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04/21/2007 04:50:00 AM · #26 |
BamBam I'm so sorry to hear this!
I know it doesn't help now but I'd definitely recommend not leaving anything of value in your car. It may be different there but here, a lot of insurance companies might even refuse paying out if items of value were stolen from a car parked outside the owner's home overnight. It's a pain to remove stuff every night but I could see their point on this one. Cars, especially certain models, are just not as secure a place to keep valuables as inside the house!
As for whether I'd claim - if I'm understanding you right you'd only be getting $300 of your loss. For that little and the hassle and insurance record I don't know that I'd bother.
But on another note it's probably a good time to really look around at all the different insurance policies that are out there. Some will have different excess amounts for different types of claims. Some will allow you to add extra cover to be able to leave things in the car overnight. Some cover accidental damage and some don't. Worth checking into.
Alternatively, it might be worth getting a separate policy for your tools and camera gear? I have a separate photo gear policy now.
Best of luck, BamBam!
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04/21/2007 06:49:48 AM · #27 |
Originally posted by BAMartin:
Homeowners is required as well, if you have a mortgage. |
actually is it homeowners insurance that is required or mortgage insurance? I seem to remember hearing that you HAVE to have the mortgage insurance until you meet a certain point in your payback...can't remember what that term is.
Very sorry to hear about the theft. Is there a reason why homeowners covers this and not car? Just curious. |
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04/21/2007 07:32:41 AM · #28 |
Originally posted by sabphoto:
Originally posted by BAMartin:
Homeowners is required as well, if you have a mortgage. |
actually is it homeowners insurance that is required or mortgage insurance? I seem to remember hearing that you HAVE to have the mortgage insurance until you meet a certain point in your payback...can't remember what that term is. |
Homeowners insurance is required for most if not all mortgages. The bank wants to ensure that if the property securing the mortgage is destroyed (in a fire, for example), that it does not create a situation where the borrower cannot afford to repair or rebuild the property, and simply walks away from the loan.
What you are thinking of is private mortgage insurance, sommonly referred to as PMI. This type of insurance is required on most mortgages with a loan-to-value ratio of over 80% -- that is, the loan is for at least 80% of the appraised value of the property that secures it. PMI exists entirely to protect the bank. PMI makes the bank whole if they are forced to foreclose on the property. If the value of the property at foreclosure is insufficient to repay the defaulted mortgage, the PMI makes the bank whole.
Originally posted by sabphoto:
Very sorry to hear about the theft. Is there a reason why homeowners covers this and not car? Just curious. |
Generally speaking, comprehensive coverage on an auto policy (comprehensive the coverage that applies to theft) covers just the vehicle itself, including permanent modifications to the vehicle (new stereo, fog lights, etc). Homeowners insurance is what covers your personal property, wherever it may be located at the time. That includes personal belongings left in your car.
~Terry
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04/21/2007 08:07:22 AM · #29 |
BAM! I'm so sorry to hear this! |
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04/21/2007 08:20:55 AM · #30 |
That blows. Let's get 'em.
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04/21/2007 10:04:07 AM · #31 |
Originally posted by ClubJuggle:
Originally posted by sabphoto:
Originally posted by BAMartin:
Homeowners is required as well, if you have a mortgage. |
actually is it homeowners insurance that is required or mortgage insurance? I seem to remember hearing that you HAVE to have the mortgage insurance until you meet a certain point in your payback...can't remember what that term is. |
Homeowners insurance is required for most if not all mortgages. The bank wants to ensure that if the property securing the mortgage is destroyed (in a fire, for example), that it does not create a situation where the borrower cannot afford to repair or rebuild the property, and simply walks away from the loan.
What you are thinking of is private mortgage insurance, sommonly referred to as PMI. This type of insurance is required on most mortgages with a loan-to-value ratio of over 80% -- that is, the loan is for at least 80% of the appraised value of the property that secures it. PMI exists entirely to protect the bank. PMI makes the bank whole if they are forced to foreclose on the property. If the value of the property at foreclosure is insufficient to repay the defaulted mortgage, the PMI makes the bank whole.
