Insurance Lingo

[addictionriot]

Can someone please explain the insruance lingo to me?

ie..

stacked/unstacked
combined single limit

How much coverage is actually needed?

Also why have I read alot about people that have such low rates ($80/year even new drivers) when I cant get a quote lower than $400/year?

[Othergods]

Hey hey, I am a licensed insurance agent and adjuster in Florida.

Stack/Non-stacked typically referred to your uninsured motorist coverage. Stacked means you multiply the limits you purchase by the number of vehicles on the policy. If you have 1 vehicle no need for stacking, but it should not cost extra for a single vehicle policy.

example: you buy 100/300 UM (that is 100,000 per person and 300,000 per accident limits) and you have one vehicle then you have 100/300 UM limits at the time of loss. If you have 2 vehicles and 100/300 limits and stacking, then at a time of loss you actually have 200,000 per person and 600,000 per accident limits.


Now for Combined Single Limit (will be referred to as CSL) sets one limit for the accident to cover bodiliy injury and property damage that you cause. Typically most companies only offer split limits something like 100/300/50. That is 100,000 per person bodiliy injury per person, 300,000 total bodiliy injury per accident (like 3 people at 100k each) and 50,000 for property damage. An equivelent CSL policy would be 300k CSL. The advantage of a CSL is it will allow you to spend the 300,000 as you like. Say you hurt someone so bad they need 150,000 for medical, your CSL will cover it, where your split limit would cap at 100,000 and leave 50,000 you would be responsible for.

As for the rates for insurance, I went with Progressive, they have my cages but they are a seperate policy, I chose
100/300/50 for liability, no medical, no UM, 100 comprehensive ded, and a 250 collision deductible, that cost me $117 per year. I got a quote at Geico and it was double (screw their commercials lol).

I hope this is clear, if you have other questions just ask.

[DennisD]

Hey hey, I am a licensed insurance agent and adjuster in Florida.

HHHHSSSSSSSSSSSSSS!! BOO!!

Florida + Insurance Companies = HOW MUCH DID YOU SAY!

Just kidding sorta. Its been rough in Florida the last few years.

My motorcycle insurance just renewed. The price has dropped in two years from $499 a year to $263. Could that be because the value of the bike has dropped? Its full coverage - Triumph Bonneville - 06. Clean record for a long long long time no dui's ever.

Dennis

[addictionriot]

Thanks for the info! I think I understand it

I still dont get why my quotes are so high I've done like 3 progessive quotes and they have all been different. Plus 8 million other companies. boo.

[jmazza]

Thanks for the info! I think I understand it

I still dont get why my quotes are so high I've done like 3 progessive quotes and they have all been different. Plus 8 million other companies. boo.

It's really hard to do the insurance thing... every person and every state is different.

I ended up having to ditch some coverage because down here in good ol' FL, insurance is out of control (as referenced above). Theft and uninsured motorist are the killers here. In other states it's other things.

The only thing to do is take a bunch of time, and a 6-pack, and start comparing apples to apples (exactly same coverage from each company).

Then, put them all in a hat and pick one, 'cause that's about as good as you can do!!

[scullyfu]

have you thought about using a broker? a broker represents lots of insurance companies (i.e., not just geico, progressive or farmers). this person works with you on what you want then does the shopping around for you. you don't have to go to all the sites and plug in your info. the broker makes sure you are comparing apples to apples so your comparisons are correct. you can find them in the yellow pages of your phone book.

good luck.

[ScootLemont]

stacked/unstacked
combined single limit

Reminds me of some girls i knew back in college

[addictionriot]

I fianally got an email back from the same company my dad uses:

" A policy for your scooter will cost approximately $140. per year for liability coverage limits of 25/50 Bi and 50,000 Pd. Please call if you have any questions. You will need proof of insurance before you pick up scooter. "

Is that good?

Is the scooter covered or just the people I might run over?

[ScootLemont]

This thread had a lot of insurance talk
viewtopic.php?t=3850&highlight=insurance

I have State Farm (along with the house & cars, etc so I get a discount)
I pay $180 for full coverage
$100 deduct on Comprehensive
$250 deduct on Collision

I am about 30 miles from chicago so that doubles my rates as compared to rural IL

Typically liability coverage will only cover the person/car/building you hit & not your vehicle if you are in an accident - or if your scooter gets stolen

[Othergods]

I fianally got an email back from the same company my dad uses:

" A policy for your scooter will cost approximately $140. per year for liability coverage limits of 25/50 Bi and 50,000 Pd. Please call if you have any questions. You will need proof of insurance before you pick up scooter. "

Is that good?

Is the scooter covered or just the people I might run over?

Based on that email the scooter is not covered. You would need comprehensive (theft/fire/animal hit) and Collision with deductibles associated with them.

[Othergods]

Hey hey, I am a licensed insurance agent and adjuster in Florida.

HHHHSSSSSSSSSSSSSS!! BOO!!

Florida + Insurance Companies = HOW MUCH DID YOU SAY!

Just kidding sorta. Its been rough in Florida the last few years.

My motorcycle insurance just renewed. The price has dropped in two years from $499 a year to $263. Could that be because the value of the bike has dropped? Its full coverage - Triumph Bonneville - 06. Clean record for a long long long time no dui's ever.

Dennis

Heya sorry for the late reply. Yeah insurance in FL is out of hand. I am currently working as a claims adjuster, I have not sold insurance for a few years, I just keep my license.

