Insurance Megathread

[MoniputerLM]

A few people have posted about their positive experience with "Pure" as an insurance provider. I recently reached out to them, interested in moving over from State Farm, and discovered that they do not off insurance for vehicles unless you have and qualify for at least $1M in replacement value coverage for your home through them. I'm not going to lie, their response after my request was extremely elitist as my property value is only worth a measly $700k. For those of you who have their policies, do you have both and are they really that good?

Pure is VERY expensive but they will cover the car at replacement value.

 

[thecodingart]

Pure is VERY expensive but they will cover the car at replacement value.

Some people were posting very affordable rates for vehicle coverage, maybe that was misleading or I misread. Seemed too good to be true from what I glossed over. At cost replacements though... not that I plan on having something happen.. would be nice. Wonder what people actually pay for that premium.

 

[BobFM]

We have Pure insurance for primary home coverage as well as some other things, but haven't used them for auto yet, since the premiums were materially higher than we get thru USAA or others. The difference maker for Pure on my end is the way their home policies are written. Ultimately, everybody has to find the right coverage that works for their risk tolerance, financial reserves, etc.

 

[HariK]

Insurance is a necessary evil. Best if we can be self insured ideally but not all of us can do that with expensive cars. As someone noted, lower premium does not mean the best thing if the coverage is bad when you need it. I had Costco Ameriprise for 10yrs with low premium and just 1 accident in 2012 and they doubled the premium to basically collect what they paid in 4 or 5 years. Others charge a very high premium but if you end up collecting you may come out ahead.

 

[deepakb]

I currently have State Farm for my Home, 2 Cars, Umbrella and Earthquake insurance. I am paying ~7k per year for these. When i got a quote from Pure the same level of coverage from them was quoted for $13.5K. So decided not to go with Pure.

 

[HariK]

I currently have State Farm for my Home, 2 Cars, Umbrella and Earthquake insurance. I am paying ~7k per year for these. When i got a quote from Pure the same level of coverage from them was quoted for $13.5K. So decided not to go with Pure.

I declined earthquake insurance because of the very high deductible and the premium too. I have been living in the same house for 26years. I decided that if my house is destroyed so bad in the earth quake, I will buy a big used RV and live on my property, borrow and build a new home and flip it

 

[HariK]

I currently have State Farm for my Home, 2 Cars, Umbrella and Earthquake insurance. I am paying ~7k per year for these. When i got a quote from Pure the same level of coverage from them was quoted for $13.5K. So decided not to go with Pure.

BTW With 3 cars including Lucid Pure, Home and Umbrella $5M $250 deductible coll and comp and $50 glass deductible 250/500/100 coverage. No new car coverage. It adds $180 for Lucid but I declined. That applies only in the first 5years. They re-asses the value every year which means it is effectively depreciated.
Knowing that someone paid $155k for new GT in Sep and someone bought a used GT for $130 (including tax etc), I decided that if my Lucid is totaled and they pay what the market value is, I will upgrade to a GT or even a Saphire used at that time than accept an equivalent Pure.

Travelers Home - $1,198/year
Travelers Auto - $1,538.52/year 2005 Seinna XLE Limited FWD 122k miles and 2006 LS 430 90k miles
Travelers Umbrella - $458/year
Total: $3,194.52/year
Add $1751/year for Pure
So a total of about $5k.

 

[borski]

Adjusted once a year agreed value basically takes into consideration the depreciation and current market value. Right?

Sort of.

• Agreed Value (AV): Agreed Value means that if we have a car insured for $100,000, and it is determined to be a total loss in a covered claim, the insurance company would pay the agreed value of $100,000.
• Actual Cash Value (ACV): ACV pays up to the amount an item is insured for, but the insurance company determines the value. An insurance company might use KBB and comparables to look up the value of a car. With the same example above, the insurance company might determine (after looking at KBB and comparables) that the value is $80,000 so they pay $80,000 if the car was determined to be a total loss in a covered claim.

So yes, while you reassess annually and in that sense depreciation is taken into account (though not necessarily for a limited edition or “classic” or similar car, as they can retain their value better), you are not subject to the whims of the market *at the time your loss occurs.*

Also, agreed value takes into account any aftermarket mods you’ve added; PPF, radar/laser, etc. It’s a discussion with the insurer, rather than “what would someone pay for it today.”

