I am wondering how many people are deciding on not insuring their cars because of the economy. I'm just guessing that things can get very bad.
wow :shock:
Total Comments: 20
Posted: Sat Feb 28, 2009 02:26 pm Post Subject:
Quote:
Some of the insurers offer storage car policies, which would keep the car covered when its sitting on your backyard.
hey this is really an interesting part.but i am confused for what reason the car owner should go for this insurance? Don't you think that this is just a waste of your money if you are no longer using that vehicle. i mean what are the advantages of the storage car policies.
I think it depends on whether you will want or need the car later. The car could be damaged while it is sitting in the backyard--by hail, fire, falling tree, etc.
If the car is dead, has no value to you, and you would not repair or replace it if something happened to it,then do not insure it. In fact, get rid of it. Have it hauled off to the junkyard.
On the other hand, if you have it parked for the present, but you will put it back into service later, and you would have to repair it if it were damaged or replace it if it were destroyed, then maintaining comprehensive coverage on the car would not be a waste of money.
Posted: Sun Mar 01, 2009 01:18 pm Post Subject:
I agree with Christy. What's the use of investing your money if the car is dead?
Posted: Mon Mar 02, 2009 04:04 am Post Subject: Insurance is a state protected Racket
Not only is it a state protected racket, it is also a crime in the eyes of God. God demands that we practice strict liability. God also demands that we do not contract with any foreign or alien Gods. By the way, you all have a right to travel by automobile without any registration or license. Of course most U.S. citizens are too cowardly to exercise this fundamental right.
Posted: Mon Mar 02, 2009 04:12 am Post Subject:
I agree with Nivek. Insurance is a terrible investment. It is also a criminal enterprise.
Posted: Mon Mar 02, 2009 04:46 am Post Subject:
Nivek, can u explain it again? I'm not sure I understand completely what you are saying
Posted: Mon Mar 02, 2009 11:31 am Post Subject:
Hi all!
While it is true that the current economic situation is really pressing hard on all of us and studies show that there has been a recent increase in the number of uninsured motorists in the country and may be all over the world. But United States of America requires its citizens to have a state-minimum auto insurance. This state minimum may vary according to the auto insurance laws in different states. If we think practically, not having auto insurance is worse than being pressed financially in such a financial condition. What are we going to do if we get involved in an accident? Where do we pay from? What if our car gets damaged (I'm assuming we aren't quitting driving)? Who pays for it if there is no insurance policy? If you know the answer, good, and if you haven't been able to come up with a good answer then maybe auto insurance is your answer :) So, even if it is pressing on us, we should try and get coverage for our cars keeping the future in mind.
Posted: Mon Mar 02, 2009 03:17 pm Post Subject:
By the way, you all have a right to travel by automobile without any registration or license.
Nivek, it is true that you have a right to travel by automobile without any registration or license. You do not have a right to do so on roads that are paid for by the government, however. Feel free to do so on your own private property.
Not only is it a state protected racket, it is also a crime in the eyes of God. God demands that we practice strict liability.
Nivek, I am interested in why you state that God demands that we practice strict liability. I do not know your religious background or beliefs. I am going to assume that you are basing this on the Mosaic laws, where the law demands that people repay damages that they cause. (Please correct me if I am incorrect in this assumption.)
The state has an interest in protecting innocent people from harm done by others. If you drive on public roads without insurance, there is a significant risk that you could hurt somebody else and be unable to pay the damages. Thus, the state requires you to carry liability insurance only to protect those third parties. (No state requires you to carry protection to repair your own car. Whether you carry Comprehensive and Collision coverages is entirely between you and your bank. )
That being said, many states offer you an alternative to insurance, if you feel it violates your religious principles. May states allow you to deposit funds or post a bond to cover damages that you might cause. Those funds or bond must be equal to at least the state minimum limits of financial responsibility. If you live in a state with minimum limits of $25,000/50,000/25,000, then you must deposit $75,000 with the state's DMV (or other authority, depending on the state).
