Ever score on an insurance company?
- Thread starter cydnote
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I used to sell buildings, a hail storm hit a 15,000.00 building the adjuster was flown in from Florida(I dont know if that is relevant or not) the owner was paid just short of $28,000.00 for the structure damage. To take off and replace all the steel. They could have bought him a new building for less. The owner replaced the roof only.
Also I collected hail damage on a pickup three times from State Farm to the tune of around $6,500.00 They were aware of the previous unfixed damage each time. The pickup only cost $15,000.00. I raised my deductable after collecting the first two checks and put the dollars in a CD to cover down the road. Never fixed the truck.
A little "clean up" on this thread from my perspective:
I didn't really score on the insurance company. The amount they afforded me would have allowed me to hire somebody to do the work, I just chose to do it myself. Whether I could have found somebody to do it for less and pocketed the difference (in which case I would have felt like I scored) was never determined. I knew my standards and capabilities so never pursued that scenario. I do know that what I got paid for my labor was more than I would have received bidding the job on the open market at the time
Having or not having insurance is gambling either way. To me I was never in a financial position to absorb worst-case losses so I ensured against them. I also found that replacement cost insurance wasn't that much more for the items that I couldn't cover out of pocket.
Insurance companies don't always win, thus the need to adjust premiums accordingly. You may or may not benefit on individual claims
I didn't really score on the insurance company. The amount they afforded me would have allowed me to hire somebody to do the work, I just chose to do it myself. Whether I could have found somebody to do it for less and pocketed the difference (in which case I would have felt like I scored) was never determined. I knew my standards and capabilities so never pursued that scenario. I do know that what I got paid for my labor was more than I would have received bidding the job on the open market at the time
Having or not having insurance is gambling either way. To me I was never in a financial position to absorb worst-case losses so I ensured against them. I also found that replacement cost insurance wasn't that much more for the items that I couldn't cover out of pocket.
Insurance companies don't always win, thus the need to adjust premiums accordingly. You may or may not benefit on individual claims
Sorry, it's a bit long.
I didn't "Score" I had to do a ton of back and forth with them to get what I deserved really. Back in 2017, we had a crazy storm roll through, it dropped a tone of hail and had crazy wind. My roof was visibly damaged on just about every square foot of it. I had aluminum siding on the house and it looked like a team of golfers was practicing their drives at my house for a couple of weeks. The second adjuster even commented on how surprised he was at the damage because this was older aluminum siding you just can't get anymore.
Anyway, the first adjuster came out, marked a few spots and priced for doing a patch job. Impossible, becaus you couldn't get that siding anymre and it would never match since it had 15 years of heavy sun on it. I argued, got another adjuster out and he laughed at the first guy saying he couldn't imagine he recommended patching. There were more bad spots than good. So, we got our check.
Where the bonus comes in, is by the time insurance was settled, it was pushing winter. I decided to go with Hardie. I spoke with their rep and got the names of their recommended contracters. Got them out and had estimates for roof, siding soffets, gutters and while we were at it, replacing the 1967 single pane windows with something new.
One of Hardie's top recommended guys told me if we get started right away, he would cut me a good deal. Usually, they kind of pack up for the holiday season, T-Giving to New Year, but said he'd like to keep his guys working if possible. And if we did it now Hed basically do it at cost to keep his guys working right up to Christmas. Originally I was a little skeptical, but when I saw the final estimate I couldn't pass it up. I got all the above listed items done for what most of the contractors were originally quoting me just to do new vinyl siding.
So no, I didn't really "Score" from the insurance company, as I got what I should have from them. The score was in the timing and being able to get a completely new exterior of my home for a fantastic price.
I didn't "Score" I had to do a ton of back and forth with them to get what I deserved really. Back in 2017, we had a crazy storm roll through, it dropped a tone of hail and had crazy wind. My roof was visibly damaged on just about every square foot of it. I had aluminum siding on the house and it looked like a team of golfers was practicing their drives at my house for a couple of weeks. The second adjuster even commented on how surprised he was at the damage because this was older aluminum siding you just can't get anymore.
Anyway, the first adjuster came out, marked a few spots and priced for doing a patch job. Impossible, becaus you couldn't get that siding anymre and it would never match since it had 15 years of heavy sun on it. I argued, got another adjuster out and he laughed at the first guy saying he couldn't imagine he recommended patching. There were more bad spots than good. So, we got our check.
Where the bonus comes in, is by the time insurance was settled, it was pushing winter. I decided to go with Hardie. I spoke with their rep and got the names of their recommended contracters. Got them out and had estimates for roof, siding soffets, gutters and while we were at it, replacing the 1967 single pane windows with something new.
One of Hardie's top recommended guys told me if we get started right away, he would cut me a good deal. Usually, they kind of pack up for the holiday season, T-Giving to New Year, but said he'd like to keep his guys working if possible. And if we did it now Hed basically do it at cost to keep his guys working right up to Christmas. Originally I was a little skeptical, but when I saw the final estimate I couldn't pass it up. I got all the above listed items done for what most of the contractors were originally quoting me just to do new vinyl siding.
