Auto Insurance Policy
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Thread: Auto Insurance Policy

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    Brian's Avatar
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    Auto Insurance Policy

    I was fortunate enough to sit down with our insurance agent this morning and go over our home and auto policy's. I don't do this annually but I think I am going to start to. We started by adding up computers, hunting equipment, recreational items not used to maintain our property, and general liability.

    This got me thinking, as he said most people do not have an umbrella policy. They are the the cheapest and best insurance one can get.

    Also he went over how they look at a loss and I was under insured in a few areas. I thought that this bill was going to seriously increase, but in the end, it only went up $100 bucks to cover a lot of items that were not sufficiently covered.

    How many people on here sit down with their insurance agent on an annual basis?

    Also, how many have an umbrella policy?



    Brian

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    Senior GTT Super Slacker Gizmo2's Avatar
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    Good point. I have once, when I bought the place back in 1994. No umbrella. Guess I should do it as well.
    Keith

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    Captain Hook Kennyd's Avatar
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    I did after I built the pole barn to make sure it and it's contents where covered. I probably should let them see the workshop and amount of tools I have to cover all that as well!
    Kenny

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    Any idea how they take into account old tools? For instance, I have an old Brown & Sharpe milling machine. I would guess as a piece of machinery in a real shop it would be worth nothing, but it is worth something to me because it works and I own it.
    Andy B.

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    Captain Hook Kennyd's Avatar
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    Quote Originally Posted by andy b. View Post
    Any idea how they take into account old tools? For instance, I have an old Brown & Sharpe milling machine. I would guess as a piece of machinery in a real shop it would be worth nothing, but it is worth something to me because it works and I own it.
    I wish I knew...I have a 1969 Clausing lathe and a 1957? Bridgeport Mill
    Kenny

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    DRobinson's Avatar
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    Brian:

    No umbrella, but inland marine coverage on my 2320.

    Do you, by chance have any coverage for fraud on your homeowners policy? I'm an insurance dummy, but there are some obscure coverages on some homeowners policies. Maybe some help on the Gator issue?

    Don
    Don

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    Tomfive's Avatar
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    Have had an umbrella policy for as long as I've owned a house, almost 30 years now. It was the cheapest way to increase liability for home and auto to $1 million.

    Good idea to review coverage each year, something I should do too. Thanks for the reminder.
    Tom

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    Uncle Wayne's Avatar
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    Good idea Brian to sit with your agent once a year, haven't done that in a while. I purchased an umbrella policy while I was the scoutmaster of the local troop. And I agree it's the cheapest way to really boost your protection.
    Wayne
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    Brian's Avatar
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    Quote Originally Posted by DRobinson View Post
    Brian:

    No umbrella, but inland marine coverage on my 2320.

    Do you, by chance have any coverage for fraud on your homeowners policy? I'm an insurance dummy, but there are some obscure coverages on some homeowners policies. Maybe some help on the Gator issue?

    Don
    Interesting. We did not discuss the gator issue. There was so much else to cover. I will call today, but I am unsure I would claim it. In Michigan, and it might be nation wide, if you have 3 home owners claims, the insurance company will dump you. At that point, good luck getting insurance. So I have a fairly high deductible knowing its for emergencies only. But I will call in case its one that is not attached to that law.

    On some of my older equipment, my grandfather's 1949 farmall, its insured at replacement value. Well, to me, that's priceless ad my grandfather bought it new, so we put a number on it of 15K. I would assume it would work the same way with your old cnc machines and tools. I had to put a value on the tools I had. Thats not easy.



    Brian

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