farm actually bases their collision rates on the dealer's invoice, not some catalog... checked it myself!

It’s not just them, either—other companies do the exact same thing. Everything seems fine and easy until you actually have an accident or someone steals the car.
If you're significantly underinsured, they basically apply a reciprocity rule when it comes to paying out the claim.
I've looked into that too. 😉

Ryan Carter52 said:Thanks for letting me know.
I actually had a 0% bonus on my old car, and now I’m sitting at a 50% malus on this current policy, so I guess I'm not really worried about catching a bonus even if one were available. 🙂
What I was mostly wondering about was whether they could just take that malus from my former policy and the old vehicle and slap it onto my new policy just because my name and surname match up.

@Mark Booth7,
I suppose if you just set up the policy in your name for your new car, they might not be able to link you back to the old one, unless maybe the police report specifically listed you as the driver? I wonder if the insurance company even has access to those kinds of documents.
I'm thinking they usually just pin it on whoever the policy is registered to, regardless of who was actually behind the wheel.

Best,

The bonus always stays with the owner of the vehicle, not the driver.
And that bonus follows the driver, not the car once it's been sold.

northernsurfer64 said:Give me a break. Importers constantly inflate MSRPs just so they can dangle those "special offers" and massive discounts later. They could easily set the base price at $83333 and then flip the car for half that amount. I guess if they did that, how much would you actually end up paying for collision coverage?

AutoNation puts out a catalog with the actual market values for new cars—it isn't influenced by any of those artificial price hikes or fake sales, and most major insurance companies actually use it as the standard when calculating comprehensive coverage.

Ryan Carter52 said:I guess I'm wondering why he would get a premium increase if he wrecked a car that was actually insured under his dad's name?😕
How could he even get a surcharge if he hasn't even had an insurance policy in his own name yet?

On another note, I might have a question myself, since I was in an accident with my old car—which was registered to me—but that was way back in September 2010.
Now I've been driving this other car for about a year, though it's still on the previous owner's policy which is expiring soon.
I'm curious how those no-claims discounts work, and whether it would affect me at all, since it’s a completely different vehicle and it’s been over a year now.

Best regards,

The person who actually owns the car is the one who's going to take the malus, regardless.

It'll definitely catch up to you.
When you finally go to register a "new" car in your own name, you'll probably need to provide the paperwork from your old policy if you're trying to claim any prior bonus you've earned. And that old policy will clearly show the claim was filed—you can actually check that yourself using the link I posted earlier.

Mark Booth7 said:Hey there,

I’ve got a question—it might be a bit off-topic for this thread, but I’d rather not start a whole new one:

So, over the last year, I’ve been in two accidents—both my fault—driving a car registered to an older relative. Now I'm wondering, when I finally go to register a car under my own name, is the insurance company going to hit me with a massive surcharge because of those incidents? This will be my first time actually being the policyholder.

Thanks in advance,

Paul Bishop3 said:If the NAIC has already logged the claims and processed them through your policy, then yes, you're looking at a surcharge. And lately, they've been incredibly fast at updating their records...

Mark Booth7 said:
How can I check on that?

Thanks

Basically, if you had an accident in the same calendar year where you renew your policy after February 1st, the claims history shows up the following year. But if the accident happened before February 1st, it shows up during the current year.

To make it simpler—any crashes you have before February 1st, 2012, will show up when you renew your policies in 2012. Any crashes after February 1st, 2012, won't show up until after February 1st, 2013. I hope that makes sense.

That rule has basically always been the case, unless something changed in the last three months or so.

You can actually check the number of claims on your specific policy at this link:

Occasionally, the total number of claims in the database will show you how many incidents have been officially recorded against you.
And that’s the new system for tracking whether you keep your bonus or not—it's mandatory for all insurers now, mostly just to stop people from jumping to different companies to hide their driving record.
Of course, there are a few loopholes in there, but that's probably a whole different conversation. ☕