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Insurance... how does it work?
https://mail.chicagofanatics.com/viewtopic.php?f=47&t=127135		 Page 1 of 3
Author:  Darkside [ Mon Dec 27, 2021 10:12 pm ]
Post subject:  Insurance... how does it work?
It seems that you pay an insurance company something called premiums.
In exchange, the company covers you from risks outlined in something called a policy.
You can insure a home; your life, a car, your health, or a flute.
Author:  The Missing Link [ Tue Dec 28, 2021 12:40 am ]
Post subject:  Re: Insurance... how does it work?
Darkside wrote:
It seems that you pay an insurance company something called premiums.
In exchange, the company covers you from risks outlined in something called a policy.
You can insure a home; your life, a car, your health, or a flute.

How does insurance "work" for a 22 year old car? I'm LITERALLY asking for a (your) friend? Seemingly he has no clue. I'm shocked that he does not by the way.
Quote:
Police at the scene described the suspect as a Black male who stood about 5’8″ tall and wore all black clothing and a face mask. The victim’s car is a white 1999 Toyota with an Indiana license plate that begins with 468, according to the police report.


Juice's Lecture Notes wrote:
"It's not that bad, the car he stole wasn't even that valuable!"

The Missing Link wrote:
Not valuable enough for full coverage apparently.

Frank Coztansa wrote:
You continue to display that you haven't the faintest notion on how insurance actually works.
Author:  Dr. Kenneth Noisewater [ Tue Dec 28, 2021 12:51 am ]
Post subject:  Re: Insurance... how does it work?
I’ll bet there’s more going on with this thread than one might initially understand at face value….
Author:  Franky T [ Tue Dec 28, 2021 7:40 am ]
Post subject:  Re: Insurance... how does it work?
Maybe denis knows?
Author:  Darkside [ Tue Dec 28, 2021 7:44 am ]
Post subject:  Re: Insurance... how does it work?
The Missing Link wrote:
Darkside wrote:
It seems that you pay an insurance company something called premiums.
In exchange, the company covers you from risks outlined in something called a policy.
You can insure a home; your life, a car, your health, or a flute.

How does insurance "work" for a 22 year old car? I'm LITERALLY asking for a (your) friend? Seemingly he has no clue. I'm shocked that he does not by the way.

I believe it works the same for a 22 year old car as described above. You pay a premium and in exchange the company covers you from risks outlined in something called a policy.
Author:  The Missing Link [ Tue Dec 28, 2021 7:49 am ]
Post subject:  Re: Insurance... how does it work?
How prescient are "WE"? Just Asking A Question
Nardi wrote:
It will be a new low for CSMB if there is a "how insurance works" debate.
Author:  The Missing Link [ Tue Dec 28, 2021 7:51 am ]
Post subject:  Re: Insurance... how does it work?
Darkside wrote:
The Missing Link wrote:
Darkside wrote:
It seems that you pay an insurance company something called premiums.
In exchange, the company covers you from risks outlined in something called a policy.
You can insure a home; your life, a car, your health, or a flute.

How does insurance "work" for a 22 year old car? I'm LITERALLY asking for a (your) friend? Seemingly he has no clue. I'm shocked that he does not by the way.

I believe it works the same for a 22 year old car as described above. You pay a premium and in exchange the company covers you from risks outlined in something called a policy.


Insurance "doesn't work the same" for a 22 year Old Car as it does for a New Car. And the "as described above" is just convenient spin. As expected in fact.
Insurance involves more than just "paying a premium" and anyone who deals with insurance knows this.
Author:  Darkside [ Tue Dec 28, 2021 8:00 am ]
Post subject:  Re: Insurance... how does it work?
The Missing Link wrote:
Darkside wrote:
The Missing Link wrote:
Darkside wrote:
It seems that you pay an insurance company something called premiums.
In exchange, the company covers you from risks outlined in something called a policy.
You can insure a home; your life, a car, your health, or a flute.

How does insurance "work" for a 22 year old car? I'm LITERALLY asking for a (your) friend? Seemingly he has no clue. I'm shocked that he does not by the way.

I believe it works the same for a 22 year old car as described above. You pay a premium and in exchange the company covers you from risks outlined in something called a policy.


Insurance "doesn't work the same" for a 22 year Old Car as it does for a New Car. And the "as described above" is just convenient spin. As expected in fact.
Insurance involves more than just "paying a premium" and anyone who deals with insurance knows this.