Does that make sense? As an example, my DE’s agreed value (for the first year; we’ll see how it changes) is $191,000. $169,900 for the car, plus PPF, plus radar/laser.

Because I’m with PURE, they also offer, by default:
* gap coverage (aka if you owe more on the loan than the car’s agreed value in the event of a total loss)
* coverage for all parts to be OEM instead of aftermarket
* $5000 coverage for expenses like renting a car, with no per-day or maximum day limit. If you’re more than 50 miles from home, that $5k can also be used to pay for hotel, meals, or other travel to get home.

Basically, various insurers have various benefits and drawbacks and it’s worth exploring more than *just* price alone.

 

[borski]

A few people have posted about their positive experience with "Pure" as an insurance provider. I recently reached out to them, interested in moving over from State Farm, and discovered that they do not off insurance for vehicles unless you have and qualify for at least $1M in replacement value coverage for your home through them. I'm not going to lie, their response after my request was extremely elitist as my property value is only worth a measly $700k. For those of you who have their policies, do you have both and are they really that good?

To get this back on topic: PURE is an amazing insurer. I’ve had nothing but good experiences with them.

They exist in a class of insurers that are specifically focused on the HNW/UHNW class of customers; they are more expensive than your standard insurer, but always responsive and have stellar coverage. Part of the way they can offer such good coverage is by limiting who they take on as a customer; for example, even if you are HNW they may refuse to insure your home if it’s in an area that has too great of a fire risk. Other insurers may take that bet and charge you higher premiums in turn, and PURE will just say “nope.” This happened to me, actually, as we thought my home had not been retrofitted for the earthquake building codes enacted in 1997, until I pulled permits and found it had. Until it had been, none of the HNW insurers would insure my home. This left me in a tough place because the typical insurers (GEICO, Hippo, etc) wouldn’t insure it for its value either because it was higher than their maximum limits.

It’s not “elitist” per se, though I can certainly see how it could come off that way, but just an entirely different business model in terms of their underwriting. Outsized benefits / coverages, but they only ensure homes of high value and relatively low risk, which is the only reason their premiums are even remotely competitive. In the Bay Area, where nearly every home is 1M+, they’re a fairly popular insurer.

The other insurers in this class are folks like Chubb and SafeCo. SafeCo is extremely similar to PURE, and was actually a little cheaper, and service was similarly great. I switched to PURE because I like their customer experience better and there were a few ways in which their coverage was superior, but SafeCo was great.

Does that help explain it?

 

[thecodingart]

To get this back on topic: PURE is an amazing insurer. I’ve had nothing but good experiences with them.

They exist in a class of insurers that are specifically focused on the HNW/UHNW class of customers; they are more expensive than your standard insurer, but always responsive and have stellar coverage. Part of the way they can offer such good coverage is by limiting who they take on as a customer; for example, even if you are HNW they may refuse to insure your home if it’s in an area that has too great of a fire risk. Other insurers may take that bet and charge you higher premiums in turn, and PURE will just say “nope.” This happened to me, actually, as we thought my home had not been retrofitted for the earthquake building codes enacted in 1997, until I pulled permits and found it had. Until it had been, none of the HNW insurers would insure my home. This left me in a tough place because the typical insurers (GEICO, Hippo, etc) wouldn’t insure it for its value either because it was higher than their maximum limits.

It’s not “elitist” per se, though I can certainly see how it could come off that way, but just an entirely different business model in terms of their underwriting. Outsized benefits / coverages, but they only ensure homes of high value and relatively low risk, which is the only reason their premiums are even remotely competitive. In the Bay Area, where nearly every home is 1M+, they’re a fairly popular insurer.

The other insurers in this class are folks like Chubb and SafeCo. SafeCo is extremely similar to PURE, and was actually a little cheaper, and service was similarly great. I switched to PURE because I like their customer experience better and there were a few ways in which their coverage was superior, but SafeCo was great.

Does that help explain it?

Definitely helps and explains quite a bit. I find it interesting when still evaluating/knowing the value of my home relative to location and what it might be in Cali, but then again I'm not looking for any special coverage on my home at this time or the costs that come with it. I'm just happen I now have expanded my horizon a little regarding awareness. The elitist vibe was more from the wording in their email reply, which was sort of versed in a way like "oh, you have a home that's only $700-$600k... you can't afford us". It was less of, here's our qualifications and we're curious what you might be looking for to see if we're a good fit. Totally an odd vibe (I've frankly never been immediately shut down like that).

