I've been reading /r/insurance for a few months now and there's a very common theme in the posts.
Person gets hit by someone. Person has issues with the other guy's insurance or other guy lacks sufficient insurance or is dodgy. Person is told to file with his own carrier. Person says "I can't afford the deductible".
If you can't afford the deductible it's too high. You can lower it and raise your rates or save it and have it in your emergency fund. If and when your insurance company recovers money from other guy you can get the deductible back, but it might be 3 months or 12 months or never.
I'd actually recommend folks here subscribe to that sub for a month and read the stories. Having knowledge of how the process works is enlightening.
I'll add a few more:
- "I have an old car so I only have $20k in coverage" - what happens if you hit a new F150 (or new anything)? You will get sued.
- "I have a bunch of custom shocks and new tires on the car" - you probably won't get much extra, if anything for this
- "I have a paid off 2003 Ford Focus and insurance only offered me $1500 for it. I can't buy a new car for $1500" - yep. It sucks but that's how it works.
Submitted August 24, 2017 at 02:28PM by I1lI1llII11llIII1I http://ift.tt/2xwrZMU