Are you suggesting that you cannot have comprehensive coverage on a car once it reaches a certain age?
Author:  The Missing Link [ Tue Dec 28, 2021 8:24 am ]
Post subject:  Re: Insurance... how does it work?
Darkside wrote:
The Missing Link wrote:
Darkside wrote:
The Missing Link wrote:
Darkside wrote:
It seems that you pay an insurance company something called premiums.
In exchange, the company covers you from risks outlined in something called a policy.
You can insure a home; your life, a car, your health, or a flute.

How does insurance "work" for a 22 year old car? I'm LITERALLY asking for a (your) friend? Seemingly he has no clue. I'm shocked that he does not by the way.

I believe it works the same for a 22 year old car as described above. You pay a premium and in exchange the company covers you from risks outlined in something called a policy.


Insurance "doesn't work the same" for a 22 year Old Car as it does for a New Car. And the "as described above" is just convenient spin. As expected in fact.
Insurance involves more than just "paying a premium" and anyone who deals with insurance knows this.

Are you suggesting that you cannot have comprehensive coverage on a car once it reaches a certain age?

What I stated in regards to this was made in my quote.

Juice's Lecture Notes wrote:
"It's not that bad, the car he stole wasn't even that valuable!"

The Missing Link wrote:
Not valuable enough for full coverage apparently.

Frank Coztansa wrote:
You continue to display that you haven't the faintest notion on how insurance actually works.


And since Ballpark couldn't tell me how this was incorrect perhaps (as you are want to do) you can. Let's go!
Author:  Brick [ Tue Dec 28, 2021 8:29 am ]
Post subject:  Re: Insurance... how does it work?
ltg,
If you had a car worth $1, would it be worth it to get comprehensive coverage over liability coverage?
Author:  Seacrest [ Tue Dec 28, 2021 8:36 am ]
Post subject:  Re: Insurance... how does it work?
Brick wrote:
ltg,
If you had a car worth $1, would it be worth it to get comprehensive coverage over liability coverage?


The state of IL requires liability insurance.

It doesn't require full coverage unless you have a loan out on the vehicle.

The mafia are probably the only people willing to offer a "loan" on a vehicle that old.
Author:  Brick [ Tue Dec 28, 2021 8:37 am ]
Post subject:  Re: Insurance... how does it work?
Seacrest wrote:
Brick wrote:
ltg,
If you had a car worth $1, would it be worth it to get comprehensive coverage over liability coverage?


The state of IL requires liability insurance.

It doesn't require full coverage unless you have a loan out on the vehicle.

I'm asking if it would be a good idea, because from what I can tell, ltg doesn't think that comprehensive coverage is worth it on low value cars.
Author:  Seacrest [ Tue Dec 28, 2021 8:41 am ]
Post subject:  Re: Insurance... how does it work?
Brick wrote:
Seacrest wrote:
Brick wrote:
ltg,
If you had a car worth $1, would it be worth it to get comprehensive coverage over liability coverage?


The state of IL requires liability insurance.

It doesn't require full coverage unless you have a loan out on the vehicle.

I'm asking if it would be a good idea, because from what I can tell, ltg doesn't think that comprehensive coverage is worth it on low value cars.


You don't get to choose between liability and comprehensive insurance.

You are paying for liability no matter what.
Author:  Brick [ Tue Dec 28, 2021 8:45 am ]
Post subject:  Re: Insurance... how does it work?
Seacrest wrote:
Brick wrote:
Seacrest wrote:
Brick wrote:
ltg,
If you had a car worth $1, would it be worth it to get comprehensive coverage over liability coverage?


The state of IL requires liability insurance.

It doesn't require full coverage unless you have a loan out on the vehicle.

I'm asking if it would be a good idea, because from what I can tell, ltg doesn't think that comprehensive coverage is worth it on low value cars.


You don't get to choose between liability and comprehensive insurance.

You are paying for liability no matter what.

What are you arguing about? It's very common to refer to you having either liability insurance or comprehensive insurance. Comprehensive insurance includes liability insurance too.
Author:  Seacrest [ Tue Dec 28, 2021 8:48 am ]
Post subject:  Re: Insurance... how does it work?
Brick wrote:
Seacrest wrote:
Brick wrote:
Seacrest wrote:
Brick wrote:
ltg,
If you had a car worth $1, would it be worth it to get comprehensive coverage over liability coverage?


