Winter storage
Post *****
Joined: December 14, 2007
Posts: 19,953
Likes: 4
From: State of Jefferson Mountains USA
Yes that's true, but all insurance companies "deliberately overcharge", that's how they assure cash flow to pay off claims. Then the following year, if the profits exceed the claims, that profit is split with the shareholders of the corporation in the form of dividends which are of course taxable. The difference with NJM is there are NO shareholders, its not a publicly traded company. So the following year if their profits exceed claims, that profit is split with the policy holders in the form of dividends. But since its basically just a refund of your own money, its not taxable. No insurance company in NJ as been able to even come close to the rates I pay with NJM, with or without the dividend.
More anti-shareholder propaganda eh? Shareholders of public corporations (incl public ins cos) are made up of all kinds of people. Not just "fat cats" that some ins ads try to disparage. Individuals, retirees, small business owners, some wealthy individuals, public and private pension funds, etc. etc.
Profits come from revenues less expenses - which includes underwriting accuracy. At the end of the fiscal year, depending on many factors, the BOD of a corporation may declare and pay a dividend.
Yet on top of those parameters of running any business, Mutual Insurance companies put forth the lie that they pay "dividends", when the "refund" is in no way a dividend in the commonly understood sense of the word. Rather, they overcharge the customer on purpose, put that overcharge to work all year long (denying the customer earning interest), and then at the end of the year possibly returning a small portion of a deliberate overcharge - without interest. Hence non-taxable.
Intentional twisting.
They don't call ins cos the "Hudson River Bandits" for nothing.
Yes I was in the business for years also.... but I was in the "exposing the lies" side of the business.
Member
Joined: September 4, 2014
Posts: 44
Likes: 0
From: New Jersey
Relax Buddy, forget to take the Prozac this morning? anti-shareholder propaganda??? Where did that from? I am a shareholder in over 10 major US corporations all paying me dividends, and I'm no fan of Insurance companies either. Anyone with NJM is aware that the "dividend" is just a partial refund of their previous years premiums, we are not as stupid as you think we are. If you have a issue with the use of the word "dividend", take it up with them. They can call it anything they wish as far as I'm concerned, all I know is no other Insurance company whether privately owned or publicly traded has even come close to matching the rates NJM charges me. If you know of one that will give me lower rates, I'm all ears. I will use the money you save me to buy stock in a company that will pay me "real" dividends!
Cobra Member
Joined: October 20, 2011
Posts: 1,042
Likes: 2
From: Illinois
Relax Buddy, forget to take the Prozac this morning? anti-shareholder propaganda??? Where did that from? I am a shareholder in over 10 major US corporations all paying me dividends, and I'm no fan of Insurance companies either. Anyone with NJM is aware that the "dividend" is just a partial refund of their previous years premiums, we are not as stupid as you think we are. If you have a issue with the use of the word "dividend", take it up with them. They can call it anything they wish as far as I'm concerned, all I know is no other Insurance company whether privately owned or publicly traded has even come close to matching the rates NJM charges me. If you know of one that will give me lower rates, I'm all ears. I will use the money you save me to buy stock in a company that will pay me "real" dividends!
Last edited by JCStang; Nov 14, 2014 at 04:51 PM.
Legacy Tms Member
Joined: April 8, 2014
Posts: 975
Likes: 102
From: Near Boston
For those dealing with storage outside. I just got these and they're great.
http://www.amazon.com/gp/aw/d/B007W6...=AC_SX200_QL40
http://www.amazon.com/gp/aw/d/B007W6...=AC_SX200_QL40
Post *****
Joined: December 14, 2007
Posts: 19,953
Likes: 4
From: State of Jefferson Mountains USA
Relax Buddy, forget to take the Prozac this morning? anti-shareholder propaganda??? Where did that from? I am a shareholder in over 10 major US corporations all paying me dividends, and I'm no fan of Insurance companies either. Anyone with NJM is aware that the "dividend" is just a partial refund of their previous years premiums, we are not as stupid as you think we are. If you have a issue with the use of the word "dividend", take it up with them. They can call it anything they wish as far as I'm concerned, all I know is no other Insurance company whether privately owned or publicly traded has even come close to matching the rates NJM charges me. If you know of one that will give me lower rates, I'm all ears. I will use the money you save me to buy stock in a company that will pay me "real" dividends!
