Yes, I didn't see yall were talking about attaching only liability. Thought yall were talking about it as whole.
Bad luck keeps on coming
- Thread starter Down in Dixie
- Start date
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Travlr
Well-known member
Yup, that's all true. That's why I pay for uninsured/underinsured coverage and IMO it should be required. No one should be forced into bankruptcy due to an accident if they are insured.
Insurance companies are trash. They will turn their back on you after years of premiums in a heart beat much less if you are the other person trying to recover compensation. If you have ever been on either side, its a broken system.
The problem now days is broke people get off the hook because they have nothing to take and they are only required to have the minimum, which is not nearly enough. Once again, if you have saved money or done things right you will be punished for that. It is at risk.
Travlr
Well-known member
Absolutely... Insurance has turned into a shell game to justify premium increases, deny coverage, and hide the profits they are making.
Another thing I'd like to see (as long as I'm fantasizing) is insurance companies required to have a universal form that a customer can request showing the pertinent information they need in easy to understand language if the customer wants to shop around... so that they can compare apples to apples.
Yes, the bodily injury liability limits are 30/60. $30k limit person with a $60k aggregate limit per accident. Ours is 25/50 here. I think all states that have a 25K property damage limit will be increasing that soon. Way too many vehicles out there that you can hit that costs more than $25k. That rancher with the rig you mentioned above? In Texas, he'd get $30k from the person's insurance carrier if they had the minimum limits. Things he could do to protect himself further, is to add UMBI to his policy, and med pay. and, both short term and long term DI is available for people to get individually, and often available to employees as part of their benefit package ..either group DI or individual DI via payroll deduction
Travlr
Well-known member
Gotta love all the acronyms that mean nothing to people that aren't in the industry.
Actually, rate increases are forced on them by the insurance commissioners. Their number one job is to make sure that a carrier has enough reserves to cover their claims liability. In this state, you get in trouble some what if you deny a claim you are legally liable for. You have up to 6 months to pay a claim once you have the info needed to do so. After that, you will be assessed a penalty of 8% interest until it is paid. No carrier waits that long obviously...they wouldn't stay in business long if they did. But, if they paid a claim they were legally not supposed to pay, they can be hit with legal penalties and be kicked out of the state.
In Ga, no liability carrier has made an underwriting profit since 1990. That means they took in more premium than was required to maintain reserves. Any profit comes from "float"... interest earned on investments on reserves. You don't take in premiums and pay a claim the same day...so there is a time where the money that comes in, draws some interest until it is paid out. Most carriers, even close-held corporation carriers, do not distribute profits to stock holders. Instead they put it into their reserves, so they can write more business.
And there are standard ISO forms for every kind of insurance policies that are written. With auto insurance, or any liability insurance, the pertinent information is all there on the declarations page. If you look at a dec page from any insurance carrier, they all look exactly the same, and are in the standard ISO format. Liability limits on the first line, or coverage "A," etc.
Sorry about that, it is a bad habit of mine. UMBI means uninsured/underinsured motorist bodily injury limit. DI is Disability Insurance.
He has to buy more insurance to cover himself agaisnt some one else's mistake.
Guess what, he buys all that to cover himself when another person hits him. Do you think his insurance goes... yes sir, that is what we are here for, here is your check from your policy? Nope... you will likely end up in a lawsuit to get your own insurance money from your insurance company.
My dad had this issue. He was hit by a vehicle running fast on his way to work at like 530am. Guy was on drugs and all kinds of stuff. The minimum insurance required did not get close to vehicle damage and medical bills. His vehicle value was like $3K and the rest was medical. It tore his shoulders and kneck up to the point he could no longer go to work. He was a welder.
He received the full amount from the other persons insurance pretty easy. Then his insurance should kick in to cover the difference up to his policy amount, which was good. It took 2 years and him having to sue his own insurance, to get his money, from his policy. After putting him through all the hassle and expense the instances attorney just showed up, asked basically did this happen on this date, were these the amounts, basically just 10 factual questions and it was all over. They did it just as a scare tactic to hassel you enough to hope you wouldn't see it through.
GoWyo
Well-known member
Wyoming has only $25K statutory minimum liability auto coverage. That is why I suggest to clients to carry the maximum UM/UIM they can, because when the other driver is at fault and is "judgment proof" UM/UIM is going to be the only source (other than their health insurance) to get back on their feet.
Was this in Texas? If so the other dude's insurance had a $25 property damage limit, more than enough to cover your dad's $3k vehicle. How much property damage payment did they offer?
Looking at the pictures in the OP, it looks to me like lightning killed the bull (whether that is the name of neighbors bull, or a weather incident) or it could have possibly broke its neck in that "sinkhole" pictured. Insurance companies drive me nuts, two can play that game.
Travlr
Well-known member
If it was me, I'd reapply and use their own list of coverage against them. I bet they deny the first claim as standard procedure...
I dont remember those details. It was all the medical, lost wages, etc that they were trying to recover. He had ambulance, shoulder surgery, etc. The medical bills were pretty high. Plus, he couldn't do, work wise, what he had been doing for 30 years, any more because of the injuries.
OP
OP
Down in Dixie
Well-known member
Not sure I could produce sufficient evidence of anything for them to change their minds. Lack of autopsy from a third party I feel like is a loss of leverage on my part. Not that I would persuade the third party to fall into one of the 25 parameters.
Not exactly right. If your airplane is at a public airport, they may require liability. If it is at a private airport, nothing required. It is not the same as automobiles.
simme
Old Dumb Guy
Can't really blame an insurance company for having rules and requirements for third party (vet) confirmation of death. I am aware of an instance several years ago. A high-flying purebred outfit purchased an old donor cow. She was a well known cow in the simmental breed, but old. This outfit was owned by a guy with other business interests. Had a big production sale. "Sold" a 6 month old bull calf for $100,000 to his friend who was a property developer. Lots of promotion and commotion involved in that production sale. You get the idea.
This old donor cow was insured. They found her dead one day. Called the vet for the required verification and to fill out the form for the insurance company. "Something" had eaten both ears off the cow. No tattoo numbers or other ID on the cow to tie her to the insured animal. Was the cow with no ears the insured cow? Should the insurance company pay for this dead cow with no identification? I suspect the famous cow was insured for a considerable amount.
I am confident that the OP of this thread suffered a legitimate casualty of natural or accidental origin and had every reason to think the policy should pay. But my story above is why an insurance company would expect some documentation. I have no idea if the insurance company paid anything on that claim.
This old donor cow was insured. They found her dead one day. Called the vet for the required verification and to fill out the form for the insurance company. "Something" had eaten both ears off the cow. No tattoo numbers or other ID on the cow to tie her to the insured animal. Was the cow with no ears the insured cow? Should the insurance company pay for this dead cow with no identification? I suspect the famous cow was insured for a considerable amount.
I am confident that the OP of this thread suffered a legitimate casualty of natural or accidental origin and had every reason to think the policy should pay. But my story above is why an insurance company would expect some documentation. I have no idea if the insurance company paid anything on that claim.
OP
OP
Down in Dixie
Well-known member
I kept his head for those reasons you said. I then found out this insurance company did not need proof of an exact animal. Just had to show proof of a bull. Getting a mount of him now since I didnt have to show proof of his tattoos.
His tattoo doesn't match up with a document saying bull any where?
