 [Health Insurance] What is the difference between "deductible" and "maximum out-of-pocket expense limit"? |
| [Health Insurance] I dont exactly understand how both the terms apply to my expenses towards a medical care. I am talking about Physican and Hospital Services in particular, rather than Preventive C... |
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 Anyone bought a trampoline, put it up and then have an insurance company demand you take it down or drop you? |
| Insurance company has demanded trampoline come down. Saftety nets, adult supervisor followed to a "T". Spent good amount of $$$ on it! Been up for less than a year. Under warranty. Anyone ... |
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 Have you screwed up more than me? |
| I wrecked my car twice in 1 year, that sucks, 2000 ford mustang GT, hot rodding is not wise people, what should I do, I have a job but deductibles, and insurance have eaten me up within the last 12 ... |
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 Neighbor's gigantic tree falls on my garage. In PA.? |
know this.
My insurance company will pay for the damage to my garage.
Who pays for the removal of the tree?
They say it is an "Act of God" so the person who'... |
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 How safe are Aig annunitys .They are not Fdic insured? |
| My wife and I each have AIG annuitys .They are not FDIC insured. How safe are they . Can they be rolled over to a FDIC insured fund?... |
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 Question about insurance covering dental procedures? Please answer!!? |
My insurance covered my orthodontics as a teen.
They covered all routine dental work.
They covered a procedure in which I had a baby tooth pulled, because there was no adult tooth ... |
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 Can health insurance coverage be denied (because of a prexisting condition) after COBRA expires? |
| I retired from my job at 65. After my retirement my company "kicked out" our two dependent children from the company health plan. Both children are at this time still covered under COBRA. <... |
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 I am a commercial insurance producer. What are the most profitable industries to go after? |
| I just got started in commercial insurance, property & casualty, risk management, workers comp, etc. I have been told I need to find a niche to specialize in and go after it. My goal obviously is ... |
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 Does Home Insurance cover vandalaism to a car ? |
| Someone threw a bunch of salt into the gas tank of my 89 chevy van. Found this out since the van wouldn't start. Spent a bunch to have it flushed, got pump, filter replaced. Now have a cap with ... |
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 Question about car wreck & medical bills?!?!? |
| If your in a car accident and paramedics come and ask you if you want to be taking to the hospital and you refuse and then they said they dont think you are not of sound mind because of the wreck and ... |
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 Insurance company question? |
| if a person has auto insurance for $100,000 and he hits someone and they have broken bones and the person they hit wants more than $100,000 for pain and suffering, how could the person get more money ... |
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 Why is it that insurance companies don't want to insure property that is rented out? |
| I would like to buy a trailer and rent it out. I am particular about tenants and I take care of my property. Insurance companies frown on rentals. Why is this when the landlord also wants to have ... |
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 Can a Insurance Company make you put a new roof on, even if there is still life on the existing roof? |
| Our insurance company already insured us, then there inspector came out and said we had to put a new roof on, there was no problems no leaks or anything. Now all of a sudden we have to fork out $2,000... |
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 I am looking at working with primerica? |
| They say you need 199 to start plus licensing fees. They say you can make 100K in the first year or earlier. They alo say you can recruit people and make a ton of money of of them. They also say you ... |
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 Is my insurance broker doing his job? |
| After some damage in my rented apartment, I called my broker (first time in 14 years) to make a claim. After a lot of talking, he says the insurer cannot help me. I contacted the insurer directly and ... |
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jaysydw | Does another person's insurance have to repair your car in an accident despite your car's value? |
I understand that if a person gets into an accident where they are at fault, the person's insurance can total out their car if the damage exceeds the value of the car. I want to know if a person in this situation is limited to getting the value of their car and forced to buy another car if theirs is damaged through no fault of their own. It seems to me to be an inequitable situation if you have a car that is paid off, and you are forced to get another car and a car note because someone else damages your car. |
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jamesfrye
 |
A liability insurance policy is only expected to "indemnify" a claimant for their losses. Indemnify is casually defined as return a claimant to roughly the same position as before an accident.
The insurance contract and insurance laws in each state prevent the maximum payout to a claimant to exceed the actual cash value of their vehicle.
In essense, the money given to you by an insurance company(plus taxes and fees) should allow you to purchase a very similar vehicle from a retailer without taking out a bank note.
It is impossible to find the exact same car on a retailers lot with the same mileages and in same condition. Sometimes you'll come out ahead and sometimes behind.
However, the insurance departments in each state allow the insurance adjusters in each state to use commonly accepted valuation guides to determine the ACV of a particular vehicle.
NADA, Kelly Blue Book, CCC, e.g. are common.
Also worth remembering, an insurance company cannot pay more than the policy limits. If you have a high dollar vehicle and you are struck by a person with a minimum limits policy....the most you can received is property damage policy limits.....In this instance, use your own collision coverage or Underinsured Motorist Coverage to be paid full value.
Also recall, individual states require insurance companies to declare a vehicle a total loss when repair cost exceed a predetermined threshold. In many states, if repair cost exceed 70% of ACV then the vehicle is automatically declared a total loss.
Also, insurance company may declare a total loss if less than the automatic threshold if there is:
(1) A high possibility of hidden damage
(2) The damaged vehicle can be expected to receive a high sell price at auction
(3) The claimant is a pain in ***
(4) The rental cost during repair would be very large
(5) The diminished value claim will be large |
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OneManWrites
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If your property was damaged due to someone else's negligence, you are entitled to indemnification - a fancy term meaning you are entitled to being put back like you were. If the cost to repair your property (car, house, whatever it is) does not exceed the value of your property, then it is repairable. That statement is made as a logical assertion; however, states have laws regarding this which may set the threshold for a total loss vehicle at, say, 75%. If the cost to repair your property is more than the value of your property, logically, you are owed only what would put you back where you were - the value of what you lost. You are never owed more in property damage for a particular item than the value of what you lost. There are ancillary damages to property damage, such as loss of use of a vehicle, and these are also figured into the bottom of line of whether or not something should be totaled.
For example, say your car was worth $5000. The cost to repair your car is $4500. And let's say it will take a month from the date of the accident to get your car repaired. A month's rental at $25/day rental expense (or more) would push the total cost of your claim over $5000. Therefore, you would be owed only the $5000.
Spin this around. What if you caused the damage to someone else? And what if you were not insured - meaning you would have to pay their claim yourself. How much do you think you should pay? Should you pay more than $5000 just because the other person does not want to have to purchase another car?
I do understand that quite often people are not in a position to buy another car or whatever the item is. But your personal situation is your doing, not the fault of the person who caused your property damage.
Paying you what it takes to put you back where you were is the "equitable situation", which is to say you have been indemnified or made whole. |
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Brutus
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Any insurance policy is written so the mximum payout is the value of the vehicle. |
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sigi01de
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What it "seems" to you is emotionally right, but legally it is as you wrote first. |
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hummingbird
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There isn't an insurance company out there that will pay more in damages than a car is worth! However, you can opt to keep your car and they will deduct from the payment, salvage amount which used to be around 10%, I'm not sure what it is now. If your car is driveable and you want to keep it, tell the adjuster that and see what he comes up with as a settlement. There is nothing that says you have to get he car repaired however, some states they might change the title to a salvage title which could create problems with insurance. |
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mbrcatz
 |
No, they only have to pay you "actual cash value". If you have a $500 pos, and two broken windows, your car could technically be totalled, even though it runs perfectly.
You are NOT forced to get another car, though. |
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