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aenigma

Questions/Answers for Insurance

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aenigma

Someone suggested this morning that I start a question/answer thread for insurance. Insurance and Investment knowledge is in my blood, I live it, make a point of knowing rules/laws. This is not to solicit insurance, but to help my friends here. I've seen so many misconceptions regarding insurance through the years and even on this site that I would like to offer any advice or answers you may need regarding claim situations, insurance liability limits, classic car insurance, home insurance, investing, etc etc etc. A few that come up frequently are misconceptions about 5th wheel coverage, renting vehicles, whether a claim is chargeable, what liability limits should I carry, mutual fund choices, how much should I save to retire.... You have given me new friendships and I'm kind of an expert at this stuff, but an expert at NOTHING else :) . I like to help wherever help is needed-not to gain new business, but because I care. Yes, there are some like us out there. If you ask it and I don't know, I'll find out for you.

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Desertdawg

Sure, just drag me into this thread why don't ya!

A few that come up frequently are misconceptions about 5th wheel coverage,

Can I play?

My old agent had us believing that our 5th wheel was covered when parked in our backyard by homeowners, and while hooked to the truck under its policy.

Of course that ment when we used it to camp, it wasn't covered. Of course camping is the most vulnerable time with the propane tanks on to cook and heat and run the frig...

I'm sure she can explain it better but thanks to Mo we are now covered!

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C4orce2

Sure, just drag me into this thread why don't ya!

A few that come up frequently are misconceptions about 5th wheel coverage,

Can I play?

My old agent had us believing that our 5th wheel was covered when parked in our backyard by homeowners, and while hooked to the truck under its policy.

Of course that ment when we used it to camp, it wasn't covered. Of course camping is the most vulnerable time with the propane tanks on to cook and heat and run the frig...

I'm sure she can explain it better but thanks to Mo we are now covered!

Mo, I can't believe you actually insured an old guy with an ORANGE vette (that is apparently attracted to deers), a 5th wheel, and lives in Gila Bend!!! No wonder insurance rates are so high for the rest of us!! :crazy

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Marco

Someone suggested this morning that I start a question/answer thread for insurance. Insurance and Investment knowledge is in my blood, I live it, make a point of knowing rules/laws. This is not to solicit insurance, but to help my friends here. I've seen so many misconceptions regarding insurance through the years and even on this site that I would like to offer any advice or answers you may need regarding claim situations, insurance liability limits, classic car insurance, home insurance, investing, etc etc etc. A few that come up frequently are misconceptions about 5th wheel coverage, renting vehicles, whether a claim is chargeable, what liability limits should I carry, mutual fund choices, how much should I save to retire....

You have given me new friendships and I'm kind of an expert at this stuff, but an expert at NOTHING else :) . I like to help wherever help is needed-not to gain new business, but because I care. Yes, there are some like us out there.

If you ask it and I don't know, I'll find out for you.

Good idea, we all have questions and now we have a go to for answers... :thumbs

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Desertdawg

Sometimes we should try to stay on topic.

Mo, I can't believe you actually insured an old guy with an ORANGE vette (that is apparently attracted to deers), a 5th wheel, and lives in Gila Bend!!! No wonder insurance rates are so high for the rest of us!! :crazy

But I guess Mo could also talk about the risk involved in dealing with a younger guy than you with a better all around Corvette, and even has other hobbies!

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Eddie44

Mo is trying to offer some valuable advice in this thread. For once could we keep the BS to a minimum? If you have a question jump in and ask but try not to clutter up the thread with superfluous BS

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aenigma

Sure, just drag me into this thread why don't ya!

A few that come up frequently are misconceptions about 5th wheel coverage,

Can I play?

My old agent had us believing that our 5th wheel was covered when parked in our backyard by homeowners, and while hooked to the truck under its policy.

Of course that ment when we used it to camp, it wasn't covered. Of course camping is the most vulnerable time with the propane tanks on to cook and heat and run the frig...

I'm sure she can explain it better but thanks to Mo we are now covered!

I forgot all about that Dawg! That question is SO common it would scare you - it wasn't because of you I mentioned it LOL! I hear it all the time.

A trailer is only covered for LIABILITY when hooked up to a vehicle (the liability extends from the vehicle to the trailer). When it's parked at home, it's covered under the home liability only. There is usually minimal coverage automatically under the home policy for uninsured trailers (depending on the insurance company), usually $500 or $1000 or something like that, subject to the home deductible.

The trailer needs to be on an auto policy listing collision and comprehensive coverage in order to have "full coverage".

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LastC3

this is awesome Mo .... thx for doing this ..... Can you talk about Loss of Value when it come to an accident with our vettes ???? Obviously when the Car Fax gets hit with an accident, these is going to be some loss incurred ..... can you give us an overview on this .???

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aenigma

this is awesome Mo .... thx for doing this .....

