5 ms·

I always thought fender-benders were a rounding error, especially for large insurance companies. It's the catastrophic accidents, involving deaths that cost a

by mig39 3y ago

I always thought fender-benders were a rounding error, especially for large insurance companies. It's the catastrophic accidents, involving deaths that cost a lot of money.

randomdata 3y ago
An increasing number of thefts is the premium cost driver right now, though. In this little part of the world, the number of theft claims have increased by more than 300% within the span of just a few years.
jmalicki 3y ago
As a Californian, I experienced a lot of trouble getting quotes for collision and comprehensive in the past year for reasonable prices, if at all - everyone was happy with liability, but it sounded like general property damage (fires, floods, landslides, etc.) for autos led a lot of companies to exit the California market or be very selective. Of course higher repair costs due to general inflation, newer cars having lots of sensors etc. add to it as well, but the agents I talked to specifically cited general comprehensive (not collision or liability) claim concerns as one of the main reasons.
pkulak 3y ago
Just look at what they charge. At least half my policy is collision. I maxed out liability at half a million and it’s about 10% of my bill.
- manuelmoreale 3y ago
  Wait a second, are you saying your car insurance will cover damages for up to half a million?
  - pkulak 3y ago
    Yes. I’d like more, but that was the most I could do. I think the minimum is 25 grand. If I get run over by a car, I do not think 25 grand will quite make up that loss to my family.
    - fshbbdssbbgdd 3y ago
      Often you can get a higher limit through an umbrella policy.
    - manuelmoreale 3y ago
      Yeah 25K is nothing. I just checked and apparently minimum here is 6.25M for damages to people and 1.3M for damages to things.
  - toast0 3y ago
    I ran a quote with my name/address (WA 98110) and my 2003 s-10 with progressive, because they're relatively easy. I don't think they pulled my records, but they did know about my cars from my address, so... Long term driver, no tickets or accidents in 20+ years; 42 year old male. It's common to have coverage will be reported as single injury/multiple injury/property in thousands. Six months coverage, paid up front. For state minimum 25/50/10, I've got a quote of $117. The max separate limit quote is 250/500/100 for $158. They also quoted a combined single limit (which I think can be used for any mix of injury and property damage?) from 100k for $134 to 500k for $165. This is just for liability. Uninsured/underinsured coverage is extra (I'd recommend it, but leaving it out for ease of comparison). Comprehensive and collision is extra (and I wouldn't get it on a 20 year old vehicle unless it's a collector's car, but that probably needs specialty insurance). From this quote (which may not be accurate or representative, more data welcome), it seems like paying about 50% more, takes the coverage from about $60k to about $500k of liability. It doesn't make a lot of sense IMHO to not consider taking the max coverage. If you want more, umbrella policies are available and also not usually very expensive until somewhere around $5-10M of coverage, depending on your insurer.
    - manuelmoreale 3y ago
      So I’m in Italy. Regular car insurance, nothing particularly special. I’m covered for damages to people, cars, and other properties for up to 25M €
Ekaros 3y ago
It is also a volume game. If there is many times more fender-benders those add up. And actually deaths can be pretty cheap. Compared to life long injuries or need for lot of medical care.

by mig39 3y ago

I always thought fender-benders were a rounding error, especially for large insurance companies. It's the catastrophic accidents, involving deaths that cost a lot of money.

randomdata 3y ago

An increasing number of thefts is the premium cost driver right now, though. In this little part of the world, the number of theft claims have increased by more than 300% within the span of just a few years.

jmalicki 3y ago

As a Californian, I experienced a lot of trouble getting quotes for collision and comprehensive in the past year for reasonable prices, if at all - everyone was happy with liability, but it sounded like general property damage (fires, floods, landslides, etc.) for autos led a lot of companies to exit the California market or be very selective. Of course higher repair costs due to general inflation, newer cars having lots of sensors etc. add to it as well, but the agents I talked to specifically cited general comprehensive (not collision or liability) claim concerns as one of the main reasons.

pkulak 3y ago

Just look at what they charge. At least half my policy is collision. I maxed out liability at half a million and it’s about 10% of my bill.

manuelmoreale 3y ago
Wait a second, are you saying your car insurance will cover damages for up to half a million?
- pkulak 3y ago
  Yes. I’d like more, but that was the most I could do. I think the minimum is 25 grand. If I get run over by a car, I do not think 25 grand will quite make up that loss to my family.
  - fshbbdssbbgdd 3y ago
    Often you can get a higher limit through an umbrella policy.
  - manuelmoreale 3y ago
    Yeah 25K is nothing. I just checked and apparently minimum here is 6.25M for damages to people and 1.3M for damages to things.
- toast0 3y ago
  I ran a quote with my name/address (WA 98110) and my 2003 s-10 with progressive, because they're relatively easy. I don't think they pulled my records, but they did know about my cars from my address, so... Long term driver, no tickets or accidents in 20+ years; 42 year old male. It's common to have coverage will be reported as single injury/multiple injury/property in thousands. Six months coverage, paid up front. For state minimum 25/50/10, I've got a quote of $117. The max separate limit quote is 250/500/100 for $158. They also quoted a combined single limit (which I think can be used for any mix of injury and property damage?) from 100k for $134 to 500k for $165. This is just for liability. Uninsured/underinsured coverage is extra (I'd recommend it, but leaving it out for ease of comparison). Comprehensive and collision is extra (and I wouldn't get it on a 20 year old vehicle unless it's a collector's car, but that probably needs specialty insurance). From this quote (which may not be accurate or representative, more data welcome), it seems like paying about 50% more, takes the coverage from about $60k to about $500k of liability. It doesn't make a lot of sense IMHO to not consider taking the max coverage. If you want more, umbrella policies are available and also not usually very expensive until somewhere around $5-10M of coverage, depending on your insurer.
  - manuelmoreale 3y ago
    So I’m in Italy. Regular car insurance, nothing particularly special. I’m covered for damages to people, cars, and other properties for up to 25M €

Ekaros 3y ago

It is also a volume game. If there is many times more fender-benders those add up. And actually deaths can be pretty cheap. Compared to life long injuries or need for lot of medical care.