So no, I didn't really "Score" from the insurance company, as I got what I should have from them. The score was in the timing and being able to get a completely new exterior of my home for a fantastic price.
I'm glad it hasn't happened to you, but if you think it doesn't happen you're wrong.
My mistake was waiting too long to get an adjuster out. The rest of the neighborhood had their roofs replaced, but magically mine had "no damage". It's their call with basically no recourse.
Truth is, as a whole no one is getting a "good deal" on insurance. In a perfect scenario we're helping each other out. In reality we're paying dollars to get back nickels, the rest is paying for the advertisements, employees, shareholders, and operation costs of the companies we're signed on with.
FFS I'm not saying it doesn't happen.
The point is telling people 'told you so' over things that haven't happened to them in a blanket statement is stupid and fairly thick with irony and detached from reality and I'll leave it at that.
Yeah I will be shopping around.
we are now paying $430 per month for 3 cars, with Allstate. It went up $130 this renewal.
The problem is, every time we change the new "Low" price is reset to a new norm, which is still a significant increase, each time you switch you become happy with this "new low" even though these prices are continuing to outpace inflation.
Yes, many times.
I sold life insurance myself when I was very young. I barely got by for 2 years before I got out.
Later, I worked servicing 401K plans (regular wage job). The number of insurance agents who had to constantly take loans from their 401K's and hardship withdrawals was concerning.
I know that doesn't change the overall point, but thought it was worth answering.
Maybe a better way of saying it is that on aggregate, insurance wins. I can assure you that insurance doesn't win in every individual situation.
We should all also be mad at the amount of fraud committed against insurance companies.
Last year or two, there was a lady here in Iowa that stole some guy's identity, filled out fake beneficiary forms, and filed a fake death certificate for him. Collected something like $100,000 in life insurance. The "dead guy" found out by chance when he applied for a new policy or something that he had been reported as dead.
Yes, she was caught, but they are only going to ever recover a fraction of that money. There are pics / videos out there of her filling her shopping cart to the brim at Walmart a few days after getting her check!
Maybe we could start a separate thread on people we know of who defrauded insurance?
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Well no ****. Just like the casino.Maybe a better way of saying it is that on aggregate, insurance wins. I can assure you that insurance doesn't win in every individual situation.
We should all also be mad at the amount of fraud committed against insurance companies.
Last year or two, there was a lady here in Iowa that stole some guy's identity, filled out fake beneficiary forms, and filed a fake death certificate for him. Collected something like $250,000 in life insurance. The "dead guy" found out by chance when he applied for a new policy or something that he had been reported as dead.
Yes, she was caught, but they are only going to ever recover a fraction of that money. There are pics / videos out there of her filling her shopping cart to the brim at Walmart a few days after getting her check!
Maybe we could start a separate thread on people we know of who defrauded insurance?
I've received insurance payouts that were more than what I had to spend to repair the damage. They've gotten it back with their premiums.
Know a guy that hit his ac unit with his car on purpose and then blaimed it on his under 16 year old kid.Maybe a better way of saying it is that on aggregate, insurance wins. I can assure you that insurance doesn't win in every individual situation.
We should all also be mad at the amount of fraud committed against insurance companies.
Last year or two, there was a lady here in Iowa that stole some guy's identity, filled out fake beneficiary forms, and filed a fake death certificate for him. Collected something like $250,000 in life insurance. The "dead guy" found out by chance when he applied for a new policy or something that he had been reported as dead.
Yes, she was caught, but they are only going to ever recover a fraction of that money. There are pics / videos out there of her filling her shopping cart to the brim at Walmart a few days after getting her check!
Maybe we could start a separate thread on people we know of who defrauded insurance?
I had an older car that got caught in a hail storm. I still had full coverage on it, but it was probably only worth like 8 grand at the time. The insurance company cut me a check for $4,400, and fixed my busted windows for free (I guess it was part of my insurance plan). I had a $500 deductible. I didn't really think the car was worth fixing up at that point, and most of the dents really weren't that noticeable unless you looked at it in the right sunlight at the right angle, so I just kept the money and used it to go on a dream vacation for me, my daughter and my grandson.
$430/ month? Is that total? Do you have brand new cars or something? That seems crazy high. I have 2 vehicles, 1 newish and 1 2006 truck and pay less than 100/month. One has full coverage (still making payments) and one is liability.
Maybe it’s because I rarely buy cars worth putting full coverage on them, but that seems crazy.
With the exception of California, insurance companies will factor in your credit score when determining the premium they will charge you. Good credit= lesser premiums. This has been a factor for almost 20 years now.
That is total for 3 cars. 2/2020s and 1/2019. Full coverage on all. Daughter is on policy but she is 21, and gets good student discount.
Very good credit, since it was said they look at that.
1 minor accident a couple years ago. (something fell off a truck in front of wife and she couldnt avoid it, should be comp in my opinion, but they counted it as collision.) According to the breakdown it costs us a little but no way close to what the overall price is.