If you do not have $75,000 to spare, some states allow you to post a bond for that amount. The surety (the company issuing the bond) will pay the damages if you have an accident. In most cases, they will pursue you to repay them for the damages. This mechanism allows the innocent third party to get their payment--which is all the state cares about--while allowing you to repay the damages yourself. (In Ohio, non-recourse bonds are popular, meaning that you do not have to repay the damages. The non-recourse bond is kind of like a hybrid between a bond and an insurance policy. This option would not interest you, since it removes you from some of the liability, so be sure to find a recourse bond if you are in Ohio. I think there is only one company left that offers a recourse bond.)
The point is that the state has no interest in helping insurance companies. Just look at some of the difficulty that companies have getting their rate increases approved, and you can see that the state has no interest in helping insurance companies. The state has an interest only in protecting innocent third parties from harm caused by people who cannot pay the damages. If your state allows you to deposit the cash instead of purchasing an insurance policy, then go right ahead.
God also demands that we do not contract with any foreign or alien Gods.
I am not quite sure how this fits into a discussion about insurance, but I admire your adherence to your beliefs.
[/quote]
Posted: Mon Mar 02, 2009 03:24 pm Post Subject:
While it is true that the current economic situation is really pressing hard on all of us and studies show that there has been a recent increase in the number of uninsured motorists in the country and may be all over the world. But United States of America requires its citizens to have a state-minimum auto insurance. This state minimum may vary according to the auto insurance laws in different states. If we think practically, not having auto insurance is worse than being pressed financially in such a financial condition. What are we going to do if we get involved in an accident? Where do we pay from? What if our car gets damaged (I'm assuming we aren't quitting driving)? Who pays for it if there is no insurance policy? If you know the answer, good, and if you haven't been able to come up with a good answer then maybe auto insurance is your answer So, even if it is pressing on us, we should try and get coverage for our cars keeping the future in mind.
Sil,
Well-said! I agree that most people who consider dropping their insurance do not think through what would happen if they have a claim. That being said, however, many people have a hard time distinguishing between immediate pain and the possibility of future pain. People know with certainty that spending $100 this month on insurance will prevent them from paying another bill that is due; but if they skip the bill, then something worse might happen ... or it might not.
What worries me more than seeing people drop physical damage coverage is seeing them lower their liability limits. In Ohio, the minimum limits are only 12.5/25/7.5. These are SCARY low limits. There is a large nonstandard company that advertises constantly on television that they offer only the minimum for less money. The company does not even offer limits above the state minimum. You cannot buy them. But people come to me with their dec page from that company, and they had 100/300/100 limits before they switched to them. They reduced their liability limits to a frightening level just to save a few dollars a month on their monthly bill; but because it is abstract, future, and uncertain, they do not realize how much risk they are taking.
Posted: Sun Mar 08, 2009 04:56 pm Post Subject:
In Ohio, the minimum limits are only 12.5/25/7.5. These are SCARY low limits. There is a large nonstandard company that advertises constantly on television that they offer only the minimum for less money.
i agree on this point with you that there is no point in taking the low limit insurance cover if it is serving the purpose.
But i wonder if this company which is selling the insurance with 12.5/25/7.5 are they not regulated by ohio state's insurance comission as there is no point in selling those crispy covers which are pretty low as compared to the minimum standards of the insurances.
Should i speak something abt advertisement.
Lies twice spoken, and it becomes truth in the eyes of masses............ :arrow: :arrow:
Posted: Sun Mar 08, 2009 08:40 pm Post Subject:
But i wonder if this company which is selling the insurance with 12.5/25/7.5 are they not regulated by ohio state's insurance comission as there is no point in selling those crispy covers which are pretty low as compared to the minimum standards of the insurances.