Originally posted by sabphoto:
Very sorry to hear about the theft. Is there a reason why homeowners covers this and not car? Just curious. |
Generally speaking, comprehensive coverage on an auto policy (comprehensive the coverage that applies to theft) covers just the vehicle itself, including permanent modifications to the vehicle (new stereo, fog lights, etc). Homeowners insurance is what covers your personal property, wherever it may be located at the time. That includes personal belongings left in your car.
~Terry |
awwww...thanks club, always wondered that. |
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04/21/2007 11:42:42 AM · #32 |
Originally posted by RainMotorsports:
Originally posted by Strikeslip:
I worked as IT Manager for an insurance company for the worst year of my life! I finally woke up & quit, even thought they offered me raises to stay.
Insurance is a scam.
I'll never forget how the CEO began every meeting screaming, "WE'RE IN THE BUSINESS OF MAKING MONEY, NOT GIVING IT AWAY!" |
True to a certain extent. But i could cite atleast 2 people in my life that wouldnt be alive without medical insurance... or just in serious debt for the rest of their workable lives.... |
We both could cite millions of people who would be better off WITHOUT it. It's a gamble. I'm healthy, live in Canada, and not retarded, so I prefer to play the odds whenever legally possible. IMHO, insurance is for pussies. Having said that, I do have life insurance so my wife & kids can live well should something happen to me. But we aren't talking about life or medical insurance here, are we genious.
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04/21/2007 12:15:52 PM · #33 |
Originally posted by Cam:
BTW I live near the coast. |
I'm sorry. |
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04/21/2007 12:23:15 PM · #34 |
Originally posted by Strikeslip:
...But we aren't talking about life or medical insurance here, are we genious. |
What's a genious? |
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04/21/2007 01:04:50 PM · #35 |
BamBam, I'm so sorry to hear this.
Strikes home too, as my son's jeep was stolen last weekend (1999 Cherokee Sport). He's in college in Tempe, AZ. Went out to get into the vehicle to go to work and it was gone. He filed the police report, but when I called the insurance adjuster, he started firing questions at me like a drill instructor, including asking all kinds of questions about our financial situation and whether or not I was aware that it was a felony to file a fraudulent claim in the state of Arizona. I told him I suspected it was a felony to file a fraudulent claim anywhere. I deal with worker's comp claims for my job (and by the way I work for a state prison system, so I'm in no way anxious to have a felony conviction on my record)and I know there are ways to ask questions and ways not to. This yoyo seems to think he's the pseudo DA or something.
By the way, we have insured 5-6 vehicles with this same company for at least eight years - through 4 teenage drivers, and this is the first claim we've filed. I take that back. We notified them three years ago when someone rear-ended us at a stop light, but the other person's insurance took care of everything and it cost my insurance company nothing. We've spent almost $80,000 in premiums to them. My son's jeep is valued at something like $4500. We are still going to pursue this, but we are also going to be shopping for another company. Anyone have any suggestions?
I wish I had an extra stereo system I could send you. Your chef's tool sound like the most critical thing to replace immediately.
Good luck with all this (and I've sent you a pm) |
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04/21/2007 02:06:31 PM · #36 |
Originally posted by TechnoShroom:
Originally posted by Strikeslip:
...But we aren't talking about life or medical insurance here, are we genious. |
What's a genious? |
Yeah genius, whats a genious. If anyone thinks that was a smart remark well the remark made to me was too.
You miss the point YOU personally cited working for an insurance company. Did not say what kind.
But let me twist the point to bring it closer to the subject. Im sure plenty of people would be homeless and or just plain screwed without home owners insurance.
But that has nothing todo with what we are talking about either.
My only real opinion valid towards this was with the 500 dollar deductable in the end that check isnt 1,000 dollars. You profit 500 dollars and lose that in increased premiums.
