P1000 Replaced my stolen 2019 with a 2022

[Scoop]

Cost 21k for a deluxe in 19 and 25k to replace with a base model in 22.

My 2021 Deluxe Camo cost me $19,099 plus $11 title.

Insurance is such a rip off after 3 years I don't know if it would have helped much. I may look into it.

Right about $1 per day for $500K/500K/100K liability, $50K/$10K under/uninsured motorist, comp w/$250 ded and collision with $500 dec for a $21K machine and $7K in accessories.

If mine was stolen, it would be covered, so ... not sure I would call that a "rip off".

 

[Admin]

 

[HBarlow]

Many Americans don't understand the fundamentals of insurance and think we are ripped off. We actually get what we pay for.

Insurance is about risk. If I own an expensive home, car, rv, boat, or Honda Pioneer I risk damage or loss. I can't afford to replace my home out of picket if it burns to the ground so I pay my insurance company to take the risk instead of carrying it myself.

For a premium payment based on value of the home my insurance company agrees to carry the risk my home will be damaged or burned. The insurance company will repair or replace my home if it is damaged.

Each year I pay the premium and nothing happens to my home so the insurance company paid out nothing.

Some people see that as being ripped off. That's not true. For my premium payment I was protected from risk of loss of my home.

 

[Scoop]

Many Americans don't understand the fundamentals of insurance and think we are ripped off. We actually get what we pay for.

My best friend bought at 2021 Pioneer 1000-5 Deluxe last fall. Trailered it back from the dealership. His wife drove it around the property at the shop for about ~2 miles. They put it in the barn. A few days later, that barn caught fire and burned to the ground, along with everything in it.

Had my buddy not insured it from the moment he picked it up, they would have been out over $22K.

 

[HBarlow]

My best friend bought at 2021 Pioneer 1000-5 Deluxe last fall. Trailered it back from the dealership. His wife drove it around the property at the shop for about ~2 miles. They put it in the barn. A few days later, that barn caught fire and burned to the ground, along with everything in it.

Had my buddy not insured it from the moment he picked it up, they would have been out over $22K.

I remember the awful photos you posted here. Insurance is often perceived as a waste of money until a valuable item is stolen or destroyed.

 

[NTCPrezJB]

Many Americans don't understand the fundamentals of insurance and think we are ripped off. We actually get what we pay for.

Insurance is about risk. If I own an expensive home, car, rv, boat, or Honda Pioneer I risk damage or loss. I can't afford to replace my home out of picket if it burns to the ground so I pay my insurance company to take the risk instead of carrying it myself.

For a premium payment based on value of the home my insurance company agrees to carry the risk my home will be damaged or burned. The insurance company will repair or replace my home if it is damaged.

Each year I pay the premium and nothing happens to my home so the insurance company paid out nothing.

Some people see that as being ripped off. That's not true. For my premium payment I was protected from risk of loss of my home.

Yeah…that’s not the part that I believe most get upset about at all. It’s the part where you file a claim against the risk they agreed to take for that premium you agreed to pay and they try to weasel their way out of paying for it. Then they try to get you to accept a lesser settlement than what you are truly entitled to. Then they raise your premium or choose not to renew your policy because you had the gall to file a claim. 🖕🏻Insurance companies but they are a necessary evil.

 

[HBarlow]

Insurance companies are regulated by the state in which the insured lives. Insurance companies pay attention to the regulators who have the authority to deny them the opportunity to sell polies in that state.

The insured party has the right to file a complaint with their state regulators if they feel the insurer failed to meet their obligation or to file a lawsuit against the insurer.

Disputes often occur because many Americans also don't understand what an insurance company is required to pay for. Policy language is very precise. Covered perils are listed and the insurer cannot arbitrarily refuse to pay for a covered peril.

Sometimes the insured person demands the insurer pay for something that is actually a defective product or wear and tear, poor maintenance, or abuse.

I spent a miserable year back in the '90s as a claims adjuster for one of the major insurers whose name is known by everyone. I was stunned and then disgusted by the dishonesty of the insured submitting false claims and surprised by the number of times the company directed me to pay for invalid claims.

Aftermarket warranty companies which are actually insurance companies are a different story. In my opinion they are not worth the price of the paper they're printed on.

 

[Scoop]

Aftermarket warranty companies which are actually insurance companies are a different story. In my opinion they are not worth the price of the paper they're printed on.

Anyone who purchased an aftermarket policy and had never filed a claim, or filed a claim and was denied (whether due to their own failure to read the policy or not) would likely agree with the statement above -- except for those who are happy to pay for the (perceived or real) piece of mind.

However, anyone who purchased an aftermarket warranty, filed a claim, and collected on a claim that would have cost exponentially more than the policy premium might hold a different opinion.

Over the years, I've tapered off purchasing almost any type of aftermarket (or additional) warranty. About the only exceptions have been spendy products where the extended warranty also included some type of regular maintenance. Also, I just purchased another LG OLED TV from Costco. The purchased included a $100 rebate to cover the cost of the $99 extended warranty (years 3 through 5) thru Allstate.

 

[Glock21user]

How about we s***can the insurance squabble and get back to something we can all never agree on either but is definitely more appealing to talk about.
SxS riding, modifying and in general using.

 

[Scoop]

If you're not interested in a thread, you can always just move along to the next one.

 

[Glock21user]

If you're not interested in a thread, you can always just move along to the next one.

That is a fact and I was interested in this thread until I wasn't, but thank you mother for pointing out the obvious you are so kind.

 

[JimmyC19]

Yeah…that’s not the part that I believe most get upset about at all. It’s the part where you file a claim against the risk they agreed to take for that premium you agreed to pay and they try to weasel their way out of paying for it. Then they try to get you to accept a lesser settlement than what you are truly entitled to. Then they raise your premium or choose not to renew your policy because you had the gall to file a claim. 🖕🏻Insurance companies but they are a necessary evil.

Yep! That is my experience.

 

[JimmyC19]

I thank everybody for their input on insurance. Even after loosing a machine I am still on the fence. My machine was 3 years old, it is my belief that some depreciation formula would maybe pay out 50% if I jumped thru all the hoops they set before me.....I don't mind paying premiums, but I don't need a useless policy that leaves me feeling ripped off if I file a claim. If I could pay 1$ per day for true replacement value as suggested, that would be reasonable.

 

[Scoop]

I thank everybody for their input on insurance. Even after loosing a machine I am still on the fence. My machine was 3 years old, it is my belief that some depreciation formula would maybe pay out 50% if I jumped thru all the hoops they set before me.....I don't mind paying premiums, but I don't need a useless policy that leaves me feeling ripped off if I file a claim. If I could pay 1$ per day for true replacement value as suggested, that would be reasonable.

My 2014 Grizzly 700 is insured. It has some coin tied up in accessories (about 1/3 of what I paid for the machine new), which are covered in addition to the vehicle's value.

Some insurance companies offer ACV (actual cash value) or total loss coverage. The former would be the market rate/age/condition depreciated value while, if you can find the latter, they reimburse you the cost of what a *current* model year of the same machine costs. On the total loss coverage, some limit that to just the first few years of ownership, then change it to ACV only.

Keep in mind that the value of ORVs have been staying up there in value. While I can't right say what every one sells for, I see a ton of Grizzly's that are as old or older than mine, but are listed for sale for near or, in some cases, MORE than what I paid for mine.

Everyone has to make their own decisions. I would agree that, at some point (age, condition, cost of new, etc.), it might not be worth paying an insurance premium for collision or comprehensive coverage.