Amit, yes, they are regulated by the Department of Insurance, but they are doing nothing illegal with this offer. 12.5/25/7.5 are the legal minimum limits required in Ohio. It is legal, but the problem I have is that they will not go higher.
Posted: Sat Feb 28, 2009 02:26 pm Post Subject:
Quote:
Some of the insurers offer storage car policies, which would keep the car covered when its sitting on your backyard.
hey this is really an interesting part.but i am confused for what reason the car owner should go for this insurance? Don't you think that this is just a waste of your money if you are no longer using that vehicle. i mean what are the advantages of the storage car policies.
I think it depends on whether you will want or need the car later. The car could be damaged while it is sitting in the backyard--by hail, fire, falling tree, etc.
On the other hand, if you have it parked for the present, but you will put it back into service later, and you would have to repair it if it were damaged or replace it if it were destroyed, then maintaining comprehensive coverage on the car would not be a waste of money.
Posted: Sun Mar 01, 2009 01:18 pm Post Subject:
I agree with Christy. What's the use of investing your money if the car is dead?
Posted: Mon Mar 02, 2009 04:04 am Post Subject: Insurance is a state protected Racket
Not only is it a state protected racket, it is also a crime in the eyes of God. God demands that we practice strict liability. God also demands that we do not contract with any foreign or alien Gods. By the way, you all have a right to travel by automobile without any registration or license. Of course most U.S. citizens are too cowardly to exercise this fundamental right.
Posted: Mon Mar 02, 2009 04:12 am Post Subject:
I agree with Nivek. Insurance is a terrible investment. It is also a criminal enterprise.
Posted: Mon Mar 02, 2009 04:46 am Post Subject:
Nivek, can u explain it again? I'm not sure I understand completely what you are saying
Posted: Mon Mar 02, 2009 11:31 am Post Subject:
Hi all!
While it is true that the current economic situation is really pressing hard on all of us and studies show that there has been a recent increase in the number of uninsured motorists in the country and may be all over the world. But United States of America requires its citizens to have a state-minimum auto insurance. This state minimum may vary according to the auto insurance laws in different states. If we think practically, not having auto insurance is worse than being pressed financially in such a financial condition. What are we going to do if we get involved in an accident? Where do we pay from? What if our car gets damaged (I'm assuming we aren't quitting driving)? Who pays for it if there is no insurance policy? If you know the answer, good, and if you haven't been able to come up with a good answer then maybe auto insurance is your answer :) So, even if it is pressing on us, we should try and get coverage for our cars keeping the future in mind.
Posted: Mon Mar 02, 2009 03:17 pm Post Subject:
By the way, you all have a right to travel by automobile without any registration or license.
Nivek, it is true that you have a right to travel by automobile without any registration or license. You do not have a right to do so on roads that are paid for by the government, however. Feel free to do so on your own private property.
Not only is it a state protected racket, it is also a crime in the eyes of God. God demands that we practice strict liability.
Nivek, I am interested in why you state that God demands that we practice strict liability. I do not know your religious background or beliefs. I am going to assume that you are basing this on the Mosaic laws, where the law demands that people repay damages that they cause. (Please correct me if I am incorrect in this assumption.)
The state has an interest in protecting innocent people from harm done by others. If you drive on public roads without insurance, there is a significant risk that you could hurt somebody else and be unable to pay the damages. Thus, the state requires you to carry liability insurance only to protect those third parties. (No state requires you to carry protection to repair your own car. Whether you carry Comprehensive and Collision coverages is entirely between you and your bank. )
That being said, many states offer you an alternative to insurance, if you feel it violates your religious principles. May states allow you to deposit funds or post a bond to cover damages that you might cause. Those funds or bond must be equal to at least the state minimum limits of financial responsibility. If you live in a state with minimum limits of $25,000/50,000/25,000, then you must deposit $75,000 with the state's DMV (or other authority, depending on the state).