Message edited by author 2007-04-21 14:07:57. |
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04/21/2007 04:25:56 PM · #37 |
Originally posted by RainMotorsports:
Originally posted by TechnoShroom:
Originally posted by Strikeslip:
...But we aren't talking about life or medical insurance here, are we genious. |
What's a genious? |
Yeah genius, whats a genious. If anyone thinks that was a smart remark well the remark made to me was too.
You miss the point YOU personally cited working for an insurance company. Did not say what kind.
But let me twist the point to bring it closer to the subject. Im sure plenty of people would be homeless and or just plain screwed without home owners insurance.
But that has nothing todo with what we are talking about either.
My only real opinion valid towards this was with the 500 dollar deductable in the end that check isnt 1,000 dollars. You profit 500 dollars and lose that in increased premiums. |
Oops, I made a typo, but so did you. Mine was funnier. I agree with your opion, above, and so, insurance companies exist to make money for themselves. I'm very biased against insurance companies, as I have real-world experience sitting in on meetings twice a week where the CEO screamed about finding ways NOT to pay claims. It was a very toxic environment.
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04/21/2007 04:27:02 PM · #38 |
Originally posted by TechnoShroom:
Originally posted by Strikeslip:
...But we aren't talking about life or medical insurance here, are we genious. |
What's a genious? |
apparently not me, hehe. :-D
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04/21/2007 05:35:16 PM · #39 |
Originally posted by RainMotorsports:
Originally posted by TechnoShroom:
Originally posted by Strikeslip:
...But we aren't talking about life or medical insurance here, are we genious. |
What's a genious? |
Yeah genius, whats a genious. If anyone thinks that was a smart remark well the remark made to me was too.
You miss the point YOU personally cited working for an insurance company. Did not say what kind.
But let me twist the point to bring it closer to the subject. Im sure plenty of people would be homeless and or just plain screwed without home owners insurance.
But that has nothing todo with what we are talking about either.
My only real opinion valid towards this was with the 500 dollar deductable in the end that check isnt 1,000 dollars. You profit 500 dollars and lose that in increased premiums. |
Actually the value of all the missing property is $1540. With the $500 deductable I would receive a check for $1000. Considering I can live without the CDs (I have tons more in the house) the perscription sun glasses (old perscription) and the radio will only cost about $50 to replace (do not need anything great in a jeep wrangler cause of the road noise), I really do not NEED to make a claim against my home owners insurance. I can replace the chef tools slowly as I find a need for them. I will get a chefs knife first, perhaps not as expensive as the one I just lost. Shame about the sentimental value though, its the chefs knife I used in Culinary school.
I agree its a real travesty that we are all scared to make a claim, but are forced to have this insurance.
Chris is outside installing motion detectors in the front of the house now. Motion will trigger a flood light. He will also install a motion detector to the jeep that will trigger an alarm. Its a shame it had to come to this, but I will sleep better now.
Thanks everyone for allowing me to vent. |
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04/21/2007 06:05:24 PM · #40 |
Bam, glad it's not going to be a complete financial nightmare, even though it's obviously going to be a strain
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04/21/2007 06:18:08 PM · #41 |
Originally posted by BAMartin:
I agree its a real travesty that we are all scared to make a claim, but are forced to have this insurance.
Chris is outside installing motion detectors in the front of the house now. Motion will trigger a flood light. He will also install a motion detector to the jeep that will trigger an alarm. Its a shame it had to come to this, but I will sleep better now.
Thanks everyone for allowing me to vent. |
I went through the same thing not long ago. Now I have a home security system and motion activated lights. My car doors are screwed up now, but I didn't claim it as my car is pretty long in the tooth. It's maddening. >:-(
I have a friend who's a personal chef. YUM! :-)
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04/21/2007 06:40:07 PM · #42 |
| Get a new insurance compnay. This is a claim that was no your fault and was out of your control. Push them hard, they should not raise your rates unless you were found to contribute or cause the loss. |
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