Should I carry full coverage insurance on a car valued at $2,500?
First off, there is no such thing as “full coverage” insurance.There is Liability coverage, which protects other people from your negligence. This is the most important coverage to get.There is Med Pay coverage, which provides a limited amount of money for medical expenses for you and the occupants of your car regardless of liability (or PIP coverage in No-Fault states, which provide medical and wage loss for you and your passengers).There is Uninsured Motorist/Underinsured Motorist coverage that stands in place of the at-fault driver’s insurance if he is uninsured or under insured. This is for you and your passengers and is very important.There is Towing and Road Service coverage.And, finally there is physical damage coverage for your vehicle: Collision and Comprehensive coverage, which carry deductible amounts.If your car is only worth $2500, do not buy Collision, Comprehensive or Tow & Road Service coverages. Join AAA or another motor club for towing and road service. The annual membership is cheaper than the effect on your policy if you were to use that coverage on your auto policy: your premiums would go up.Do buy Liability, MedPay/PIP, UM/UIM coverages.Use the money you saved by not buying the other coverages to increase your limits on Liability, MedPay/PIP, and UM/UIM coverages. Statutory minimum limits are not enough!
If the financer of a vehicle requires you to have full coverage insurance but you cannot afford it, what is likely to happen?
The lender’s remedies for not carrying proper insurance will be spelled out in the loan agreement signed when the vehicle was purchased.Check your contract. You will find a clause that reads something like this:The remedies for not carrying proper insurance coverage available to the bank include:1. Forced Placement: The Bank will obtain Comprehensive and Collision insurance…At Your Expense: The bank will pass the cost on to you. If you refuse to pay it will be…Added to Your Loan: With interest.At Higher Cost: At a cost that is likely much more expensive than coverage you could obtain yourself.Protects Only the Bank: You will not be a party to the coverage. The insurance will only protect the interest of the bank.No Liability or Medical Coverage: The bank is only concerned about securing their collateral. They are not a party to liability or medical loss. If they procure coverage, there will be no consideration for liability or medical losses.In the event the insurance is not paid, or the additional loan amount as a result of forced placed insurance is not satisfied, the next step would include:2. Repossession:Seizure of the Collateral: When you signed the loan agreement, you offered the car as collateral (say, guarantee for payment of the loan). Not adhering to the agreement (the contract) will result in the capture of the asset for which it is assigned as collateral.The details of this question describe the purchase of a motorcycle. If the amount borrowed is not too high, you may be able to offer some other form of collateral to secure the loan - or - depending on your credit history, negotiate a loan without collateral.It is always in the auto loan consumer’s best interest to:Procure their own insurance and keep it in forceProactively negotiate with the lender.Letting the bank take action without attempting to work it out yourself will always lead to a less desirable result.
Should I choose Comprehensive or Collision auto insurance?
Hey! I'd like you please to advice me what insurance should I get for my used 2008 Ford Focus S coupe. I'm a student and from Oregon. I's searching and I found 21st Century Insurance, and they offer either Comprehensive or Comprehensive and Collision only, and I thought I should get Collision coverage because it's the one I need in case a damage occur to my car. "What do you think?" For now I looked Esurance and they offer 82$ and 21st Century and offer 73 if I choose Comprehensive 1000$ with no Collision coverage. Thank you,,
Insurance deductible- how can I not pay?
Short answer, yes.. it is possible. I've had it done... for example: Geico writes up an estimate with OEM/new parts, shop used non-OEM/used parts and saved me half of my deductable. It is legal, because you aren't necessarily defrauding the insurance co. They create an ESTIMATE of what THEY THINK it will take to repair the vehicle to same condition. IE: if they have 10 hours of paint work estimated and it only takes 5.... or if they write up a new door panel but a new one cannot be found, it will not change the payout. Only if it winds up taking more time or more $$$. Will a dealer body shop do that for you? Probably not. The place I went to was a well-known mom and pop outfit. They found a used panel for me for a bit less than a new one which saved me $250. It looks perfect, fit's perfectly and is guaranteed for life by the body shop. It was a lot harder of a job for them to have to work with and cut, but I guess they didn't really care.
What's the cheapest insurance to get on a cell phone outside your phone service?
Generally speaking it is not a good idea to buy an insurance policy on your cell phones because the chance is you end up wasting money and time. Let’s use Samsung S6, a very popular model, as an example. A typical monthly premium runs from $10 to $15 a month and based on T-mobile website T-Mobile Cell Phone Deductible Lookup the deductible for this phone would be $175 (with a policy from Asurion, an cell phone insurance company). Now suppose you lose the phone after one year of purchase. This mean that to get a replacement, your cost would be about $325 (including the $175 deductible plus the monthly premium for one year). But if you simply buy an used by like new phone as your replacement for the same model from sites like eBay or digiCircle.com, you just need to spend about $250 TODAY. Remember that cell phones, like other consumer electronics, price drop quickly. In one year, an used S6 would cost about 60% of what it is today and your replacement cost will actually be around $150 vs. $325 (assuming the deductible remains the same a year from now).The key thing here is that consumer electronics prices drop very very rapidly. In most cases, you will be far better off simply buying a replacement, new or used, out of your own pocket. One thing to also note is that a cell phone insurance company does not guarantee the replacement phone they send you being brand new either. In many cases (if not the most), the replacement phones are refurbished. It is one of the best kept secrets in the cell phone industries that cell phone insurance companies are extremely profitable and for an obvious reason many people would rather keep it that way.
Should I let my insurance know?
Hi, I have recently run into an accident that was not my fault at all. Some guy ran red and slightly damaged my car. My auto insurance has 1000$ deductible, and the damage done cost less than that, making me think that I should not let my insurance know. The other guy, however, had a costlier damage, since he had a more expensive vehicle. I have not yet let my insurance know it, and was wondering should I? I am being worried that the other guy may do something through his insurance, although I am pretty sure the police report did not say I was at fault.
You are sitting in the doctor's office. You have just been given a diagnosis of cancer. You have two years to get life-saving surgery. You have no insurance. You have 1000 dollars in savings. How do you make the money for the surgery?
You are sitting in the drs office, cancer, you have 2 years to get life saving surgery.My story of life with a twist. I was diagnosed with a cancerous lump, and had to make a decision, surgery or not. Did I want to have surgery? Would it come to a time, when it would be too late, to have surgery? Would I be sorry, and die earlier than expected? Was I ready to die? Would I be able to even enjoy life, if no surgery, or would every day be impending doom.? With a high deductible insurance, I was prepared to do what it took. I went to the business office of the hospital, presented a w2, as to our financial status, and was given a financial reprieve from all services, even radiation, as they considered it hardship and zeroed out my balance for 6 months. With over $20,000 in debt to the hospital, they reached my 5,000 deductible, and then my insurance kicked in. At the end of biopsy, surgery, and rads x 15, I believe out of pocket was about $500.00. By the Grace of God, I was given a clean bill, and am cancer free. Your choices are fight or give up. I chose to fight. And will be thankful every day for the rest of my life.Blessings