by FK » Mon May 25, 2009 09:11 pm
I own two 'R' Titled automobiles...
Is there a way to check if I'm getting the proper "Collision and Comp." Premium discounts from my insurer on these automobiles do to their lower Total Loss Value?
Is there a way to check if I'm getting the proper "Collision and Comp." Premium discounts from my insurer on these automobiles do to their lower Total Loss Value?
Posted: Tue May 26, 2009 10:44 am Post Subject:
Hi FK,
I haven't really come across a premium calculator that might help me trap my carrier's mistakes. I'd rather do a good bit of shopping in order to know the right rate for the same vehicle. Roddick
Posted: Tue May 26, 2009 12:23 pm Post Subject:
Roddick,
I'd rather do a good bit of shopping in order to know the right rate for the same vehicle.
Even after spending hours, days, weeks determining the Insurer with the lowest rate (and risking poor service etc.).... How would I know if even that insurer is charging me the same premium amount regardless of the Actual Cash Value of my automobiles??
It doesn't seem right if my neighbor with an identical auto as mine, except with a clean title, pays the same as me and if his car is totaled he's paid $8770.oo. While if I total my car I get paid 4500.oo.
It like going to McDonalds and we both pay the same amount for a Big-Mac, only they give me a Cheeseburger saying that's all my money is worth.
Posted: Wed May 27, 2009 04:16 am Post Subject:
It doesn't seem right if my neighbor with an identical auto as mine, except with a clean title, pays the same as me and if his car is totaled he's paid $8770.oo. While if I total my car I get paid 4500.oo.
Well, I'd look at it this way.... I'd pay more for a brand new car than one which has been totaled once and repaired later.
The insurance company would think on the same line.
Posted: Wed May 27, 2009 11:49 pm Post Subject:
.
.
part of Jeremy's Post:
Well, I'd look at it this way.... I'd pay more for a brand new car than one which has been totaled once and repaired later.
The insurance company would think on the same line.
That's exactly my point Jeremy..!
My insurer knows that an "R" titled car is worth less that one with a clean title, and because my car is worth less my insurer should lower my premiums accordingly.
If they are not lowering the premium do to the lower value of my "R" titled car, then I am paying for the full replacement value of a clean titled car.
If someone with an "R" titled car is paying the same Premium amount that a clean titled car would be charged, why should they receive less because of the "R" title ??
Its like going to McDonalds and we both pay the same amount for a Big-Mac, only you pay with Cash and I pay with a check. But because a personal check is worth less [might bounce] they took my Money for the Big Mac and gave me a Cheeseburger saying that's all my check is worth..
So back to the beginning... How would one verify receiving the proper discount on their premiums do to their car having an "R" title.
Posted: Thu May 28, 2009 08:38 am Post Subject:
I think the premium that we pay for the auto policy can be divided in two parts (mainly) one would for the liability coverage the other portion would go to collision. Normally, cars with R title would cost less to none to carry collision coverage on them. But one obviously has to maintain collision & comprehensive on a brand new car and would pay more as premium. So FK are you sure that it happens this way?
If someone with an "R" titled car is paying the same Premium amount that a clean titled car would be charged, why should they receive less because of the "R" title ??
Willow
Posted: Thu May 28, 2009 12:06 pm Post Subject:
.
.
Willow,
I think the premium that we pay for the auto policy can be divided in two parts (mainly) one would for the liability coverage the other portion would go to collision. Normally, cars with R title would cost less to none to carry collision coverage on them. But one obviously has to maintain collision & comprehensive on a brand new car and would pay more as premium
My inquiry from the first Post on, has been about First Party coverage. ( Collision & Comp.) My inquiry has also been about Two identical automobiles with two identical insurance policies, same company, same coverage amounts, same everything except... one has a Clean Title and the other has an "R" Title. Whether its two identical 1994 T&C vans or two identical 2009 Dodge Challengers.
[b] How would one verify receiving the proper discount on their premiums do to their car having an "R" title.[b]
To say it another way. Lets imagine I have Two cars.
Car number one: 2009 Dodge Challenger (clean title) Collision & Comp coverage cost $1600.oo.
Car number two: identical 2009 Dodge Challenger (R title) Collision & comp coverage cost $1600,oo.
Does that seem right. $1600.oo for each one?? Would you be OK with paying the same for each one?
Especially knowing that if you Totaled car number two your insurer would pay substantially less than if you totaled car number one ...!!
. So FK are you sure that it happens this way?
I don't understand this part of your comment. (sorry, likely just me and my thick skull)
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