The state of IL requires liability insurance.

It doesn't require full coverage unless you have a loan out on the vehicle.

I'm asking if it would be a good idea, because from what I can tell, ltg doesn't think that comprehensive coverage is worth it on low value cars.


You don't get to choose between liability and comprehensive insurance.

You are paying for liability no matter what.

What are you arguing about? It's very common to refer to you having either liability insurance or comprehensive insurance. Comprehensive insurance includes liability insurance too.


I'm glad you cleared that up for yourself...

Brick wrote:
ltg,
If you had a car worth $1, would it be worth it to get comprehensive coverage over liability coverage?
Author:  Brick [ Tue Dec 28, 2021 8:50 am ]
Post subject:  Re: Insurance... how does it work?
But they are two different types. One just includes the other.

It's like saying that you can't choose a 4 door car over a 2 door car, because both types have 2 doors.
Author:  Darkside [ Tue Dec 28, 2021 8:51 am ]
Post subject:  Re: Insurance... how does it work?
Seacrest wrote:
Brick wrote:
Seacrest wrote:
Brick wrote:
Seacrest wrote:
Brick wrote:
ltg,
If you had a car worth $1, would it be worth it to get comprehensive coverage over liability coverage?


The state of IL requires liability insurance.

It doesn't require full coverage unless you have a loan out on the vehicle.

I'm asking if it would be a good idea, because from what I can tell, ltg doesn't think that comprehensive coverage is worth it on low value cars.


You don't get to choose between liability and comprehensive insurance.

You are paying for liability no matter what.

What are you arguing about? It's very common to refer to you having either liability insurance or comprehensive insurance. Comprehensive insurance includes liability insurance too.


I'm glad you cleared that up for yourself...

Brick wrote:
ltg,
If you had a car worth $1, would it be worth it to get comprehensive coverage over liability coverage?

You should reread what you both wrote there.
Author:  Seacrest [ Tue Dec 28, 2021 8:53 am ]
Post subject:  Re: Insurance... how does it work?
Brick wrote:
But they are two different types. One just includes the other.

It's like saying that you can't choose a 4 door car over a 2 door car, because both types have 2 doors.



No, it's not like that at all.

You don't get to choose one over the other as you originally asked. Liability is required.

You do get to choose whether or not you want to add full coverage to your liability policy though.
Author:  Brick [ Tue Dec 28, 2021 9:01 am ]
Post subject:  Re: Insurance... how does it work?
Seacrest wrote:
Brick wrote:
But they are two different types. One just includes the other.

It's like saying that you can't choose a 4 door car over a 2 door car, because both types have 2 doors.



No, it's not like that at all.

You don't get to choose one over the other as you originally asked. Liability is required.

You do get to choose whether or not you want to add full coverage to your liability policy though.
Two doors in a car is also required. You do get to choose whether or not you want to add 2 more doors though.

You do get to choose one over the other. One just includes the other option.
Author:  The Missing Link [ Tue Dec 28, 2021 9:04 am ]
Post subject:  Re: Insurance... how does it work?
Brick wrote:
Seacrest wrote:
Brick wrote:
ltg,
If you had a car worth $1, would it be worth it to get comprehensive coverage over liability coverage?


The state of IL requires liability insurance.

It doesn't require full coverage unless you have a loan out on the vehicle.

I'm asking if it would be a good idea, because from what I can tell, ltg doesn't think that comprehensive coverage is worth it on low value cars.


I need a dollar amount. What is the maximum price that you attach to a "low value car"? Just Asking A Question.
Author:  The Missing Link [ Tue Dec 28, 2021 9:05 am ]
Post subject:  Re: Insurance... how does it work?
Brick wrote:
ltg,
If you had a car worth $1, would it be worth it to get comprehensive coverage over liability coverage?


No it would not.
Author:  Brick [ Tue Dec 28, 2021 9:06 am ]
Post subject:  Re: Insurance... how does it work?
The Missing Link wrote:
Brick wrote:
Seacrest wrote:
Brick wrote:
ltg,
If you had a car worth $1, would it be worth it to get comprehensive coverage over liability coverage?


The state of IL requires liability insurance.

It doesn't require full coverage unless you have a loan out on the vehicle.

I'm asking if it would be a good idea, because from what I can tell, ltg doesn't think that comprehensive coverage is worth it on low value cars.


