MX and accident insurance

hershey

hershey

PR Elite
Ok....so I decided to body slam a tree at the Knipper GP a couple weeks ago, mildly broke both arm bones near the wrist. No big deal, be riding in dec again. But until a few years ago I never had accident ins.

For those of you who dont.......go buy it NOW. I have broken plenty of bones over the last 20 years of racing MX and never had it. A few years ago I broke both arms at one time. Rae Lynn at Ram Jam clued me in on the ins. I looked into it and got my company covered with ALL my employees purchasing it. It is only $5 a week. They have used it to their advantage with kids and themselves, as have I. They pay you for doctors office visits for ANYTHING 2 times a year including dentists $75 each. That almost pays for it right there.

Long story short, after I bought it I fractured the small bone in my leg and got a check for $3300 bucks. This time I just received $5600. That and the office stuff I have pulled in about 10K in a couple years.

Im not bragging I just want all those here to understand what I have learned and how well it can work out for you. It easily pays your deductible and some extra for time missed at work. The best part ...... it is super cheap!

Mine is through Allstate but there are others like aflac that do the same type of thing for you.
 
This is one of the best ideas out there. Several companies offer this kind of accident insurance if it is not available through your employer.
 
hershey said:
That and the office stuff I have pulled in about 10K in a couple years.

Im not bragging I just want all those here to understand what I have learned and how well it can work out for you. It easily pays your deductible and some extra for time missed at work.
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I'm not riding with or around you ever again.
 
Yeah he just got off the phone with me and said something like. "Well I needed some money so I cracked a tree, worked out well."

(Seriously, He didn't call me and say that.)
 
I have it through work, through United Health care. It's like $12 every two weeks. Sounds like a good idea
 
My wife has it through her work and they have paid for some of my stuff as well. Heck, if I would have gotten it a long time ago, I'd be a millionaire by now. Not breaking myself so much anymore... Good thing?
 
Is Hersheys entire existence worth $8,900.00?

I figure a claim for 10 bucks and Allstate would total him and send him to the junk yard!
 
As some who represents over 30 carriers, and sells voluntary benefits, accident insurance is a great investment. BUT.........you better read your policy. There are only a few that will cover "racing" in motor sports. You better read the policy, and know it. Hint Hint.......Hershey, you were just "riding" for recreational purposes when you were injured correct???

Look at your policy here, under limitations and exclusions. Anyone have a business, or anything that would like to offer voluntary benefits to your employees, look me up. We are independent and work with multiple carriers, so we can use the best carriers in all the categories, and not just one.

it states in (H) driving in any organized or scheduled race or speed test or testing any vehicle on any racetrack or speedway

So buyer beware........either buy the right policy with the carrier that covers racing, or make sure your injured riding in your yard!
 
Ya, I had Aflac back in 07 when I Cracked myself open at Highpoint. It was all good until they saw I was hauled away in the ambulance from Hi Point RACEWAY!
 
Aflac stopped payment, and if it were not for my agent they were looking to get some money back.
 
John250 said:
So buyer beware........either buy the right policy with the carrier that covers racing, or make sure your injured riding in your yard!
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And just in case it's not obvious to somebody - the insurance company is not going to lose money
on this coverage. Sure, some might make out like Hershey but overall, most people will be paying
more than they are collecting. That's how insurance works.

By the way, fraud costs all the other insured people more than they would have had to pay
otherwise. Sort of like socialist economics or something. And it's illegal. I'm sure that's not
what Hershey did but if you're thinking about cheaping out on a policy that doesn't cover
racing and being able to claim you were riding in the back yard, you might want to think
twice.
 
Sturd I disagree some what. Carriers use accident policies kind of like lose leaders. They want to pay claims on them in an account so that employees will be more app to purchase life, DI, critical illness and cancer policies. Allstate is the only one that pays a "Physician" visit for any reason (Dr. dentist, or eye doctor) twice a year for an individual and 4 times a year for a family. There is no waiting period, and it is calendar year.

Just this year, I claimed on my sons broken thumb in football ($870), my son stepped on a nail. My daughter ran a thorn in the top of her foot, and my oldest daughter wrenched her back in Cheer, and had to have chiropractic visits. So all these claims paid me. MUCH more than the policy will cost me for several years. If you have active kids, it is not if your going to make a claim, but when. My father slipped down some stairs moving my sister. Ruptured a couple disc in his back, spent time in the hospital and had surgery. His Allstate policy paid him $5900. He had a $3000 deductible so he came out $2900 to the good.

So, I think you have a totally wrong perception on voluntary products and how much they cost, and what they pay. I just helped and employee today. She took out policies about 4 months ago. Her husband had a stroke and spent 8 days in the hospital. A CI policy and a hospitalization policy and both going to pay her, and she is going to probably be looking at around a $15,000 pay out for policies she has paid on for 4 months! I have tons of stories I could share.
 