If you do not have $75,000 to spare, some states allow you to post a bond for that amount. The surety (the company issuing the bond) will pay the damages if you have an accident. In most cases, they will pursue you to repay them for the damages. This mechanism allows the innocent third party to get their payment--which is all the state cares about--while allowing you to repay the damages yourself. (In Ohio, non-recourse bonds are popular, meaning that you do not have to repay the damages. The non-recourse bond is kind of like a hybrid between a bond and an insurance policy. This option would not interest you, since it removes you from some of the liability, so be sure to find a recourse bond if you are in Ohio. I think there is only one company left that offers a recourse bond.)
The point is that the state has no interest in helping insurance companies. Just look at some of the difficulty that companies have getting their rate increases approved, and you can see that the state has no interest in helping insurance companies. The state has an interest only in protecting innocent third parties from harm caused by people who cannot pay the damages. If your state allows you to deposit the cash instead of purchasing an insurance policy, then go right ahead.
God also demands that we do not contract with any foreign or alien Gods.
I am not quite sure how this fits into a discussion about insurance, but I admire your adherence to your beliefs.
[/quote]
Posted: Mon Mar 02, 2009 03:24 pm Post Subject:
While it is true that the current economic situation is really pressing hard on all of us and studies show that there has been a recent increase in the number of uninsured motorists in the country and may be all over the world. But United States of America requires its citizens to have a state-minimum auto insurance. This state minimum may vary according to the auto insurance laws in different states. If we think practically, not having auto insurance is worse than being pressed financially in such a financial condition. What are we going to do if we get involved in an accident? Where do we pay from? What if our car gets damaged (I'm assuming we aren't quitting driving)? Who pays for it if there is no insurance policy? If you know the answer, good, and if you haven't been able to come up with a good answer then maybe auto insurance is your answer So, even if it is pressing on us, we should try and get coverage for our cars keeping the future in mind.
Sil,
Well-said! I agree that most people who consider dropping their insurance do not think through what would happen if they have a claim. That being said, however, many people have a hard time distinguishing between immediate pain and the possibility of future pain. People know with certainty that spending $100 this month on insurance will prevent them from paying another bill that is due; but if they skip the bill, then something worse might happen ... or it might not.
What worries me more than seeing people drop physical damage coverage is seeing them lower their liability limits. In Ohio, the minimum limits are only 12.5/25/7.5. These are SCARY low limits. There is a large nonstandard company that advertises constantly on television that they offer only the minimum for less money. The company does not even offer limits above the state minimum. You cannot buy them. But people come to me with their dec page from that company, and they had 100/300/100 limits before they switched to them. They reduced their liability limits to a frightening level just to save a few dollars a month on their monthly bill; but because it is abstract, future, and uncertain, they do not realize how much risk they are taking.
Posted: Sun Mar 08, 2009 04:56 pm Post Subject:
In Ohio, the minimum limits are only 12.5/25/7.5. These are SCARY low limits. There is a large nonstandard company that advertises constantly on television that they offer only the minimum for less money.
i agree on this point with you that there is no point in taking the low limit insurance cover if it is serving the purpose.
But i wonder if this company which is selling the insurance with 12.5/25/7.5 are they not regulated by ohio state's insurance comission as there is no point in selling those crispy covers which are pretty low as compared to the minimum standards of the insurances.
Should i speak something abt advertisement.
Lies twice spoken, and it becomes truth in the eyes of masses............ :arrow: :arrow:
Posted: Sun Mar 08, 2009 08:40 pm Post Subject:
But i wonder if this company which is selling the insurance with 12.5/25/7.5 are they not regulated by ohio state's insurance comission as there is no point in selling those crispy covers which are pretty low as compared to the minimum standards of the insurances.
Amit, yes, they are regulated by the Department of Insurance, but they are doing nothing illegal with this offer. 12.5/25/7.5 are the legal minimum limits required in Ohio. It is legal, but the problem I have is that they will not go higher.
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