Insurance
12-12-2007, 09:32 PM
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Insurance I caught wind the other week about insurance where no matter what you drive, you are covered. I ask this because I cannot take a hit paying insurance on six vehicles. Is there such thing or was I just imagining this thing on the radio/tv?
12-13-2007, 05:40 AM
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My wife's been working for Farmers and Allstate for the last 5 years......there is no such thing. Do not drive those vehicles without liability insurnace.
IF your vehilces are not added to the policy, it is NOT Covered.
I believe what you can do, is put it in the lowest classification that the carrier has. Like, I have my Camaro listed at "personnel, weekend" car, "No to ad from work/school". This makes the rates cheaper for me.
My daily driver is classed as "to and from work/school".
Call your agent or the one of the stupid 1-800 companies and ask.
OR!!!!!!
Sell some vehicles.
What you might have heard is EVERYBODY can GET liability insurnace through the state, but the rates are astronomical because it is for the folks that can't get "regular" auto insurnace based on accidents, tickets, non payment history and among a few other reasons (SR22's).
IF your vehilces are not added to the policy, it is NOT Covered.
I believe what you can do, is put it in the lowest classification that the carrier has. Like, I have my Camaro listed at "personnel, weekend" car, "No to ad from work/school". This makes the rates cheaper for me.
My daily driver is classed as "to and from work/school".
Call your agent or the one of the stupid 1-800 companies and ask.
OR!!!!!!
Sell some vehicles.
What you might have heard is EVERYBODY can GET liability insurnace through the state, but the rates are astronomical because it is for the folks that can't get "regular" auto insurnace based on accidents, tickets, non payment history and among a few other reasons (SR22's).
12-13-2007, 06:56 AM
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Thanks Splitz,
Is it a significant different between work and personnel use?
Also, is there a big difference in rate between business and personnel use or is it minute?
(these questions might have to be directed to your wife if you the time. ) Thanks again Splitz.
Is it a significant different between work and personnel use?
Also, is there a big difference in rate between business and personnel use or is it minute?
(these questions might have to be directed to your wife if you the time. ) Thanks again Splitz.
12-13-2007, 07:02 AM
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No problem,
Straight out of her mouth:
"There are to many varaibles when it comes to automobile insurance, but not limited to credit history, age, use, whether male or female, or vehicle driven, claim history in the last 3 years including accidents, and any tickets in the last 3 years that are ON YOUR RECORD".
The best thing to do is call around to various insurance carriers (Farmers, State Farm, Allstate, Progressive, Geico, etc etc).
Nowadays rates are now like 10% based on credit history unfortunatly, but that's the way it is.
Doesn't hurt to call around for some quotes!
Hope this helps!
Straight out of her mouth:
"There are to many varaibles when it comes to automobile insurance, but not limited to credit history, age, use, whether male or female, or vehicle driven, claim history in the last 3 years including accidents, and any tickets in the last 3 years that are ON YOUR RECORD".
The best thing to do is call around to various insurance carriers (Farmers, State Farm, Allstate, Progressive, Geico, etc etc).
Nowadays rates are now like 10% based on credit history unfortunatly, but that's the way it is.
Doesn't hurt to call around for some quotes!
Hope this helps!
Last edited by Splitz; 12-13-2007 at 07:12 AM.
12-13-2007, 07:58 AM
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there is such thing. the problem is you cant own a vehicle. my friend has this type of insurance. ill ask who he is with and i believe its something like "non-owners insurance", something about if you dont own a car but you drive you can be insured on everything you drive.
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12-13-2007, 08:00 AM
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proof i found on the net
Many insurance companies offer a "nonowners policy" for people who drive occasionally but don't own their own car. Nonowners policies typically include liability, medical payments, and uninsured/underinsured motorist coverages. Nonowners policies generally do not include comprehensive, collision, towing reimbursement, or rental reimbursement coverage.
You can get approximately the same coverage if you buy the limited coverage offered by car rental companies. But if you rent a car for more than, say, 10 days per year, buying a nonowners policy is usually more cost effective. A typical nonowners policy will cost from $300 to $500 per year, depending on where you live, your driving record, and various other factors.
