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I just did a OHHH CRAP! I hit a F150 with my wifes car

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shmokes:

--- Quote from: pinballjim on August 27, 2009, 09:23:19 am ---
Nah, your rates won't increase if you didn't cause it.  But insurance companies love for you to believe that.


--- End quote ---

I don't think this is true.  Your insurance company may not raise your rates, but it complicates getting new insurance.  When I moved to Florida I had to get new insurance cos my insurance provider didn't operate here.  State Farm considered me uninsurable because I had three accidents, one which was no-fault (but paid for by my insurance company), and two that were 100% the other driver's fault and my insurance company didn't pay a cent.  The no fault claim (a semi's tire burst and a huge chunk of it slammed into the front of my car, destroying the bumper) cost the insurance company less than $1000.

After more than 10 years of driving this was the extent of my accident record and State Farm considered me uninsurable.  When I asked how they could possibly count accidents against me that were 100% the other driver's fault the person on the phone said that's just the way it works.

shmokes:
What part of uninsurable do you not understand?  Of course I hung up and called another insurance company.   :laugh2:

ChadTower:

FL has really stupid insurance rules because of all the times they have had to rebuild the areas that shouldn't have houses on them.  It only takes a few $3mill houses getting wiped out every 5th year to change the profit equations.

Spaz Monkey:
DISCLAIMER: YMMV, check with your insurance company for details on your own policy and/or coverages.

Generally speaking, there is a threshold limit on accidents in each state.  If there is an at-fault accident, and the total damage is over that limit (not per car, but per accident) then typically the at-fault person's insurance goes up.  You'll need to see if there is any sort of accident forgiveness program in your state.  Usually, you need to have a clean driving record for about 5-7 years since the last at-fault.  The time period could be either for the household or per driver.  If there is going to be an increase, it will happen at the next renewal of the insurance after the date of the accident and will last for 3 years. 

Daywane:
Since your vehicle is now considered a salvage vehicle, you can now remove any comprehensive and collision coverages.  Your insurance company has given you the value of the car.  If you do decide to keep comp and coll on the vehicle, you will still have to pay the full premium while only getting any payout/repairs based on a salvage value.  Personally, I would keep the comp to take care of glass/Mother Nature/animal damage.  Depending on the age of the vehicle, it might not make a big difference between a large deductible and a small one.

pinballjim:
If you live in FL, you already know several companies are moving out of FL or limiting their business for homeowner policies.  Some insurers will insure the house, but exclude windstorm damage.  The DOI (Dept of Ins) doesn't want companies to charge what is right in order to keep insurance rates down and to keep voters happy.  Citizens (state run insurance comp) is insuring about half the state last I remember, and they're supposed to be the insurer of last resort.  If a big hurricane runs through FL, the state is going to be on the hook.  Most homeowner policies specifically exclude flood (covered by a government policy, FEMA, I think) and earthquake (which can be "bought back" in most states).  A lot of policies may have a seperate deductible for windstorm.

Loafmeister:
Jeez, that's the 5th time I see this thread mis-read it and I'm thinking "his wife hit a Ferrari?!?"... then I click and laugh when I realize my error.!

mistaken identify: http://en.wikipedia.org/wiki/Ferrari_F50

Interesting conversation on insurance companies and coverage, thanks.

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