Lets just say...

nawghtyhare · Apr 23, 2014

if im paying on a car
and my car gets stolen/wrecked/totaled
and i have full coverage and my insurance pays off my loan
does my credit go up???? :nerd:

itshlittt · Apr 23, 2014

op you sus

sharkin · Apr 23, 2014

DLee23 said:
insurance is such a damn scam
You pay for a service, then when you need it because you got in an accident, or you got injured, or your stuff got stolen, they find every excuse not to pay you. Just more bonuses for the share holders. I've already paid for my acura integra twice in insurance. I bought the car for only like 3 stacks and I'm paying 500 every 6 months just to drive it.

I find this hard to believe.
Do you have to pay for gas too?

Just seems.. So.. Unfair?

Mark Antony · Apr 23, 2014

I believe OP, no one would be that stupid to up their insurance and have it stolen the same damn day. No way he's that stupid. Naw. Not a chance. No sir. Naw bruh. Nuh uh.

If you're being straight though, then play it straight. Report it as is, strange coindinces happen, no insurance coverage though. My car brokedown and I didn't have towing in my coverage so I had to pay when I called the insurance co, got my own towing which was cheaper. Towed it to get fixed, upped my policy to full comprehensive, got my car from the shop and it broke down again in the same damn spot. Insurance said no again to coverage because it was in the same spot, thinking it was some scam like I just left it there for days.

dabottom305 · Apr 23, 2014

nawghtyhare said:
if im paying on a car
and my car gets stolen/wrecked/totaled
and i have full coverage and my insurance pays off my loan
does my credit go up????

I had a friend who couldnt keep up his payments on a damn Chrysler Crossfire (smh). It was "stolen and torched". Insurance paid it off and his credit increased.

kickhead23 · Apr 23, 2014

Dude is coming in here for insurance fraud tips :x

nawghtyhare · Apr 23, 2014

DaBottom305 said:
nawghtyhare said:

if im paying on a car
and my car gets stolen/wrecked/totaled
and i have full coverage and my insurance pays off my loan
does my credit go up????

Click to expand...

I had a friend who couldnt keep up his payments on a damn Chrysler Crossfire (smh). It was "stolen and torched". Insurance paid it off and his credit increased.

thanks
will rep when i reup on my reps

Chopper · Apr 23, 2014

DLee23 said:
insurance is such a damn scam
You pay for a service, then when you need it because you got in an accident, or you got injured, or your stuff got stolen, they find every excuse not to pay you. Just more bonuses for the share holders. I've already paid for my acura integra twice in insurance. I bought the car for only like 3 stacks and I'm paying 500 every 6 months just to drive it.

What happens if you run a red light and severely injure someone? You got the funds to cover their medical bills? That's where collision insurance comes into play. As far as comprehensive, there's no reason you should have that on a $3000 car. I'd suggest checking with you're insurance company to see if you're paying that. $500 is a lot for just collision (unless your driving record is shot or your real young).

oidreez · Apr 23, 2014

Chopper said:
DLee23 said:

insurance is such a damn scam
You pay for a service, then when you need it because you got in an accident, or you got injured, or your stuff got stolen, they find every excuse not to pay you. Just more bonuses for the share holders. I've already paid for my acura integra twice in insurance. I bought the car for only like 3 stacks and I'm paying 500 every 6 months just to drive it.

Click to expand...

What happens if you run a red light and severely injure someone? You got the funds to cover their medical bills? That's where collision insurance comes into play. As far as comprehensive, there's no reason you should have that on a $3000 car. I'd suggest checking with you're insurance company to see if you're paying that. $500 is a lot for just collision (unless your driving record is shot or your real young).

Thats still a what if situation though. What if someone has never had to use their car insurance? Do they get a refund at the end of the year?

Chopper · Apr 23, 2014

^Dawg. Wut? That's what insurance is... It's protection against "what if" scenarios. Course you don't get **** back. They are for profit companies. I'm going to assume that was a troll post, for your own sake.

Ox. · Apr 23, 2014

the bike thief strikes again, wonder if he rode it backwards this time, we will never know

oidreez · Apr 23, 2014

Chopper said:
^Dawg. Wut? That's what insurance is... It's protection against "what if" scenarios. Course you don't get **** back. They are for profit companies. I'm going to assume that was a troll post, for your own sake.

Assume all you want. I dont care fam. Isnt that why allstate gives you a little back for every year you go without an accident?

keko jones · Apr 23, 2014

jkitty said:
Keko Jones said:

Why you coming on NT to get insurance scam tips?

It's not a coincident that the day you added theft coverage was the day your bike fit stolen.

But if you must, as soon as the policy is in effect report it stolen. **** happens ... They'll have to prove that you knew .... You asking for help is stupid.

Insurance Co. Can't be like oh u got insurance yesterday we ain't paying .. **** happens.

The problem here is that we know you are scamming.

Click to expand...

Im no expert in insurance scams but i can imagine theyd smell this one from a mile away. you think hes the first guy to add comrehensive after having his bike/car stolen, only to report and claim it a few days or weeks later? good luck on trying, let us know how it goes.