Can you talk about Loss of Value when it come to an accident with our vettes ???? Obviously when the Car Fax gets hit with an accident, these is going to be some loss incurred ..... can you give us an overview on this .???

Yes, it's called diminished value and you can ask for it. You need to show the diminished value of the vehicle though. I tell my clients to see if a couple dealerships will put in writing the loss of value to a vehicle for resale purposes due to an accident and submit it to the adjuster. It's really hard to figure out the diminished value because you're not necessarily selling the car right away. Also, most people will purchase a car for the value without having had an accident because the vehicle has been repaired to what it was prior to the accident.

The olden days was more of a concern because repair shops weren't like they are today.

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Eddie44

My understanding is you can't claim diminished value if you are at fault. In other words you can't claim it on your own policy. Also I negotiated $3,500 on an $18k claim with USAA without an proof of loss, etc. USAA rocks though!

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aenigma

Another part of insurance I can help with is Medicare and Medicare supplements. I've studied that information to be more knowledgeable because of how many clients bring in their huge Medicare booklets not being able to figure Medicare health insurance out. The government can't write anything that's easy for people to understand. :)

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Z06_Mir

Mo, I live with 2 other people who drive my vehicles fairly frequently. I was told that they don't need to be added to the policy and that it was better if they weren't added but that they would be covered if they wrecked one of my cars. They're both covered at different companies though their limits are not nearly as high as mine are. Is this OK?

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aenigma

Mo,

I live with 2 other people who drive my vehicles fairly frequently. I was told that they don't need to be added to the policy and that it was better if they weren't added but that they would be covered if they wrecked one of my cars. They're both covered at different companies though their limits are not nearly as high as mine are. Is this OK?

If they are not listed on your policy and your policy allows for permissive use, then YOUR liability to the accident should be covered. Because their liability should extend to whatever vehicle they are driving (as long as its the same type of vehicle such as motorcycle to motorcycle, 4 tire car to 4 tire car), if the accident is serious enough, their own policy's liability will more than likely be brought into the claim. You should always check about whether your policy allows for permissive use, some don't. They only allow coverage for anyone listed on the policy.

I use the word "should" in this because there are a few companies out there who have written their own thing non-conforming with the others. What insurance company do you use?

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aenigma

Keep in mind, when you lend out your car, you are just as liable as if you were driving it yourself. If the accident they get in is large, you are liable. Be careful whoever is driving your car is a good driver. Your financial future is at stake.

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Bromley's Corvettes

What does a guy have to do to get a good rate on a new BMW bike after throwing a new Harley off a cliff lol? J/K I found a company that would insure me even no I have two speeding tickets and a claim they are now calling a accident. I only have to wait about another 3 years to get a good rate again. My advise to everyone dont throw Harleys off cliffs even no thats a good place for them lol.

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Z06_Mir

Keep in mind, when you lend out your car, you are just as liable as if you were driving it yourself. If the accident they get in is large, you are liable. Be careful whoever is driving your car is a good driver. Your financial future is at stake.

I actually have an umbrella as well. And a fairly large one at that, about 5 times MORE than I'm worth, at a minimum. Probably closer to 7 times what I'm worth really. If I didn't think they were good drivers they wouldn't TOUCH anything of mine :smilelol

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aenigma

Keep in mind, when you lend out your car, you are just as liable as if you were driving it yourself. If the accident they get in is large, you are liable. Be careful whoever is driving your car is a good driver. Your financial future is at stake.

I actually have an umbrella as well. And a fairly large one at that, about 5 times MORE than I'm worth, at a minimum. Probably closer to 7 times what I'm worth really. If I didn't think they were good drivers they wouldn't TOUCH anything of mine :smilelol

Awesome!! Umbrellas are great. I'll make sure I'm driving in front of you during the next vette trip. Lol

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HOXXOH

Since you mentioned medicare, are you also knowledgeable regarding part D?

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aenigma

Since you mentioned medicare, are you also knowledgeable regarding part D?

Prescriptions, yes.

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Ted Y

Moved to Off Topic for you and pinned it.

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HOXXOH

Since you mentioned medicare, are you also knowledgeable regarding part D?

Prescriptions, yes.

Wow, fast service. :yourock:

I wasn't aware that the previous insurance wasn't equal or better than what the medicare part D offered, so when I dropped the company plan, the Gov't said I would have to pay a late enrollment penalty. According to a couple of clerks at the SS office, the monthly penalty (currently $7.50 in my case) is lifetime. Since I was not aware of the ruling at the time I applied for the medicare part A, I was told if I had coverage under my company policy it wasn't necessary until I dropped that plan. Medicare part D started in 2006 and I turned 65 that same year, so no one really knew how it was going to work then.

Last year's monthly premium on the plan I selected was $15 plus the $7.50 penalty. I really don't know exactly how late I missed the enrollment date, but it was less than 28 months and I've paid a penalty for at least 4 years.

