Some other specialty auto policies, and a typical daily-use auto policy, offer stated value coverage. It’s not the same. In fact, it is really just actual cash value coverage with a maximum limit – the stated value – and the carrier pays the vehicle’s market value which it determines after the loss. If the market value has dropped since the policy was purchased, then that lower dollar amount is the payout.
Switching to Amica from State Farm because I reviewed my State Farm policy and found that they are no longer paying to return my vehicle to "pre-loss" condition, and instead they are only paying for what is competative in the market area. I have been with State Farm for over 12 years, and recently read my policy booklet, and found this out. Based on the way State Farm's auto policies read I am very unhappy. State Farm gets to dictate what is competative in the market area, and because the majority of the shops in my area are not good shops, State Farm will not pay to have my vehicle repaired properly because it isn't competative in the market area as my policy reads. This also means that if I hit someone and they take their vehicle to a quality shop and State Farm does not pay for the cost to repair the other party's vehicle properly, then I can be sued by the person I hit. I expect more from my insurance, and I hope others do to. After contacting Amica I have found their ...more
Also known as AARP, The Hartford was the recipient of the 2016 J.D. Power study for car insurance companies ability to handle claims. The Hartford scored 5/5 stars for nearly every step of the claims process; from notifying them, to the repair process, and the final settlement. Those who think a smooth claims process is the most important factor for car insurance, The Hartford should definitely be considered.
I am glad to see USAA at the bottom; but it should not be on the list at all. I am currently going through a claim with them (total loss, I got rear ended, pushed into the car in front of me and they hit the car in front of them; not at fault). I have all correspondence recorded and proof of them lying to me, and using made up regulations to justify it. When asked for the reference for said regulations, I am ignored. I have been throwing WAC at them, quote after quote as to how they are being unruly. This was in December, it is now April and they have YET to give me a valuation report in compliance with WAC. I will be more than happy to provide a copy of our correspondence (with PII edited, obviously), proving how bad USAA is at customer service and how willing they are to break the rules if it benefits them. Email me if you want to see it. I finally had enough and contacted the Washington State Insurance Commissioner; USAA has until the middle of this month to respond to them… We will see what happens next.
Thirty year term life insurance policies will provide you more flexibility but come at a much higher price. However, one of the advantages to a longer policy, such as a 30 year term, is that your premiums remain unchanged even if your health changes over the time period. So if you're underwritten as a healthy 25 year old and find yourself overweight and out of shape at 50, your premiums will remain the same. Your rates will have been locked in based on your physical health when you purchased the policy. You can see below how much more expensive 30 year life insurance policies are than your shorter term policy options:
Classic car insurance is a bit of a simplified term. There are several "non-traditional" vehicles that these companies actually insure that do not fall under the term of "classic car". Whether you have a modified street rod, a kit car, vintage motorcycle, 1920's milk truck, or even a retired military vehicle, at least one of the following will be able to insure it.