What's more, a nonowners policy provides coverage for any car you drive, not just rental cars. If you borrow a car from a friend and get into an accident in a borrowed car, your friend's insurance would kick in first. But if, for example, the accident was your fault and the damage to the other driver's property exceeded the liability limits on your friend's policy, your nonowners insurance policy would cover the excess (up to policy limits).
Many insurance companies offer a "nonowners policy" for people who drive occasionally but don't own their own car. Nonowners policies typically include liability, medical payments, and uninsured/underinsured motorist coverages. Nonowners policies generally do not include comprehensive, collision, towing reimbursement, or rental reimbursement coverage.
You can get approximately the same coverage if you buy the limited coverage offered by car rental companies. But if you rent a car for more than, say, 10 days per year, buying a nonowners policy is usually more cost effective. A typical nonowners policy will cost from $300 to $500 per year, depending on where you live, your driving record, and various other factors.
What's more, a nonowners policy provides coverage for any car you drive, not just rental cars. If you borrow a car from a friend and get into an accident in a borrowed car, your friend's insurance would kick in first. But if, for example, the accident was your fault and the damage to the other driver's property exceeded the liability limits on your friend's policy, your nonowners insurance policy would cover the excess (up to policy limits).
12-13-2007, 08:15 AM
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You can also get a personal umbrella policy which may be cheaper than paying for 6 cars. Basically you choose an amount (for example $5 million dollars) and that money will pay for any/all claims associated with each car that is on a policy per incident. I'd price both just to see what the price difference would be.
12-13-2007, 08:26 AM
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You can also get a personal umbrella policy which may be cheaper than paying for 6 cars. Basically you choose an amount (for example $5 million dollars) and that money will pay for any/all claims associated with each car that is on a policy per incident. I'd price both just to see what the price difference would be.
12-13-2007, 08:33 AM
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there is such thing. the problem is you cant own a vehicle. my friend has this type of insurance. ill ask who he is with and i believe its something like "non-owners insurance", something about if you dont own a car but you drive you can be insured on everything you drive.
12-13-2007, 10:05 AM
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The non-owned auto policy is not for you bro. Your problem is you have stuffitis...to may bloody toys! You cannot buy a non-owned policy to cover ALL your cars, nor can you purchase an umbrella policy to cover them either. Every car on the road PERIOD has to have insurance. The non-owned is for people who don't own a car but use others vehicles temp. that are not titled in their name. The car itself still needs a policy to be tagged/inspected. We sell these to contractors who have company vehicles and kids who don't have thier own car so they barrow/rent alot. An umbrella policy is IN ADDITION to your existing liability policy it does no replace it. Smartest thing to do would be to find out the list of discounts they offer, take advantage of every one possible no matter how small, or just sell some of those cars and stop whining about having to spend money on extravagence.
12-13-2007, 10:23 AM
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The non-owned auto policy is not for you bro. Your problem is you have stuffitis...to may bloody toys! You cannot buy a non-owned policy to cover ALL your cars, nor can you purchase an umbrella policy to cover them either. Every car on the road PERIOD has to have insurance. The non-owned is for people who don't own a car but use others vehicles temp. that are not titled in their name. The car itself still needs a policy to be tagged/inspected. We sell these to contractors who have company vehicles and kids who don't have thier own car so they barrow/rent alot. An umbrella policy is IN ADDITION to your existing liability policy it does no replace it. Smartest thing to do would be to find out the list of discounts they offer, take advantage of every one possible no matter how small, or just sell some of those cars and stop whining about having to spend money on extravagence.
12-13-2007, 03:41 PM
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Whatever is chosen, EACH VECHILE must be stated on an AUTOMOBILE insurance policy, not an "umbrella" policy.
Named drivers only make a differnce on how each vehicle is rated.
Corprate and business is classed differently.
This is a PRIVATE owner wanting to "limit" the cost of vehicles he's not driving everyday. you can't use homeowners insurnace as an "umbrella" in this case.
My suggestion still stands:
Change the rating of the vehicle to "personal use" and "NOT TO WORK/SCHOOL" ratings. and drop it to liability only (unless you want comp/collision).
Named drivers only make a differnce on how each vehicle is rated.
Corprate and business is classed differently.
This is a PRIVATE owner wanting to "limit" the cost of vehicles he's not driving everyday. you can't use homeowners insurnace as an "umbrella" in this case.
My suggestion still stands:
Change the rating of the vehicle to "personal use" and "NOT TO WORK/SCHOOL" ratings. and drop it to liability only (unless you want comp/collision).