So my questions are: Does this penalty really last the rest of my life? Is there any way to pay for the estimated 28 months I missed and get rid of the penalty? And why is there a penalty for a product I never purchased?

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aenigma

Since you mentioned medicare, are you also knowledgeable regarding part D?

Prescriptions, yes.

Wow, fast service. :yourock:

I wasn't aware that the previous insurance wasn't equal or better than what the medicare part D offered, so when I dropped the company plan, the Gov't said I would have to pay a late enrollment penalty. According to a couple of clerks at the SS office, the monthly penalty (currently $7.50 in my case) is lifetime. Since I was not aware of the ruling at the time I applied for the medicare part A, I was told if I had coverage under my company policy it wasn't necessary until I dropped that plan. Medicare part D started in 2006 and I turned 65 that same year, so no one really knew how it was going to work then.

Last year's monthly premium on the plan I selected was $15 plus the $7.50 penalty. I really don't know exactly how late I missed the enrollment date, but it was less than 28 months and I've paid a penalty for at least 4 years.

So my questions are: Does this penalty really last the rest of my life? Is there any way to pay for the estimated 28 months I missed and get rid of the penalty? And why is there a penalty for a product I never purchased?

Who do you have part D through? And I'm assuming you have a supplement right?

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HOXXOH

Since you mentioned medicare, are you also knowledgeable regarding part D?

Prescriptions, yes.

Wow, fast service. :yourock:

I wasn't aware that the previous insurance wasn't equal or better than what the medicare part D offered, so when I dropped the company plan, the Gov't said I would have to pay a late enrollment penalty. According to a couple of clerks at the SS office, the monthly penalty (currently $7.50 in my case) is lifetime. Since I was not aware of the ruling at the time I applied for the medicare part A, I was told if I had coverage under my company policy it wasn't necessary until I dropped that plan. Medicare part D started in 2006 and I turned 65 that same year, so no one really knew how it was going to work then.

Last year's monthly premium on the plan I selected was $15 plus the $7.50 penalty. I really don't know exactly how late I missed the enrollment date, but it was less than 28 months and I've paid a penalty for at least 4 years.

So my questions are: Does this penalty really last the rest of my life? Is there any way to pay for the estimated 28 months I missed and get rid of the penalty? And why is there a penalty for a product I never purchased?

Who do you have part D through? And I'm assuming you have a supplement right?

You must be bored just waiting for questions. :lol

Part D is Humana and they bumped up the premium 15%. Since the enrollment periods changed last year, I didn't get flooded with ins co offers either.

The part B supplement is United Health Care through AARP.

Take a nap and answer in the morning.

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aenigma

Since you mentioned medicare, are you also knowledgeable regarding part D?

Prescriptions, yes.

Wow, fast service. :yourock:

I wasn't aware that the previous insurance wasn't equal or better than what the medicare part D offered, so when I dropped the company plan, the Gov't said I would have to pay a late enrollment penalty. According to a couple of clerks at the SS office, the monthly penalty (currently $7.50 in my case) is lifetime. Since I was not aware of the ruling at the time I applied for the medicare part A, I was told if I had coverage under my company policy it wasn't necessary until I dropped that plan. Medicare part D started in 2006 and I turned 65 that same year, so no one really knew how it was going to work then.

Last year's monthly premium on the plan I selected was $15 plus the $7.50 penalty. I really don't know exactly how late I missed the enrollment date, but it was less than 28 months and I've paid a penalty for at least 4 years.

So my questions are: Does this penalty really last the rest of my life? Is there any way to pay for the estimated 28 months I missed and get rid of the penalty? And why is there a penalty for a product I never purchased?

Who do you have part D through? And I'm assuming you have a supplement right?

You must be bored just waiting for questions. :lol

Part D is Humana and they bumped up the premium 15%. Since the enrollment periods changed last year, I didn't get flooded with ins co offers either.

The part B supplement is United Health Care through AARP.

Take a nap and answer in the morning.

Ha about the nap! I was in appointments all morning. Ok, here goes....

What boggles my mind is that you were told you had credible coverage. Apparently you didn't from what I guess. It seems like you have a valid argument with Social Security but I'm guessing is that you already fought the good fight?

Unfortunately, there is no way to go back and pay the months missing to get out of the penalty. Social Security imposed it - I think last year it was 32 cents times the number of months you didn't have credible coverage. Because it's imposed by them, there is no way to fix it unless they feel bad that you were told misinformation originally. I have no doubt they don't care like so many of those government agencies. If it is and you have paperwork to prove, I would fight that. Credible coverage was employer sponsored, VA etc.

It doesn't matter who you have for part D and what you pay, the same dollar amount penalty is there.

If they don't feel bad for the misinformation and fix it, or you can't show credible coverage for those months, you're stuck with the penalty forever. I personally think it's hogwash but it's their rules.

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Bigfoot

So you miss some obscure/unknown deadline and you pay a penalty forever? F'n idiots making rules to suck people dry.

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