No such thing as 'promised'. Was it after Katrina that one of the big insurance companies wiggled out from under millions of $$ in claims by saying that since the storm surge would have wiped the house out, wind damage before the surge was irrelevant?
Anyone? Progressive insurance Snapshot for bikes?
- Thread starter caldercay
- Start date
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- Feb 11, 2006
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- Bike
- GL1800 R1200RT NC700
- 2025 Miles
- 006216
That is the case with any hurricane. Many homeowners find out their comprehensive policy doesn't cover what rising water did and because they didn't have flood insurance they are SOL. That can be tough to swallow when you are 18 miles inland but when it rains 10 or 20" an hour even being above the 500 year flood plain does not guarantee rising water damage.
This is along the lines of policy holders being uniformed about policy coverage rather than blaming it on the carrier. Not carrying the coverage is a poor basis for a claim.
Uncle Phil
Site Supporter
As I said, if they deliver what was 'promised' then profit is not a problem for me.
Of course you have to read the fine print to see what was 'promised' if it ain't visible - especially in insurance policies.
Buried somewhere in their fine print probably was the 'exclusion' clause that let them 'legally' off the hook, a clause constructed by a fine legal team no doubt!
Sort of like when my insurance rates went up when another driver did a hit and run into me, totaled my truck, then Lexis/Nexis recorded it as my 'fault'.
Finally got that sorted and then demanded a complete 'dump' of my information with them - which they have to legally provide.
It is pretty amazing when an inch thick dossier of your data shows up on your doorstep.
It was also amazing how many 'associations' they made of my data with someone else that were incorrect.
Truer words have never been spoken.This should all remind us that this sort of data collection is not for our 'benefit' but for the collector's benefit.
Insurance companies are in the business to minimize risk to themselves and thus increase their profits.
Any opportunity to avoid paying a claim is golden to most of them.
Providing insurance coverage is only a sideline for them - profit is the 'real' product ...
Nothing wrong with a company making a profit as long as they deliver the 'promised' benefits.
If my wife had one in her car they'd tell her to speed up before someone knocks the taillights out of it. If they average mine and hers we might be ok.
If i could add this one tit bit about the blood sucker insurance companies that make my blood boil. If you pay all your bills on time and owe nobody a dime and have a little nest egg saved for a rainy day, are responsible with your money and pay cash for everything the insurance company will penalize you. I got a renewal notice in April stating that i did not have enough of a credit history to rate. I have excellent credit so i called my insurance co and talked to the underwriters. Turns out that if you are not heavily into debt your credit score will be lower because you don't have a sufficent credit use history. So in theory a man or women with 10 million dollars in the bank and uses no credit and pays cash is rated lower same as the person that is having trouble paying his mortage and car payment. So i am paying more for my insurance because i won't go out and get in debt. See the robber baron insurance companies think of everything to close those loop holes.
No, but limited history is limited history. Having a perfect repayment history my credit score varies between 720-795 based on how my credit card balances run and whether I had any inquiries to my credit. My total debt is my credit card debt and my debt can double or triple from one month to the next depending on when they take the snapshot. I don't think someone having trouble paying their mortgage and car payment would score high 700's. I have no mortgage; no car loans; and no consumer debt except credit cards paid in full each month. Back when I had a mortgage and car payment with still perfect repayment history it ran about 820. However, by providing a financial statement I could get a big loan at good rates if I wanted it. You can get real good credit rates if you can prove you don't need it. But consumer companies who want a credit picture don't take a financial statement - they go the easy route and get a FICO report. As far as your financial standing, they don't know whether you have a pot to pee in or a window to throw it out of.
bdalameda
PaleoCyclist
My Africa twin does have an OBD port - I have an ODB II adaptor connector cable that plugs into the same OBD scanner as a car. I doubt however that this uses one however. I'm sure it is just phone app based.
And see this is the part i don't get. The guy with 10 mil and has no debts and has assets a creditor can easily get what's owed to them. But a heavily leveraged person the creditors would get little. And what little value is left the heavily in debt person would just declare bankrupt. The guy with 10 mil and no debt.....hard to hide that money or assets of that amount.
You seem to think they want your credit report in order to determine whether you are going to pay your bill. That is not why they do it. They charge you in advance, so that is not the issue. Here is some information on how and why insurance companies use credit history in their ratings. I know it is fun to demonize them, but they have some valid reasons for doing so...
https://www.carinsurance.com/credit-check.aspx
Yep. they said it was because of an adverse report of my credit report( not enough credit use) is why i'm not getting the best rate. It just seems like the dog chasing his tale to me.
I've had Progressive insurance (all vehicles) for 15, maybe even 20 years. in all those years, I've never heard of their Snapshot program (for cage type vehicles).
Basically, it's a device (there's also an optional app) that plugs into the ODBii port to track your driving habits, and possibly reward you with reduced rates - see [1] for more details.
So yesterday I got an email from Progressive...
Subject: Get $50 for test-driving our new app.
Body: You've been selected to test out our new Snapshot® app for motorcycles. Exciting, right?!
Just for participating, you'll earn a $50 check, plus a sneak peek of the app.
.
The program spans 90 days.
.
Basically it's an app that records your riding style, to include speed, rate of ac[de]celeration, braking, and so on.
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I read the article below ... not sure I'm gonna participate - seems a bit intrusive.
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Anyone else??
...
[1] Article at Bankrate
Progressive Snapshot, Reviewed by Experts | Bankrate
Progressive Snapshot is a usage-based insurance program, which monitors your driving habits, scores your performance and offers reduced rates if you perform well. Whether you are an existing Progressive policyholder or shopping the market for auto insurance, the Snapshot program could deliver...www.bankrate.com
I'm almost positive they would drop me if I had this app.
ST Gui
240Robert
Given the OP said he's getting $50 to "test drive the app" I'd say that's a fair conclusion. But they are collecting a lot data.
ST Gui
240Robert
"Every time... YOU will be dinged"? It could happen maybe. Mostly FUD though. Constantly driving 5-15mph over the speed limit would be more likely to get flag on your play.
My company said here's your rate you'll pay up front but if you run the OBD plug in device for 3 months you could save up to x% (I forget how much) but you certainly won't pay any more than the current amount. That data was being used for some reason other than just to see how I alone drove. In the end we saved a bit of money but I forget how much. Certainly not very much.
If they offered it to most riders around here they would probably think it was broken. Only see the bike move out of the garage to the hose spigot or maybe to the parking lot of the closest pub on Sunday
st11ray
2006 ST1300
If my excellent driving record for the past 44 years isn't enough for me to get the best insurance rates then I can tell them where they can plug their little thingy into.
For many other folks though never having an accident or getting a ticket is not the same as being an excellent driver
Yea, in my research on this app [that I've been offered to "test"], I've come across reddit threads where folks said they got savings of about 1-5% ... hardly worth the hassle.
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And let's say an animal, or young kid, dashes across the road and you have to do some hard braking ... you get dinged for that ... it seems there are other defensive maneuvers that you get dinged on.
Uncle Phil
Site Supporter
My big issue with it that they will not use the data collected to 'help' you.
And might find yourself riding to avoid getting dinged by the 'watchful eye' instead of riding in the best interest of your own safety.
I believe it was the old 1920 Hawthorne industrial study that 'discovered' when the behavior is watched, the behavior changes.
And might find yourself riding to avoid getting dinged by the 'watchful eye' instead of riding in the best interest of your own safety.
I believe it was the old 1920 Hawthorne industrial study that 'discovered' when the behavior is watched, the behavior changes.