Thanksgiving Theft - Making Sure I Am On Task

[Phoenix_III]

You got it Ron. State Farm ALSO has $2500 Firearms limit. Mine (Travelers, from Geico) is only $2000. So I want them to have $2500 (they never asked me if I own firearms when I started the policy), and SF Absorbs the deductible, and I would like them to follow this industry leader. I am meeting the Traveler's agent at my place tomorrow morning.

p3

 

[priusron]

Use the argument that you have already shared in the loss more than them and they should absorb the deductible.

Let me know how it goes.

Ron

 

[Fremmer]

Shared in the loss? I don't get it. He purchased a policy. The policy stated the terms such as premium (annual cost), deductable, and coverage limits. He paid premiums, and in return will (presumably) be compensated for his loss to the maximum amount stated in the policy. The insurance company is entitled to keep the premium paid to date, because that provided the consideration for the company's promise to pay if a loss occurred. It seems to me that you're arguing that not only should the insurance company pay the benefits, but should also return the premiums already paid, thus providing benefits for free. I guess I don't understand why the insurance company should be expected to provide insurance and to pay on a policy for free. I'm confused.....

 

[mptrimshop]

didn't the thief take your $3000 flat screen too......

 

[priusron]

His loss is $5000. His insurance coverage provides $2000. He has an uncovered loss of $3000. Industry standard is that he has shared in the loss to the amount of $3000 and the deductible is absorbed. His actual loss is $2000 since the absorbed deductible is $1000. If the loss were 2500, the could absorb $500 of the deductible. His loss would them $1000. IT is all math.

Ron

 

[priusron]

The deductible is not ment to be punitive, it is only to require the insured to share in the loss. He has already shred in the loss by $3000 so should not be required to share in the loss further.

Ron