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      11-15-2012, 12:47 PM   #1
passing
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Ask your insurance questions here

...and i will answer them.

DISCLOSURE: always consult with your dedicated insurance professional prior to making changes. any information provided by me is for informational purposes only and you agree to hold me harmless by seeking my opinion.

Last edited by passing; 11-19-2012 at 04:05 PM.
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      11-15-2012, 01:22 PM   #2
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the sense of humor thing makes sense now. j/k

Does a return of premium term life insurance policy count as cash value? Meaning can it be figured in on my PFS?
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      11-15-2012, 01:24 PM   #3
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the sense of humor thing makes sense now. j/k

Does a return of premium term life insurance policy count as cash value? Meaning can it be figured in on my PFS?
cant answer that.. i know nothing about life/health/annuties.

well not enough to answer your question at least.
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      11-15-2012, 01:26 PM   #4
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Can you find me lower cost car insurance?
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      11-15-2012, 01:27 PM   #5
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Do premiums get cheaper for metal buildings the more recently they are built?
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      11-15-2012, 01:29 PM   #6
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Can you find me lower cost car insurance?
pics or gtfo.

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Do premiums get cheaper for metal buildings the more recently they are built?
yes and no.

newer construction is always a plus. updated buildings (roofing, wiring, plumbing, heating/HVAC) dont necessarily lower premiums but they do make an aged building eligible for coverage.

the following are 5 classes of buildings from most expensive to least expensive:

frame, JM, MNC, modified fire, fire resistive.
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      11-15-2012, 03:33 PM   #7
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pics or gtfo.



yes and no.

newer construction is always a plus. updated buildings (roofing, wiring, plumbing, heating/HVAC) dont necessarily lower premiums but they do make an aged building eligible for coverage.

the following are 5 classes of buildings from most expensive to least expensive:

frame, JM, MNC, modified fire, fire resistive.
Factor in being within 5 miles from the coast? (the bay actually, not the gulf)
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      11-15-2012, 03:37 PM   #8
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Factor in being within 5 miles from the coast? (the bay actually, not the gulf)
some carriers measure distance from the nearest body of water, or to the ocean.

i assume you are referring to rate differences for wind coverage. if you have a wind resistive building, you will be credited accordingly.
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      11-15-2012, 03:49 PM   #9
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Quote:
Originally Posted by passing View Post
pics or gtfo.



yes and no.

newer construction is always a plus. updated buildings (roofing, wiring, plumbing, heating/HVAC) dont necessarily lower premiums but they do make an aged building eligible for coverage.

the following are 5 classes of buildings from most expensive to least expensive:

frame, JM, MNC, modified fire, fire resistive.
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      11-15-2012, 03:52 PM   #10
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but really............ i am in a risky business......

hah get it? risky business?
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      11-15-2012, 04:02 PM   #11
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What kind of coverage do you carry on your cars and home (deductibles, etc.)?
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      11-15-2012, 04:06 PM   #12
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What kind of coverage do you carry on your cars and home (deductibles, etc.)?
i have agreed value on all my vehicles, $500 deductible for comp/coll.

i carry 250/500 liability + umbrella. matching limits for UM/UIM.

homes vary by location. mine- special form, RC basis. 2% wind. 1,000 AOP deductible.
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      11-15-2012, 04:21 PM   #13
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so why did my insurance rate go up this year even though i had 0 accidents (At fault or not) and 0 tickets?


and I'm 25 next year. How much should i expect it to drop? or will it go up again?
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      11-15-2012, 04:24 PM   #14
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so why did my insurance rate go up this year even though i had 0 accidents (At fault or not) and 0 tickets?

and I'm 25 next year. How much should i expect it to drop? or will it go up again?
great question.

several factors warrant a rate increase, one of the most common being reinsurance rates going up (reinsurance is insurance for insurance companies), and other individuals in the same risk pool as you had claims.

other factors include.... hurricane sandy, tornados, other natural disasters that occur worldwide.

congratulations on being a year older. you'll save a little more money becuase this is the age that insurance companies expect you to become a little more responsible.
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      11-15-2012, 05:03 PM   #15
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Quote:
Originally Posted by passing View Post
great question.

several factors warrant a rate increase, one of the most common being reinsurance rates going up (reinsurance is insurance for insurance companies), and other individuals in the same risk pool as you had claims.

other factors include.... hurricane sandy, tornados, other natural disasters that occur worldwide.

congratulations on being a year older. you'll save a little more money becuase this is the age that insurance companies expect you to become a little more responsible.
Makes sense

Overall, I'm happy with my rate.

