Car Insurance Master Thread

[WonderingYid]

I guess I’d feel better if my sale price was close to what insurance valued the car, that would be validating.
I realized my friend is actually a member here if you ever read this, I love you, I have no taynos against you I’m human so it’s a little annoying for me to handle

I had a car that I got about 3-5K over street value.
They usually pay over street value. 

[Dovdovmoneytree]

Hope someone can help here!

Had insurance with AAA and moved to NY. I had to switch the policy to the Northeast form as the policy was written in another region but wasn't getting to it. Meanwhile it was on autopay on a CC and a payment returned. I did not realize and never updated the CC info. Looking back, it seems like something may have come in the mail and was mistakenly overlooked. I just noticed a few days ago that they cancelled the policy retroactive to Feb 9th. Should I call AAA and explain that I moved, wasn't getting my mail on time.....and hopefully they'll reinstate the original policy whereby I will then have them rewrite the policy for NY coverage? I am concerned that there should not be a lapse. Afaik I never had a lapse in 20-25 driving history years. How common is it for them to reinstate a policy, and does it make a difference if I will be continuing to insure with them (I think AAA is the same company across the country)? TIA!

Can anyone help with this?

[TzviR]

Can anyone help with this?

Why don't you PUTPAC

[Dovdovmoneytree]

Why don't you PUTPAC

Trying to get info here before I do. One insurance broker told me a carrier will only reinstate a policy if it is 100% their fault. That is not what I've read online. So I'm trying to get more clarity and knowledge before calling.

[yochai]

I just got into an accident that would cost me a few thousand dollars to fix. Is there anyway to know approximately how much my premiums would go up if I use my insurance?

[Abey]

I just got into an accident that would cost me a few thousand dollars to fix. Is there anyway to know approximately how much my premiums would go up if I use my insurance?

soft rule for me is if it’s under 5 k don’t bother with insurance

[tzifanya54]

I just got into an accident that would cost me a few thousand dollars to fix. Is there anyway to know approximately how much my premiums would go up if I use my insurance?

Everyone is different but likely goes up by more than cost to fix yourself over the next 5 years...

[TzviR]

Everyone is different but likely goes up by more than cost to fix yourself over the next 5 years...

If there was no police report any reason you cant just switch to a different insurance once they raise your rates?

[avromie7]

If there was no police report any reason you cant just switch to a different insurance once they raise your rates?

They won't pay without a police report.

[TzviR]

They won't pay without a police report.

If I smash my car into a tree they require a police report?

[aygart]

They won't pay without a police report.

-1 from experience

[lcm]

Not following this thread, please point me if this has been discussed already.
In NY, rental companies need to provide minimum liability insurance, is 25k/50k/10k, as seen here:
https://www.dfs.ny.gov/consumers/auto_insurance/minimum_auto_insurance_requirements

Is the overall consensus that this is too little?

Thanks

[Yehudaa]

Not following this thread, please point me if this has been discussed already.
In NY, rental companies need to provide minimum liability insurance, is 25k/50k/10k, as seen here:
https://www.dfs.ny.gov/consumers/auto_insurance/minimum_auto_insurance_requirements

Is the overall consensus that this is too little?

Thanks

Personally I think that's extremely low. If there's ch"v an accident with serious injuries, I imagine any claim would be much higher than those limits. If I were the insurer, I wouldn't even bother defending an insured against a lawsuit if their coverage was that low- I'd just pay the $25k and tell the insured to take care of the rest. (Not sure if that's legal, but I'm just saying that to illustrate the risk.)

How much do you have on your own car? Not sure what other people have, but I assume most are probably in the range of $500k-$2m?

(As discussed here, the other point with rental companies is that in the event of a liability claim they may be able to come back to you for anything that they pay out. If that's true, it essentially means that from your perspective you're uninsured.)

[lcm]

Personally I think that's extremely low. If there's ch"v an accident with serious injuries, I imagine any claim would be much higher than those limits. If I were the insurer, I wouldn't even bother defending an insured against a lawsuit if their coverage was that low- I'd just pay the $25k and tell the insured to take care of the rest. (Not sure if that's legal, but I'm just saying that to illustrate the risk.)

How much do you have on your own car? Not sure what other people have, but I assume most are probably in the range of $500k-$2m?

(As discussed here, the other point with rental companies is that in the event of a liability claim they may be able to come back to you for anything that they pay out. If that's true, it essentially means that from your perspective you're uninsured.)

Thank you. This is what I was looking for.

After more research, it seems like they won't come back to you for what they cover.

I don't own a car, so no insurance is coming from there.

When renting in NY, this is what's included.
I wanted to figure out if it's worth buying their liability coverage which is up to 1m.

[Yehudaa]

Thank you. This is what I was looking for.

After more research, it seems like they won't come back to you for what they cover.

I don't own a car, so no insurance is coming from there.

When renting in NY, this is what's included.
I wanted to figure out if it's worth buying their liability coverage which is up to 1m.

BTW I just noticed the poll at the top of this thread. No idea when it's from, but personally I would've thought people would have more.

Is there a way to tell how old the poll is? If it's from 2010 when this thread was opened, I'm sure claims have inflated a lot since then...

[Yo ssi]

It's also based on your assets.

[TzviR]

It's also based on your assets.

If one has no assets, any reason to have more than state minimum?

[Yo ssi]

If one has no assets, any reason to have more than state minimum?

IANAL, don't think so.

[myi]

If one has no assets, any reason to have more than state minimum?

And one with assets assuming you'll want at the same level or more?

[renter]

If one has no assets, any reason to have more than state minimum?

yes because if state minimum doesn't cover your making him file uninsured motorist through  his own insurance and that will Couse his insurance to go up