12-13-2007, 03:42 PM
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proof i found on the net
Many insurance companies offer a "nonowners policy" for people who drive occasionally but don't own their own car. Nonowners policies typically include liability, medical payments, and uninsured/underinsured motorist coverages. Nonowners policies generally do not include comprehensive, collision, towing reimbursement, or rental reimbursement coverage.
You can get approximately the same coverage if you buy the limited coverage offered by car rental companies. But if you rent a car for more than, say, 10 days per year, buying a nonowners policy is usually more cost effective. A typical nonowners policy will cost from $300 to $500 per year, depending on where you live, your driving record, and various other factors.
What's more, a nonowners policy provides coverage for any car you drive, not just rental cars. If you borrow a car from a friend and get into an accident in a borrowed car, your friend's insurance would kick in first. But if, for example, the accident was your fault and the damage to the other driver's property exceeded the liability limits on your friend's policy, your nonowners insurance policy would cover the excess (up to policy limits).
Many insurance companies offer a "nonowners policy" for people who drive occasionally but don't own their own car. Nonowners policies typically include liability, medical payments, and uninsured/underinsured motorist coverages. Nonowners policies generally do not include comprehensive, collision, towing reimbursement, or rental reimbursement coverage.
You can get approximately the same coverage if you buy the limited coverage offered by car rental companies. But if you rent a car for more than, say, 10 days per year, buying a nonowners policy is usually more cost effective. A typical nonowners policy will cost from $300 to $500 per year, depending on where you live, your driving record, and various other factors.
What's more, a nonowners policy provides coverage for any car you drive, not just rental cars. If you borrow a car from a friend and get into an accident in a borrowed car, your friend's insurance would kick in first. But if, for example, the accident was your fault and the damage to the other driver's property exceeded the liability limits on your friend's policy, your nonowners insurance policy would cover the excess (up to policy limits).
and everything on the internet MUST be true!
12-14-2007, 10:13 AM
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Not everything on the internet is true I believe.
If I add an entry to Wikipedia saying the sky is green, does it make it right?
Also, don't forget that EVERY state has it's own laws. I am specifically talking about Texas law.
you MUST be a NAMED driver on ANY vehicle if you wish to drive it.
Simple as that.
If you are NOT a named driver (other than a rental car), you are NOT covered UNLESS you have an automobile that is covred, then you are.
EVERY CAR must have LIABILITY insurance. An umbrella policy does not take over liability insurance that is written for automobiles. You can ADD MORE liability with umbrella, but the car must have it's OWN policy.
If I add an entry to Wikipedia saying the sky is green, does it make it right?
Also, don't forget that EVERY state has it's own laws. I am specifically talking about Texas law.
you MUST be a NAMED driver on ANY vehicle if you wish to drive it.
Simple as that.
If you are NOT a named driver (other than a rental car), you are NOT covered UNLESS you have an automobile that is covred, then you are.
EVERY CAR must have LIABILITY insurance. An umbrella policy does not take over liability insurance that is written for automobiles. You can ADD MORE liability with umbrella, but the car must have it's OWN policy.
12-14-2007, 10:48 AM
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Wha'? Thats simply not true. You do not have to be a "named" insured to be covered while operating another persons automobile. There is also no pre-requisite for someone not named on your auto policy to have their own insurance before your insurance will cover any damages. This is a common misconception that unfortunately ALLSTATE coined TV commercials on recently stating they will even offer your coverage if ANYone wants to drive your car like its an extra policy or something (maybe in your State?). As long as you have my permission/consent to drive my automobile you are covered by my insurance policy. My insurance company cannot require you to have your own policy if you are simply a temporarily driver. Neither can the police. You simply need to show the vehicle is insured and tell them yes you have permission to drive the vehicle + a way to prove it if they want confirmation. I could understand if your were using my vehicle daily, then yes the insurance company can give you the big thumbs down (still doesn't mean they won't pay, just more difficult) if you are not a named insured on the policy and have a claim then insurance companies defense will be that you offered no disclosure regarding the potential risk of this unknown frequent driver. Basically you would be trying to scam them out of prem. to cover this unknown driver risk...parents try this crap all the time with their kids...they get nada! Simply stated - you don't pay...why should we...would be the argument.