I can care less if they smell it or not. If they issue a policy and it's active, by law they have to pay. They can investigate, make it hard to pay out or whatever .. They still have to pay.

For example and this is extreme. There was a guy that bought some rare cigars, he took out a policy for theft, fire, damage, etc. Once the policy took effect, dude smoked the cigars and put a claim. After litigation the insurance had to honor the insurance. What happen next was priceless ... The insurance had him arrested for arson and he was charged with multiple counts.

Bottom line if you put insurance make the claim and they have to pay. There are no **** coincidence of people insurance to turn around and a mishap happening within hours. **** happens and that's why u have insurance.

nawghtyhare said:
if im paying on a car
and my car gets stolen/wrecked/totaled
and i have full coverage and my insurance pays off my loan
does my credit go up????

yes .. If your car gets paid off, regardless of who or how it gets paid ... It's a satisfied loan. So, your credit should in theory go up.

Fong$tarr · Apr 23, 2014

I work insurance. Not auto but corporate ones. Yes insurance is their for what if scenarios but if those what if scenarios happen, that is where you would want the money to help pay for it. But it's all a horrible balance at times. You have the limit in what a company will pay, the deductible, monthly payments which is based on the deductible and limit....and sometimes depending on what coverage you'll buy, your insurance won't pay for the situation that you might encounter.

But insurance is a must sometimes. My homie writes medical insurance for hospitals. They get claims every year and in some cases, they can go up to over a million dollars. There was even one case where a doctor recorded underage kids as he did hospital checks on them. The claim in the long run was 70 million dollars and the insurance company paid for all of it.

nawghtyhare · Apr 23, 2014

Mr Fongstarr said:
I work insurance. Not auto but corporate ones. Yes insurance is their for what if scenarios but if those what if scenarios happen, that is where you would want the money to help pay for it. But it's all a horrible balance at times. You have the limit in what a company will pay, the deductible, monthly payments which is based on the deductible and limit....and sometimes depending on what coverage you'll buy, your insurance won't pay for the situation that you might encounter.

But insurance is a must sometimes. My homie writes medical insurance for hospitals. They get claims every year and in some cases, they can go up to over a million dollars. There was even one case where a doctor recorded underage kids as he did hospital checks on them. The claim in the long run was 70 million dollars and the insurance company paid for all of it.

wait what????

flyny · Apr 23, 2014

Chopper said:
What happens if you run a red light and severely injure someone? You got the funds to cover their medical bills? That's where collision insurance comes into play.

I'd suggest checking with you're insurance company to see if you're paying that. $500 is a lot for just collision (unless your driving record is shot or your real young).

That's actually where liability insurance comes into play. Collision is if you hit something and you need to get your car fixed

$500 a month is a lot, but depending on your age, driving record and car, as well as whether it's owned, leased or financed...it's about right.
I'm surprised all NTers don't pay this much for insurance :lol:

they're all 17 with M6s

Case · Apr 23, 2014

Keko Jones said:
If your car gets paid off, regardless of who or how it gets paid ... It's a satisfied loan. So, your credit should in theory go up.

Not necessarily..I sold my truck and paid off the balance owed on it..About 6 months later I went to get a loan to refinance my home and they denied me because I had something on my credit report pop up as "an early loan termination"..The mortgage company assumed that it was due to me defaulting on that loan and I couldn't refinance my home..It took me almost a year to get the company I financed the car through to clear it up on my credit..And when it was all said and done my score never went up..A lot of the time, but not always, when you have a loan on a car/bike/boat and pay it off early, lenders tend to assume that you either had the vehicle reposed or that you couldn't afford to make the payments so you had to sell the vehicle..So anytime you guys sell something that you've had a loan on make sure the financial institution you had the loan through properly reports it on your credit..

Fong$tarr · Apr 23, 2014

^^^^That was an extreme case but I was just trying to bring up a scenario where the insurance companies pay out. What will probably make you guys uphappy is the insurance company still profited from it cause they banked tons of money within the 50 policy years it was written.

But medical claims are a given. Think about it, you can file for almost anything and win if any hospital has some sort of human error. Another case was this new born child that experienced irregular breathing for about a minute or so cause some nurse did not monitor his/her vitals. I am not sure how the parents caught it, but they received millions of dollars in a lawsuit because the hospitals were at fault even though the child was perfectly healthy after that small mishap.