I need a dollar amount. What is the maximum price that you attach to a "low value car"? Just Asking A Question.
There is a dollar amount in the question.
Author:  Brick [ Tue Dec 28, 2021 9:06 am ]
Post subject:  Re: Insurance... how does it work?
The Missing Link wrote:
Brick wrote:
ltg,
If you had a car worth $1, would it be worth it to get comprehensive coverage over liability coverage?


No it would not.

Why not?
Author:  Seacrest [ Tue Dec 28, 2021 9:07 am ]
Post subject:  Re: Insurance... how does it work?
Brick wrote:
Seacrest wrote:
Brick wrote:
But they are two different types. One just includes the other.

It's like saying that you can't choose a 4 door car over a 2 door car, because both types have 2 doors.



No, it's not like that at all.

You don't get to choose one over the other as you originally asked. Liability is required.

You do get to choose whether or not you want to add full coverage to your liability policy though.
Two doors in a car is also required. You do get to choose whether or not you want to add 2 more doors though.

You do get to choose one over the other. One just includes the other option.


"a thing that is or may be chosen."

In Illinois, all motorists are required by law to be covered by liability insurance

officially compulsory, or otherwise considered essential; indispensable.

Not an option. :lol:
Author:  The Missing Link [ Tue Dec 28, 2021 9:08 am ]
Post subject:  Re: Insurance... how does it work?
Brick wrote:
The Missing Link wrote:
Brick wrote:
ltg,
If you had a car worth $1, would it be worth it to get comprehensive coverage over liability coverage?


No it would not.

Why not?


Because the premium that you have to pay in the event you file a claim is greater than the value of the car. That's why. It makes no sense to get full coverage with this being the case. Purchase liability and keep it moving.
Author:  Brick [ Tue Dec 28, 2021 9:11 am ]
Post subject:  Re: Insurance... how does it work?
An option is simply a choice among multiple things.

You don't have the option of not having any type of insurance. You have the option of getting either liability insurance or getting comprehensive insurance.
Author:  Seacrest [ Tue Dec 28, 2021 9:18 am ]
Post subject:  Re: Insurance... how does it work?
The Missing Link wrote:
Brick wrote:
The Missing Link wrote:
Brick wrote:
ltg,
If you had a car worth $1, would it be worth it to get comprehensive coverage over liability coverage?


No it would not.

Why not?


Because the premium that you have to pay in the event you file a claim is greater than the value of the car. That's why. It makes no sense to get full coverage with this being the case. Purchase liability and keep it moving.


So you would correctly choose not to pay for the option of having comprehensive insurance. :lol:
Author:  Brick [ Tue Dec 28, 2021 9:22 am ]
Post subject:  Re: Insurance... how does it work?
The Missing Link wrote:
Brick wrote:
The Missing Link wrote:
Brick wrote:
ltg,
If you had a car worth $1, would it be worth it to get comprehensive coverage over liability coverage?


No it would not.

Why not?


Because the premium that you have to pay in the event you file a claim is greater than the value of the car. That's why. It makes no sense to get full coverage with this being the case. Purchase liability and keep it moving.

So the only difference between comprehensive and liability coverage is that with comprehensive coverage they will pay for damage to your car and with liability insurance they will pay for injury to the other person and the other persons car?
Author:  The Missing Link [ Tue Dec 28, 2021 9:24 am ]
Post subject:  Re: Insurance... how does it work?
Seacrest wrote:
The Missing Link wrote:
Brick wrote:
The Missing Link wrote:
Brick wrote:
ltg,
If you had a car worth $1, would it be worth it to get comprehensive coverage over liability coverage?


No it would not.

Why not?


Because the premium that you have to pay in the event you file a claim is greater than the value of the car. That's why. It makes no sense to get full coverage with this being the case. Purchase liability and keep it moving.


So you would correctly choose not to pay for the option of having comprehensive insurance. :lol:


Yeah and have. I had to make that very decision a few years ago. No way would I get full coverage. At the time I didn't think that insurance companies even offered it for cars that old :lol: :lol:
Author:  denisdman [ Tue Dec 28, 2021 9:32 am ]
Post subject:  Re: Insurance... how does it work?
Franky T wrote:
Maybe denis knows?


I know it very well almost to the level of a claims attorney. My speciality is commercial casualty lines.
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