Who forgot their prozac?
Last edited by cdynaco; Nov 15, 2014 at 03:44 PM.
Cobra Member
Joined: October 20, 2011
Posts: 1,042
Likes: 2
From: Illinois
Not an agent. ...just work for one of the largest insurance companies in the world and was involved in the demutualization.....the correct term for a mutual company returning excess premiums is a dividend. It is called a participating contract...
Last edited by JCStang; Nov 15, 2014 at 04:58 PM.
Post *****
Joined: December 14, 2007
Posts: 19,953
Likes: 4
From: State of Jefferson Mountains USA
Which is why the IRS excludes from taxation.A true dividend is a sharing of profits to investors/owners/shareholders who's investment is 100% at risk. They are earnings paid to owners taking that risk with their money, if and when there is a profit, and if the BOD decides it is prudent. And to provide an incentive for more investments. It is income. Which is why IRS sends a 1099.
A policy holder of a Mutual Ins Co. has ZERO investment at risk. The claim that policy holders own a Mutual Ins Co. is a typical insurance industry LIE. On tv every night. Among numerous other lies.
If it were true, policy holder's money would be at risk. Since they are not owners, they are due zero of profits.Like I say, look outside your training manuals. Step outside the tunnel vision of propaganda. You can search it with SEC, FINRA, the investment community, IRS.
That the insurance industry incorrectly applies the term is its pitiful method of selling customers that protecting their assets with insurance is somehow an investment, and does not make it true.
And the IRS ruling agrees. Because the IRS never lets income be earned without taxing it.Consumer knowledge is a powerful thing. That the insurance industry hates. Much like used car salesmen. Which is the only reason I'm posting this. Exposing the lie since 1985, to the detriment of hundreds of agents renewals - because they & their companies lied to their customers.
Last edited by cdynaco; Nov 15, 2014 at 05:26 PM.
Cobra Member
Joined: October 20, 2011
Posts: 1,042
Likes: 2
From: Illinois
Fixed. Which is why the IRS excludes from taxation.
A true dividend is a sharing of profits to investors/owners/shareholders who's investment is 100% at risk. They are earnings paid to owners taking that risk with their money, if and when there is a profit, and if the BOD decides it is prudent. And to provide an incentive for more investments. It is income. Which is why IRS sends a 1099.
A policy holder of a Mutual Ins Co. has ZERO investment at risk. The claim that policy holders own a Mutual Ins Co. is a typical insurance industry LIE. On tv every night. Among numerous other lies. If it were true, policy holder's money would be at risk. Since they are not owners, they are due zero of profits.
Like I say, look outside your training manuals. Step outside the tunnel vision of propaganda. You can search it with SEC, FINRA, the investment community, IRS.
That the insurance industry incorrectly applies the term is its pitiful method of selling customers that protecting their assets with insurance is somehow an investment, and does not make it true. And the IRS ruling agrees. Because the IRS never lets income be earned without taxing it.
Consumer knowledge is a powerful thing. That the insurance industry hates. Much like used car salesmen. Which is the only reason I'm posting this. Exposing the lie since 1985, to the detriment of hundreds of agents renewals - because they & their companies lied to their customers.
Which is why the IRS excludes from taxation.A true dividend is a sharing of profits to investors/owners/shareholders who's investment is 100% at risk. They are earnings paid to owners taking that risk with their money, if and when there is a profit, and if the BOD decides it is prudent. And to provide an incentive for more investments. It is income. Which is why IRS sends a 1099.
A policy holder of a Mutual Ins Co. has ZERO investment at risk. The claim that policy holders own a Mutual Ins Co. is a typical insurance industry LIE. On tv every night. Among numerous other lies.
If it were true, policy holder's money would be at risk. Since they are not owners, they are due zero of profits.Like I say, look outside your training manuals. Step outside the tunnel vision of propaganda. You can search it with SEC, FINRA, the investment community, IRS.