I doubt the drop in premium is due to the value of the bike dropping. How long have you had the insurance? Some compaines give loyalty discounts for staying with them. Also your age may be part of it, at certain ages your rates drop since you become more "responsible" as you age

For referrence my rate of 117 per year is based on a 33 year old male with a clean driving history.

[scullyfu]

re: dropping of rates. i have an at fault accident; those things stay on your driving record for three years. it is upping my rates by $80 a year! it drops off in july, but the rate drop won't be reflected until my next renewal (they don't adjust during the current policy year).

i also found out you *really* need to read the fine print. when i started paying attention to some of the reasons my rates were higher i found out it was because i hadn't had a credit card for more than 20 years. huh? i'm 58 years old and have had cc's since college.

so i challenged it and got $54 bucks a year knocked off my rates. unfortunately, i didn't pay attention to it last year & paid it.

[MikieTaps]

stacked/unstacked
combined single limit

Reminds me of some girls i knew back in college

+1 !!!

[Othergods]

re: dropping of rates. i have an at fault accident; those things stay on your driving record for three years. it is upping my rates by $80 a year! it drops off in july, but the rate drop won't be reflected until my next renewal (they don't adjust during the current policy year).

i also found out you *really* need to read the fine print. when i started paying attention to some of the reasons my rates were higher i found out it was because i hadn't had a credit card for more than 20 years. huh? i'm 58 years old and have had cc's since college.

so i challenged it and got $54 bucks a year knocked off my rates. unfortunately, i didn't pay attention to it last year & paid it.

Yeah that is one thing I forgot, most major companies rate on credit score also. That could be it, if your credit has gotten better or worse your rates may reflect it.

It is nutty how they determine this, for some reason it is better to have some debt than no debt in their eyes.

[DennisD]

re: dropping of rates. i have an at fault accident; those things stay on your driving record for three years. it is upping my rates by $80 a year! it drops off in july, but the rate drop won't be reflected until my next renewal (they don't adjust during the current policy year).

i also found out you *really* need to read the fine print. when i started paying attention to some of the reasons my rates were higher i found out it was because i hadn't had a credit card for more than 20 years. huh? i'm 58 years old and have had cc's since college.

so i challenged it and got $54 bucks a year knocked off my rates. unfortunately, i didn't pay attention to it last year & paid it.

Hmm, maybe that's why mine dropped. Credit score can't get much higher, clean record and Scullfu is a lot younger than me. I've had the insurance on the bike since Feb 06. I love that bike.
On the homeowner front, I feel rich! My annual rate just dropped by $600! Now if the hurricanes will just stay away for a few more --------> decades.

Dennis

[Othergods]

re: dropping of rates. i have an at fault accident; those things stay on your driving record for three years. it is upping my rates by $80 a year! it drops off in july, but the rate drop won't be reflected until my next renewal (they don't adjust during the current policy year).

i also found out you *really* need to read the fine print. when i started paying attention to some of the reasons my rates were higher i found out it was because i hadn't had a credit card for more than 20 years. huh? i'm 58 years old and have had cc's since college.

so i challenged it and got $54 bucks a year knocked off my rates. unfortunately, i didn't pay attention to it last year & paid it.

Hmm, maybe that's why mine dropped. Credit score can't get much higher, clean record and Scullfu is a lot younger than me. I've had the insurance on the bike since Feb 06. I love that bike.
On the homeowner front, I feel rich! My annual rate just dropped by $600! Now if the hurricanes will just stay away for a few more --------> decades.

Dennis

Homeowners went down? That can not be right I am just glad I have a rate I can live with with Liberty Mutual for the home.

[scullyfu]

Yeah that is one thing I forgot, most major companies rate on credit score also. That could be it, if your credit has gotten better or worse your rates may reflect it.

It is nutty how they determine this, for some reason it is better to have some debt than no debt in their eyes.

an auto accident does not go against your credit score; its on your driving record, which also has nothing to do with your credit score.

i asked the progressive rep if they rated based on credit scores. she said no, they only look at the length of time you've had credit and rated you on that, which i don't quite understand; but then, i doubt few people would argue that the insurance industry is a very strange animal. other insurance companies may use the credit info in a different manner. who knows what the hell goes on at those places?

[Torgo]

i asked the progressive rep if they rated based on credit scores. she said no, they only look at the length of time you've had credit and rated you on that, which i don't quite understand; but then, i doubt few people would argue that the insurance industry is a very strange animal. other insurance companies may use the credit info in a different manner. who knows what the hell goes on at those places?

There is an "insurance credit score" that is different from your regular credit score. So the Progressive rep was correct, but misleading. They do use your ICS when they set rates, as most every insurance company does now.

[Othergods]

Yeah that is one thing I forgot, most major companies rate on credit score also. That could be it, if your credit has gotten better or worse your rates may reflect it.

It is nutty how they determine this, for some reason it is better to have some debt than no debt in their eyes.

an auto accident does not go against your credit score; its on your driving record, which also has nothing to do with your credit score.

i asked the progressive rep if they rated based on credit scores. she said no, they only look at the length of time you've had credit and rated you on that, which i don't quite understand; but then, i doubt few people would argue that the insurance industry is a very strange animal. other insurance companies may use the credit info in a different manner. who knows what the hell goes on at those places?

I was not implying an accident has any impact on your credit score, Torgo is 100% correct, most every insurance company has a formula they use that gives you an insurance credit score. It is suppose to show how responsible you are, the more responsible you are with your money the more responsible you will be when you drive. Now I do not agree with that but that is what they do. Same reason you get cheaper rates if you are married than single or divorced. Also alot of compaines will put you in a higher tier if you ask for anything less than 100/300 limits, It is crazy.