When I had the M3, I was paying ~$1500/year for full coverage (forget exact details). Though it was 1 of many cars on our list...


So about what % does it drop once you hit 25? or it varies?
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      11-15-2012, 05:03 PM   #16
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Quote:
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the sense of humor thing makes sense now. j/k

Does a return of premium term life insurance policy count as cash value? Meaning can it be figured in on my PFS?
/enter accounting mode...

I assume you're asking for tax purposes? If you surrender your insurance policy any money up to the sum of all your previously paid premium payments is not taxable, any amount received over that is considered taxable income.

/exit accounting mode...
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      11-15-2012, 05:07 PM   #17
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Quote:
Originally Posted by persian54 View Post
Makes sense

Overall, I'm happy with my rate.

When I had the M3, I was paying ~$1500/year for full coverage (forget exact details). Though it was 1 of many cars on our list...


So about what % does it drop once you hit 25? or it varies?
hard to say. there is a reduction, and several factors are involved.. sex, marital status, own/rent a home, etc.

Quote:
Originally Posted by Seminole View Post
/enter accounting mode...

I assume you're asking for tax purposes? If you surrender your insurance policy any money up to the sum of all your previously paid premium payments is not taxable, any amount received over that is considered taxable income.

/exit accounting mode...
i think this depends on the type of life insurance policy you choose..
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      11-15-2012, 06:32 PM   #18
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I recently bought a low mileage 92 325ic M-Tech Appearance Pkg for over $10K (fully restore and like brand new), bluebook for this car is only like $4K, how can I ask my insurance to cover the comprehensive for the value that I got the car for (in my case for like $12K)? It's too "new" to quantify as a Classic.

Thanks
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      11-15-2012, 06:43 PM   #19
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I recently bought a low mileage 92 325ic M-Tech Appearance Pkg for over $10K (fully restore and like brand new), bluebook for this car is only like $4K, how can I ask my insurance to cover the comprehensive for the value that I got the car for (in my case for like $12K)? It's too "new" to quantify as a Classic.

Thanks
try asking your carrier if they offer an agreed value option, as opposed to actual cash value.
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      11-15-2012, 06:58 PM   #20
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Long story in a nutshell:

I hit a raccoon on the highway about a month ago in my Jetta. Took the car to the dealer to get fix. Total damage was almost $2500. They had to replace my front bumper. When the car was "completed" the bumper wasn't even close to the same color as the rest of my car. Had them repaint it twice. The color still isn't 100% correct but I had to take my car because I had 5 interviews at 4 different companies over the next 7 business days. I refuse to let the same body shop attempt to repaint the bumper again. They couldn't get it right during the 3 times they painted the bumper. Am I going to have a problem taking the car somewhere else to have to bumper painted the right color?
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      11-15-2012, 07:17 PM   #21
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Quote:
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Long story in a nutshell:

I hit a raccoon on the highway about a month ago in my Jetta. Took the car to the dealer to get fix. Total damage was almost $2500. They had to replace my front bumper. When the car was "completed" the bumper wasn't even close to the same color as the rest of my car. Had them repaint it twice. The color still isn't 100% correct but I had to take my car because I had 5 interviews at 4 different companies over the next 7 business days. I refuse to let the same body shop attempt to repaint the bumper again. They couldn't get it right during the 3 times they painted the bumper. Am I going to have a problem taking the car somewhere else to have to bumper painted the right color?
you shouldn't. you pay a premium to be indemnified. your carrier is obligated to repair your car to the condition it was in before you hit said animal.

tell the carrier the issues you are having and they will either recommend a body shop or allow you to choose another.

your agent should be able to help, if you have one.
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      11-15-2012, 07:25 PM   #22
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Quote:
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I recently bought a low mileage 92 325ic M-Tech Appearance Pkg for over $10K (fully restore and like brand new), bluebook for this car is only like $4K, how can I ask my insurance to cover the comprehensive for the value that I got the car for (in my case for like $12K)? It's too "new" to quantify as a Classic.

Thanks
You bought an E30 for over $10k and it wasn't an M3?
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