So auto is just sort of a bad example of having insurance unless it is a given you will crash. The worst is you have to have it cause its the law.

keko jones · Apr 23, 2014

casekicks said:
Not necessarily..I sold my truck and paid off the balance owed on it..About 6 months later I went to get a loan to refinance my home and they denied me because I had something on my credit report pop up as "an early loan termination"..The mortgage company assumed that it was due to me defaulting on that loan and I couldn't refinance my home..It took me almost a year to get the company I financed the car through to clear it up on my credit..And when it was all said and done my score never went up..A lot of the time, but not always, when you have a loan on a car/bike/boat and pay it off early, lenders tend to assume that you either had the vehicle reposed or that you couldn't afford to make the payments so you had to sell the vehicle..So anytime you guys sell something that you've had a loan on make sure the financial institution you had the loan through properly reports it on your credit..

wtf ... My dude ... You should read what you signing. Why would anyone agree to take or a loans where they imposed an early termination fee? That's ducking stupid. Like I said in theory the credit score should go up; however it can also stay the same or go down. For example if your car loan was the oldest account on your credit and you pay it off it might have a negative effect. Its all a matter of understanding your credit and your contract. I have paid off several motorcycles and cars early and never been hit with the nonsense you described.

In addition financing a car is not always a bad thing. Example the vehicles that I finance I did it because the interest rate were .00 to .99 . the money that I could of have paid the vehicles I invested in stuff that yield 3 to 5% . so by financing the vehicle I was making money. Just a matter of understand wtf you are doing.

In another subj ... If u paid 3k for a car and are paying 500 for full coverage a month, that's just stupid. Get the bare minimum ... 3k ain't **** for what u can be saving a month/year/over the time u have the car.

Case · Apr 23, 2014

Keko Jones said:
wtf ... My dude ... You should read what you signing. Why would anyone agree to take or a loans where they imposed an early termination fee? That's ducking stupid. Like I said in theory the credit score should go up; however it can also stay the same or go down. For example if your car loan was the oldest account on your credit and you pay it off it might have a negative effect. Its all a matter of understanding your credit and your contract. I have paid off several motorcycles and cars early and never been hit with the nonsense you described.

In addition financing a car is not always a bad thing. Example the vehicles that I finance I did it because the interest rate were .00 to .99 . the money that I could of have paid the vehicles I invested in stuff that yield 3 to 5% . so by financing the vehicle I was making money. Just a matter of understand wtf you are doing.

In another subj ... If u paid 3k for a car and are paying 500 for full coverage a month, that's just stupid. Get the bare minimum ... 3k ain't **** for what u can be saving a month/year/over the time u have the car.

I didn't get an early termination fee..And like i said it doesn't happen a lot, but it can happen..I actually know 2 other people that had the same thing happen to them..It's like we got penalized for paying our loan off early..And none of us had a positive result like an increase in credit score..I'm just saying that people need to be aware of their credit score/report and don't just assume that paying something off will benefit their credit..

keko jones · Apr 23, 2014

Chopper · Apr 23, 2014

FlyNY said:
That's actually where liability insurance comes into play. Collision is if you hit something and you need to get your car fixed

$500 a month is a lot, but depending on your age, driving record and car, as well as whether it's owned, leased or financed...it's about right.
I'm surprised all NTers don't pay this much for insurance

they're all 17 with M6s

That's right. So in DLee23's case, it'd be best to probably only have liability as opposed to collision and comp.

oidreez · Apr 23, 2014

casekicks said:
Keko Jones said:

wtf ... My dude ... You should read what you signing. Why would anyone agree to take or a loans where they imposed an early termination fee? That's ducking stupid. Like I said in theory the credit score should go up; however it can also stay the same or go down. For example if your car loan was the oldest account on your credit and you pay it off it might have a negative effect. Its all a matter of understanding your credit and your contract. I have paid off several motorcycles and cars early and never been hit with the nonsense you described.

In addition financing a car is not always a bad thing. Example the vehicles that I finance I did it because the interest rate were .00 to .99 . the money that I could of have paid the vehicles I invested in stuff that yield 3 to 5% . so by financing the vehicle I was making money. Just a matter of understand wtf you are doing.

In another subj ... If u paid 3k for a car and are paying 500 for full coverage a month, that's just stupid. Get the bare minimum ... 3k ain't **** for what u can be saving a month/year/over the time u have the car.

Click to expand...

I didn't get an early termination fee..And like i said it doesn't happen a lot, but it can happen..I actually know 2 other people that had the same thing happen to them..It's like we got penalized for paying our loan off early..And none of us had a positive result like an increase in credit score..I'm just saying that people need to be aware of their credit score/report and don't just assume that paying something off will benefit their credit..

But like the guy said, that should have been written in the contract (I would assume)

keko jones · Apr 23, 2014

oidreez said:
But like the guy said, that should have been written in the contract (I would assume)

most likely it was. there are plenty of contracts that penalized individuals for paying their loans off early. I never had a repo or anything but I'm willing to bet those loans are coded repo or charge off and/or they clearly show that you never was in good standing.

Case · Apr 23, 2014

Nope, wasn't written in the contract at all..It was a clerical error plain and simple..I brought it up just to let the guy know that just cause his bike get's paid off it won't necessarily be a positive on his credit..

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nawghtyhare

itshlittt

sharkin

Mark Antony

dabottom305

kickhead23

nawghtyhare

Chopper

oidreez

Chopper

Ox.

formerly oxpenguin

oidreez

keko jones

Fong$tarr

nawghtyhare

flyny

Case

Fong$tarr

keko jones

Case

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Chopper

oidreez

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Case

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