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Why do I feel like someone threw that from the roof,the way the camera panned ahead of time.....
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Absolutely no way. Insurance companies are the world's greatest bookies. They play the numbers better than anyone and rarely lose in the insurance game. Even if someone would insure him while using his vehicle in these storm chaser excursions, the cost would be so high that you could probably just buy a new vehicle with the premiums.I'm sitting here thinking about whether his insurance covers the truck.
Absolutely no way. Insurance companies are the world's greatest bookies. They play the numbers better than anyone and rarely lose in the insurance game. Even if someone would insure him while using his vehicle in these storm chaser excursions, the cost would be so high that you could probably just buy a new vehicle with the premiums.
Brett: "Hi Mr Insurance Man, I'm Brett Adair. I'd like to get some insurance for my vehicle here."
Insurance Man: "Wow. That's a pretty fancy truck. I see a lot of equipment in there. Are you looking to insure the contents as well?"
Brett: *I sure would. And hopefully I can get full replacement cost in the event everything here is totaled".
Insurance Man: "Well, I'm sure we can help you. What is the approximate cost you have in everything you have here?"
Brett: "$97,000"
Insurance Man: "Well, you'd probably be looking at about $22,000 to 25,000 per year for full replacement coverage. But exactly what do you use this fancy vehicle for?"
Brett: "I'm a storm chaser. I take this vehicle to the heart of the worst weather I can find, including hurricanes and tornadoes."
Insurance Man: "Ooooooohhh!... well I'm glad you mentioned that bit of information. I will have to give you a quote from our 'special uses' rate book. Hmmm, just a second here.... Oooookay,... the rate for 'storm chaser' is $78,000 per year."
Brett: "$78,000??? That's almost what it would cost me to buy new equipment outright!"
Insurance Man: "Well, did I explain that the premium drops to $70,000 per year after you've been accident or claim free for three years?"
Brett: "Well, if that's the best you can do... I suppose I'll have to go with that."
Insurance Man: "Okay then... let's take a few moments to write your new policy. Oh, and by the way... keep in mind that you will have a $20,000 deductible."
Trust me... whatever the deal is, the insurance company ain't going to lose a penny because the insurance policy will not go into effect until the premiums have totaled the full amount of what was lost. That's just how the insurance companies roll.Ha, I hear you.
I was actually thinking he has commercial insurance (it's his business) and that risk is part of the business. If he's insured the way he should be, he probably pays a high premium but he's covered when he's doing what he does - chase storms.
They'll write anything if you'll pay for it. I was wondering what @efil4stnias thought, that's his game.
Trust me... whatever the deal is, the insurance company ain't going to lose a penny because the insurance policy will not go into effect until the premiums have totaled the full amount of what was lost. That's just how the insurance companies roll.
Anyone here wish they could be a storm chaser?
Trust me... whatever the deal is, the insurance company ain't going to lose a penny because the insurance policy will not go into effect until the premiums have totaled the full amount of what was lost. That's just how the insurance companies roll.
Ha, I hear you.
I was actually thinking he has commercial insurance (it's his business) and that risk is part of the business. If he's insured the way he should be, he probably pays a high premium but he's covered when he's doing what he does - chase storms.
They'll write anything if you'll pay for it. I was wondering what @efil4stnias thought, that's his game.
Well to be fair, insurance companies are not supposed to lose money. They would go out of business and we need insurance.
Nor does your loss equal your premium. Rather what insurance companies do is spread the risk by insuring thousands of homes and cars. The insurance companies will take a big hit on a storm like this, but there might be thirty years in between big storms like this on the panhandle and years of premiums collected to offset the loss.
Storm chasing is such a rare and odd occupation that they might not even ask such a question on the application. With the thousands upon thousands of cars that will be damaged in this storm, losing one or two to stormchasers might not even be a big enough deal for them to even go through the effort of writing up an exclusion.
Now will the insurance companies nickel and dime people on their claims? That's for sure, but even that varies for company to company and adjuster to adjuster. I fight with insurance companies for a living and there are some good folks working on claims too. That said, if a policy can be interpreted in one of two ways, they will interpret in the way that makes them pay less.
Fortunately for us, in La if a policy is written vaguely and subject to interpretation , the law requires it be interpreted in favor of coverage.
Well to be fair, insurance companies are not supposed to lose money. They would go out of business and we need insurance.
Nor does your loss equal your premium. Rather what insurance companies do is spread the risk by insuring thousands of homes and cars. The insurance companies will take a big hit on a storm like this, but there might be thirty years in between big storms like this on the panhandle and years of premiums collected to offset the loss.
Storm chasing is such a rare and odd occupation that they might not even ask such a question on the application. With the thousands upon thousands of cars that will be damaged in this storm, losing one or two to stormchasers might not even be a big enough deal for them to even go through the effort of writing up an exclusion.
Now will the insurance companies nickel and dime people on their claims? That's for sure, but even that varies for company to company and adjuster to adjuster. I fight with insurance companies for a living and there are some good folks working on claims too. That said, if a policy can be interpreted in one of two ways, they will interpret in the way that makes them pay less.
Fortunately for us, in La if a policy is written vaguely and subject to interpretation , the law requires it be interpreted in favor of coverage.
It absolutely isn't asked on a personal auto policy application. If you use the vehicle for ride sharing or for hire in other ways is asked because you'd need a commercial policy or endorsement for the ride sharing. With the amount of losses that are going to come from this on comp claims for PAP's for people living in Florida alone, I doubt storm chasers' vehicles would factor into the equation whatsoever.
You might be right, but on the claim, there's a designation the insured has to make about whether they were engaged in business at the time of the loss.
People always ask me about whether this or that would be okay, and it usually involves some kind of misrepresentation about tax or insurance. I tell them "Don't ask me to tell you it's okay to commit tax (or insurance) fraud. If you think the chance of them catching is it really slim, and I agree with you that it probably is slim, that's still your call to make on a risk management basis - don't ask my opinion on whether you should do it."