Insurance after payoff.

[fried1765]

That's not necessary. A conversation isn't proof of anything or even a binding agreement, whereas the policy is and states exactly what is/isn't covered. I'm good!

I may be naive, but I think an insurance company might go the extra mile, if you could PROOVE what their agent sold you.

 

[Yotekiller]

I may be naive, but I think an insurance company might go the extra mile, if you could PROOVE what their agent sold you.

I have a very good agent. Years ago I had been using one of my dads heavy duty trucks for my business. I insured the truck in my name even though my dad owned the truck. I wrecked the truck and discovered that you can't insure something owned by someone else. After my agent explained this to me, they covered the loss anyways.

 

[fried1765]

I have a very good agent. Years ago I had been using one of my dads heavy duty trucks for my business. I insured the truck in my name even though my dad owned the truck. I wrecked the truck and discovered that you can't insure something owned by someone else. After my agent explained this to me, they covered the loss anyways.

That IS a Great agent!

 

[GeoHorn]

Regardless…of what is read in these Forums…. the Only Settlement your insurance policy will make…will be in accordance with your policy….as allowed by your underwriter policies…. Not, as We All know….. by Opinions expressed Here.

Whatever USAA did in your case, fried, is not what I’ve experienced with the policies we’ve owned. (State Farm for me…and USAA for my brother) I’ve never had a situation where the deductible was waived …EXCEPT when both myself AND the other vehicle owner were both insured by State Farm.
In fact, when my wife backed into my car here in the front yard…. SF paid for both repairs in-full…waiving the deductible.
I don’t think that would work regarding my tractor…but this conversation causes me to call and ask.

Addendum: I just called SF…and the official answer is….. the deductible applies to any/all claims regardless if it’s the structure…or household/farm equipment.
The Only time the deductible is not applicable is in the case of a personal-injury/liability claim.

 

[DustyRusty]

I almost never finance stuff anymore, so what I do is decide whether or not the insurance-premium is worth the risk of loss on the residual value of the vehicle. Example: The 2005 Buick Century Blue-book worth <$4K….we keep in the garage on a battery—maintainer as a “spare car”…. we carry only liability on it. We can afford it if one of the grandkids who borrows it totals it.

But my 2012 pickup w/200K miles on it…still worth about $20K… we keep full coverage. It got 2-inch hail last week …and I expect it to cost about $10K to fix it.

The Buick will keep me in wheels for the 3-weeks while ins. will reimburse me $20/day for rentals.

Bottom Line: It’s a simple business decision….to take into consideration the Risks of Loss VS the Cost of Benefits.

I paid $17K cash for my lightly used tractor…and the only ins which covers it is Homeowners…which has a 3% deductible (about $8K). I live where it’s very difficult to imagine it being stolen, it’s stored in a locked bldg next door to my rural home with a big dog…...and the nearest public road is a half-mile away on the other side of a security-gate, so the risk of loss is small, IMO.

Insurance will never make you “whole” again when bad things happen…The Best you can expect is weeks of paperwork and a less-than-satisfactory partial-settlement. I’d advise you to self-insure and invest the money.

The $20 per day reimbursement is only for a rental car, not a car that you already own. If you put a claim in for the $20 per day and don't rent a car, then it is called "insurance fraud".

 

[DustyRusty]

I have a very good agent. Years ago I had been using one of my dads heavy duty trucks for my business. I insured the truck in my name even though my dad owned the truck. I wrecked the truck and discovered that you can't insure something owned by someone else. After my agent explained this to me, they covered the loss anyways.

This is called "an insurable interest". If it were rented and you were responsible for the insurance then it is covered. Automobile insurance policies can vary state by state, but generally, the rules of the policy pay for claims don't change.

 

[GeoHorn]

The $20 per day reimbursement is only for a rental car, not a car that you already own. If you put a claim in for the $20 per day and don't rent a car, then it is called "insurance fraud".

The car under discussion is owned by a rental business owned by my wife.

 

[DustyRusty]

The car under discussion is owned by a rental business owned by my wife.

Is the rental business in the business of renting cars? If so, it should be covered, if not then it isn't a legitimate rental.

 

[GeoHorn]

Is the rental business in the business of renting cars? If so, it should be covered, if not then it isn't a legitimate rental.

Don’t require business advice…nor insurance advice… are you a lawyer..? or did you spend time in a Holiday Inn…

 

[ctfjr]

Several years ago I inquired about insurance on my tractor. I was told its part of my homeowner's policy already, PROVIDED, as other posters have said, that its for non-commercial use and on my property.

I carry replacement value coverage. If you ever have a claim you will be very thankful you do!

When we had a lightning hit about 10 years ago one of the items destroyed was a full size original Atari arcade game. I paid $100 for it around 2000. After the hit we discovered it was not repairable. The adjuster offered me $3k for a similar new electronic unit. If I had actual cash value I might have seen $25.

 

[fried1765]

my 2502 is paid for. I have mine insured through my homeowners for " new replacement value" which includes accidental damage as well. Costs me $180 a year...

Exactly !!!