John250 said:
Sturd I disagree some what. Carriers use accident policies kind of like lose leaders.
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Do you have any proof of that besides anecdotes of when the policy DID pay? Maybe how many people
didn't collect or net income for those lines?

Any company that runs a loss leader with that level of liability is insane. I don't believe that
aflac, Humana, Assurant, Nationwide (first ones that came up when I looked for data
to support your position) have such a thing. Insurance isn't like a grocery store.

I'd be happy to be proven wrong if you have actual data to show it. I'll go buy a
policy. But sure as hell not stock in that Co.
 
I represent 34 different carriers all a little different. Allstate being probably the leader of the pack right now with their accident policy. I am going by what my Allstate rep tells me in sales meetings. They actually have a OFF the job only accident policy that came out this year. If your employer pre-taxes the policy, and you make all your physician claims (Dr. Dentist, Eye doctor, for any reason), the policy actually pays you back MORE than you pay for it. Now of course, there is a percentage of policy holders that never file those claims. But they are simple to file, and I know our organization as brokers, we always bring claim forms for that to open enrollment meetings and encourage and remind people to make those claims. So you make those claims, its costing you literally nothing a year, and make one accident/injury claim, and you've more than paid for the policy for a few years.

By the way, Assurant, Nationwide, and Humana are not even tier 1 carriers with us. I would not recommend any of those. Aflac is good, they pay claims great, but your paying for the DUCK. Aflac Group (is not really Aflac), it is CAIC, Continental American Insurance Company. Many employees switch from Aflac to Aflac group at their employers only to find out that CAIC does not like to pay claims like Aflac, and it is a totally separate company. Humana.......their backroom is horrible.
 
I need to supplement mine. My disability went from 80% to 60%. And our policy is to force us to use all of our vacation PTO up at 75% rate of pay before we can even start getting the disability. That's not enough if I break my leg like my dad did and am off for two months.

Last year I worked on my broken foot with a boot and I begged my doctor to let me work. It was hell but it kept my mortgage payments and student loans on time.
 
John250 said:
Sturd I disagree some what. Carriers use accident policies kind of like lose leaders. They want to pay claims on them in an account so that employees will be more app to purchase life, DI, critical illness and cancer policies. Allstate is the only one that pays a "Physician" visit for any reason (Dr. dentist, or eye doctor) twice a year for an individual and 4 times a year for a family. There is no waiting period, and it is calendar year.

Just this year, I claimed on my sons broken thumb in football ($870), my son stepped on a nail. My daughter ran a thorn in the top of her foot, and my oldest daughter wrenched her back in Cheer, and had to have chiropractic visits. So all these claims paid me. MUCH more than the policy will cost me for several years. If you have active kids, it is not if your going to make a claim, but when. My father slipped down some stairs moving my sister. Ruptured a couple disc in his back, spent time in the hospital and had surgery. His Allstate policy paid him $5900. He had a $3000 deductible so he came out $2900 to the good.

So, I think you have a totally wrong perception on voluntary products and how much they cost, and what they pay. I just helped and employee today. She took out policies about 4 months ago. Her husband had a stroke and spent 8 days in the hospital. A CI policy and a hospitalization policy and both going to pay her, and she is going to probably be looking at around a $15,000 pay out for policies she has paid on for 4 months! I have tons of stories I could share.
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Exactly. I have the Allstate plan. There are NO questions asked. I submit my doctor bill with codes on it by fax or email and less than a week later I have a check. I was very up front with the agent when we signed up that I race MX and he said it didnt matter. The reason he gave for Allstate running this? What John259 said and he also claimed that 90% of the people who signed up for it never make a claim or forget they even have the policy. Overall he said they still make money on it.


sturd said:
Do you have any proof of that besides anecdotes of when the policy DID pay? Maybe how many people
didn't collect or net income for those lines?

Any company that runs a loss leader with that level of liability is insane. I don't believe that
aflac, Humana, Assurant, Nationwide (first ones that came up when I looked for data
to support your position) have such a thing. Insurance isn't like a grocery store.

I'd be happy to be proven wrong if you have actual data to show it. I'll go buy a
policy. But sure as hell not stock in that Co.
Click to expand...

I just proved you wrong, I did so when I first posted. I just posted what they payed out and how much it costs me. I know you're not calling me a liar! Lol....last time I checked Allstate was doing pretty damn well


Also my employees have used it with no problems, the daughter of one of them was hit by a car (luckly it wasnt bad at all) and the payout covered all his deductible and left him $ in his pocket.

Just the office visit payback almost pays for the policy.
 
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