 

[pjdcorp]

Just got quoted $562 for 6 months with Progressive. $50 glass deductible.

Where do you live & what coverage did you get - $100/300 or $300/500?

 

[LucidNJ]

Where do you live & what coverage did you get - $100/300 or $300/500?

Live in NJ. And my coverage is $100/300.

 

[borski]

Definitely helps and explains quite a bit. I find it interesting when still evaluating/knowing the value of my home relative to location and what it might be in Cali, but then again I'm not looking for any special coverage on my home at this time or the costs that come with it. I'm just happen I now have expanded my horizon a little regarding awareness. The elitist vibe was more from the wording in their email reply, which was sort of versed in a way like "oh, you have a home that's only $700-$600k... you can't afford us". It was less of, here's our qualifications and we're curious what you might be looking for to see if we're a good fit. Totally an odd vibe (I've frankly never been immediately shut down like that).

Oh, fair enough - I have no idea how their sales people are since I used my broker.

 

[BobFM]

Oh, fair enough - I have no idea how their sales people are since I used my broker.

Same on my end. Have never interacted with their sales people, only thru my insurance broker. Will say that their home insurance product is fantastic.

 

[SM_NCarolina]

Sort of.

• Agreed Value (AV): Agreed Value means that if we have a car insured for $100,000, and it is determined to be a total loss in a covered claim, the insurance company would pay the agreed value of $100,000.
• Actual Cash Value (ACV): ACV pays up to the amount an item is insured for, but the insurance company determines the value. An insurance company might use KBB and comparables to look up the value of a car. With the same example above, the insurance company might determine (after looking at KBB and comparables) that the value is $80,000 so they pay $80,000 if the car was determined to be a total loss in a covered claim.

So yes, while you reassess annually and in that sense depreciation is taken into account (though not necessarily for a limited edition or “classic” or similar car, as they can retain their value better), you are not subject to the whims of the market *at the time your loss occurs.*

Also, agreed value takes into account any aftermarket mods you’ve added; PPF, radar/laser, etc. It’s a discussion with the insurer, rather than “what would someone pay for it today.”

Does that make sense? As an example, my DE’s agreed value (for the first year; we’ll see how it changes) is $191,000. $169,900 for the car, plus PPF, plus radar/laser.

Because I’m with PURE, they also offer, by default:
* gap coverage (aka if you owe more on the loan than the car’s agreed value in the event of a total loss)
* coverage for all parts to be OEM instead of aftermarket
* $5000 coverage for expenses like renting a car, with no per-day or maximum day limit. If you’re more than 50 miles from home, that $5k can also be used to pay for hotel, meals, or other travel to get home.

Basically, various insurers have various benefits and drawbacks and it’s worth exploring more than *just* price alone.

Something to think about now and explore for coverage.

 

[Lucidbodywerks]

I received my GT VIN on Monday and got a fairly reasonable quote from Statefarm ~$1400 per year in AZ. Since everyone's coverage varies it is difficult to compare. Lucid was not in Statefarm's main system but they could still access the rates on another system.

Be careful with State Farm on high end cars. I own a Luxury Body shop and they wouldn’t be my choice to say it lightly.

 

[borski]

Be careful with State Farm on high end cars. I own a Luxury Body shop and they wouldn’t be my choice to say it lightly.

Why? Do they not pay out? Not cover OEM parts?

 

[SM_NCarolina]

Why? Do they not pay out? Not cover OEM parts?

My son got hit from behind and the driver had Statefarm. They are giving hard time to my son and the Tesla certified body shop has given the same feedback to him. Tesla cert bodysop is asking him to go through his own insurance route and let his insurance deal with Statefarm.

 

[RAK]

I am shopping for insurance for Lucid plus 2 other cars, home and umbrella insurance.
The quote I received using a VIN number of GT was 1780 per year with Travellers
250/500 Comprehensive $500 deductible Collision $1000 deductible Glass only $50 deductible.
The car I am waiting for is fully loaded Pure AWD. Once I get VIN I can get a quote but does this
seem reasonable compared to others?

My company wasn't even sure they will insure me, but if the do it would be about $1800 every six months just for the lucid

 

[AlanInMaine]

Back in April when took delivery the State of Maine had no insurance rating on the LAGT. It took 2 weeks to get a binder. My cost was $1700+ for the year. Same coverage.