 

[js312]

How much is KTAC on a SCUT if you elect to keep it when the machine is paid for? I understand it isn't quite as comprehensive then (no longer full replacement).

At 0%, I'm letting the loan run its course (money can stay in savings at 4.3%) so I have a while before I need to consider options. But when the time comes I'll certainly compare cost versus coverage on KTAC vs a homeowners' rider.

 

[DustyRusty]

Don’t require business advice…nor insurance advice… are you a lawyer..? or did you spend time in a Holiday Inn…

As we say in court, you opened that door with your comment about getting $20 a day and using your car for transportation instead of renting one.

 

[GeoHorn]

As we say in court, you opened that door with your comment about getting $20 a day and using your car for transportation instead of renting one.

You lept to a conclusion. …. I pointed out I had a source for a rental.…. you reacted on an assumption….not something an experienced atty would often do.

 

[DustyRusty]

You lept to a conclusion. …. I pointed out I had a source for a rental.…. you reacted on an assumption….not something an experienced atty would often do.

I am experienced enough not to react to an assumption. I relied on your own words. I only pointed out the obvious.
From your post #24:

GeoHorn said:
I almost never finance stuff anymore, so what I do is decide whether or not the insurance-premium is worth the risk of loss on the residual value of the vehicle. Example: The 2005 Buick Century Blue-book worth <$4K….we keep in the garage on a battery—maintainer as a “spare car”…. we carry only liability on it. We can afford it if one of the grandkids who borrows it totals it.

But my 2012 pickup w/200K miles on it…still worth about $20K… we keep full coverage. It got 2-inch hail last week …and I expect it to cost about $10K to fix it.

The Buick will keep me in wheels for the 3-weeks while ins. will reimburse me $20/day for rentals.

 

[GeoHorn]

I am experienced enough not to react to an assumption. I relied on your own words. I only pointed out the obvious.
From your post #24:

GeoHorn said:
I almost never finance stuff anymore, so what I do is decide whether or not the insurance-premium is worth the risk of loss on the residual value of the vehicle. Example: The 2005 Buick Century Blue-book worth <$4K….we keep in the garage on a battery—maintainer as a “spare car”…. we carry only liability on it. We can afford it if one of the grandkids who borrows it totals it.

But my 2012 pickup w/200K miles on it…still worth about $20K… we keep full coverage. It got 2-inch hail last week …and I expect it to cost about $10K to fix it.

The Buick will keep me in wheels for the 3-weeks while ins. will reimburse me $20/day for rentals.

And yet…you responded on an assumption…. I didn’t ask anyone for an opinion on my acttions…. one reason: because I didn’t care to give the details of the matter. You jumped on it…despite knowing nothing of the details.

 

[Fordtech86]

Insurance just sucker punched oil and grease

 

[D2Cat]

I am experienced enough not to react to an assumption. I relied on your own words. I only pointed out the obvious.
From your post #24:

GeoHorn said:
I almost never finance stuff anymore, so what I do is decide whether or not the insurance-premium is worth the risk of loss on the residual value of the vehicle. Example: The 2005 Buick Century Blue-book worth <$4K….we keep in the garage on a battery—maintainer as a “spare car”…. we carry only liability on it. We can afford it if one of the grandkids who borrows it totals it.

But my 2012 pickup w/200K miles on it…still worth about $20K… we keep full coverage. It got 2-inch hail last week …and I expect it to cost about $10K to fix it.

The Buick will keep me in wheels for the 3-weeks while ins. will reimburse me $20/day for rentals.

Dusty, don't you know his wife has a rental company and part of her inventory is a 19 year old car he already stated....

"The 2005 Buick Century Blue-book worth <$4K….we keep in the garage on a battery—maintainer as a “spare car”…. we carry only liability on it. We can afford it if one of the grandkids who borrows it totals it."

Maybe he forgot what he typed?

 

[DustyRusty]

And yet…you responded on an assumption…. I didn’t ask anyone for an opinion on my acttions…. one reason: because I didn’t care to give the details of the matter. You jumped on it…despite knowing nothing of the details.

GeoHorn, it seems like you have a memory problem. I was visiting another tractor forum today and I see that you got into it with a few other people on that forum. Actually, you have done it on multiple occasions in multiple threads.
By the way, you might want to work on your spelling too. "actions" has only one "t".

Famous condescending quotes by GeoHorn:

I wasn’t intending to appear so “aggressive” in my prior post…
Sorry…. DIdn’t mean to try to help you…
Sooo…why don’t you help others out and post the ones You found to be correct…?
They are SOLD anyway…so what does it matter…?
Have you ever heard of a thing called “Google”…??

 

[GeoHorn]

..

Maybe he forgot what he typed?

Maybe YOU GUYS forgot what I typed….. And keep leaping to conclusions. Whats the deal..?? You guys bored and just looking for an argument..?

Where did I say I was renting my own (or my wife’s) car…?
What I wrote was that I have a spare car….. and that ….(should I choose to do so)…Insurance will reimburse me $20/day for a rental..

Here’s the quote:

The Buick will keep me in wheels for the 3-weeks while ins. will reimburse me $20/day for rentals.

LIke I said previously…. you guys are leaping to assumptions