That the insurance industry incorrectly applies the term is its pitiful method of selling customers that protecting their assets with insurance is somehow an investment, and does not make it true.
And the IRS ruling agrees. Because the IRS never lets income be earned without taxing it.Consumer knowledge is a powerful thing. That the insurance industry hates. Much like used car salesmen. Which is the only reason I'm posting this. Exposing the lie since 1985, to the detriment of hundreds of agents renewals - because they & their companies lied to their customers.
V6 Member
Joined: September 25, 2013
Posts: 61
Likes: 0
From: Massachusetts
Edit: Wait...You need to store your car for the winter in Texas?
Last edited by dsp; Nov 16, 2014 at 08:04 AM.
Member
Joined: March 18, 2014
Posts: 18
Likes: 0
hi everybody, as long as is sunny and the roads are dry I will be driving my 2014 mustang all winter. my opinion is that a car that sits for long periods of time is more harmful due to lubrication on internal engine,transmission and rear axle parts. plus I like to keep the vermits on the move. no nests in my stang. if they put down salt on the roads then I will not drive the stang. I live in southern Connecticut and this week nov. 18 it will be dry. in fact it may get to 60 degrees my next Monday.
Member
Joined: September 4, 2014
Posts: 44
Likes: 0
From: New Jersey
hi everybody, as long as is sunny and the roads are dry I will be driving my 2014 mustang all winter. my opinion is that a car that sits for long periods of time is more harmful due to lubrication on internal engine,transmission and rear axle parts. plus I like to keep the vermits on the move. no nests in my stang. if they put down salt on the roads then I will not drive the stang. I live in southern Connecticut and this week nov. 18 it will be dry. in fact it may get to 60 degrees my next Monday.
My everyday driver is in the shop, so I am using my Mustang. This is one reason I dont change my insurance. It never really sits all winter, I don't drive it often, but when the weather is sunny and dry like it is now, I will take it for a spin. The coyote engine loves this cold air.
Legacy Tms Member
Joined: April 8, 2014
Posts: 975
Likes: 102
From: Near Boston
Unless you plan to drive the car to full operating temp, 20 minutes or so, do not start the car. You'll do more harm than good letting it idle for a few minutes. It has to be driven enough to get everything up to temp. Add stabilizer to the fuel and put a battery tender on it, then forget it until April.
Edit: Wait...You need to store your car for the winter in Texas?
Edit: Wait...You need to store your car for the winter in Texas?
I keep hearing this don't start it info and it makes me nervous. I guess cars that sit on dealer lot are probably sitting for weeks upon weeks and I doubt they run out to start them up every couple of weeks. Hmm...
Member
Joined: September 4, 2014
Posts: 44
Likes: 0
From: New Jersey
I learned not to start the car briefly in the winter from owning a motorcycle. Just warming the engine can cause condensation in the engine which ends up in the oil. Allowing the engine to reach full operation temp burns off any condensation.
Legacy TMS Member
Joined: March 6, 2008
Posts: 6,724
Likes: 113
From: Apple Valley Mn.
My dealer told me they do start the cars up every few weeks, they have to or the batteries will go dead. Whether they allow them to reach full operating temp is another story. With all the electronics in the cars today, there is a lot of draw on the battery even when the car sits. With my 07 Mustang, 3 weeks sitting was enough to drain the battery to the point the car can’t be started. In my 2014, I installed a permanent wire to the battery with the connection point sticking out of the front grille so I can easily hook it up the battery tender when I know the car is going to sit for more than a few weeks. I learned not to start the car briefly in the winter from owning a motorcycle. Just warming the engine can cause condensation in the engine which ends up in the oil. Allowing the engine to reach full operation temp burns off any condensation.
FR500 Member
Joined: May 22, 2014
Posts: 3,574
Likes: 118
From: Rockaway, NJ
Condensation, battery, tires....all potential problems that I plan on avoiding. Even though mine will largely sit unused while the weather and road conditions are at their worst, as long as roads are dry, I'll drive it. And even if there's snow on the ground, if the driveway is cleared I'll just let it idle there for a while to keep it in shape.
Sure wish I had a heated garage though.