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a.k.a. porkchopzz4
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890 Posts
Discussion Starter #1
Hi all:

Larry Ziegler made a comment many months ago about my needing to increase my insurance coverages since I actually have some assets now worth suing over. :)

So Larry, I finally did it!

I just got my 6 month insurance bill (Mercury Insurance) and it was for $482 - it seems to be going up about $20 every 6 months. This was for 25/50/25 (state min) and full coverage ($500 deductible) on the Beetle and no comp or collision on the '98 Jeep Cherokee 2WD (it's only worth about $4K - so I self-insure it).

I went on Progressive.com and DOUBLED my coverage to 50/100/50 with same $500 deductible on comp for the Beetle but I raised the collision to $1000 deductible (most work I can do myself except catastrophic stuff..) and still no comp or collision on the Jeep. It lowered me down to $384. So double the coverage for $100 less every six months. Heck yeah.

For comparision purposes, I am 31, my wife is 28 and we have no accidents or tickets and live in metro Atlanta.

I'll probably wait another couple of years and then raise our coverage to 100/300/100 - but for now, I have a little more peace of mind with the doubled coverage.

What is everyone else paying and for what amount of coverage?
 

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Premium Member
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1,413 Posts
Porkchop said:
Hi all:

Larry Ziegler made a comment many months ago about my needing to increase my insurance coverages since I actually have some assets now worth suing over. :)

So Larry, I finally did it!

I just got my 6 month insurance bill (Mercury Insurance) and it was for $482 - it seems to be going up about $20 every 6 months. This was for 25/50/25 (state min) and full coverage ($500 deductible) on the Beetle and no comp or collision on the '98 Jeep Cherokee 2WD (it's only worth about $4K - so I self-insure it).

I went on Progressive.com and DOUBLED my coverage to 50/100/50 with same $500 deductible on comp for the Beetle but I raised the collision to $1000 deductible (most work I can do myself except catastrophic stuff..) and still no comp or collision on the Jeep. It lowered me down to $384. So double the coverage for $100 less every six months. Heck yeah.

For comparision purposes, I am 31, my wife is 28 and we have no accidents or tickets and live in metro Atlanta.

I'll probably wait another couple of years and then raise our coverage to 100/300/100 - but for now, I have a little more peace of mind with the doubled coverage.

What is everyone else paying and for what amount of coverage?
I'd love to pay your premiums, but for Calif, the price you pay would cover but 1 car. I am 48....wife is 54....with 20 yr old daughter. Cars are 99 VW Beetle, 01 Honda CR-V, and 03 Honda Element. Coverages are 100/300/100 (incl UM), 5000 Med Pay, $500 Ded Comp & Collision on all 3 cars, $30/day rental reimb, and $50 Towing Reimb. Premium on all 3 cars is $2970/yr, which includes multi policy and renewal discounts. Daughter has 1 accident (which affects the premium about $700/yr).
 

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What The FudgeCake?
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710 Posts
I pay almost as much as my car payment a month for my insurance. I am 18, have had one ticket they dont know of yet, and one accident in a company car so its not on my insurance... I pay 1590 every 6 months for full coverage, 100 comp deductible and 500 collision. 50/25/50 i believe

BTW insurance is the biggest scam available. They overcharge you, you could never use their services and they still charge you a lot. Then, when you need them, they try and wiggle their way out of paying you what they owe, cut your services, and then if you get into an accident that is claimed your fault, they drop you and your rate goes up like 100 a month. SCAM.
 

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5/23/10 <3
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10,919 Posts
Well luckily my car is on my parents insurance plan. its only 500 and some odd dollars a year. Full coverage too. I have to pay $104 for it because my mom traded in her car when they bought mine and thats the difference in insurace costs. We have it through Selective Insurance I believe. I'm so thankful that my parents did that for me. I'm one of the lucky ones. My boyfriend, with his 95 Passat VR6...he has his own insurance. Its almost $800 every 6 months. Its insane.
 

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Good-bye Curby...
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8,727 Posts
Whitacre said:
BTW insurance is the biggest scam available. They overcharge you, you could never use their services and they still charge you a lot. Then, when you need them, they try and wiggle their way out of paying you what they owe, cut your services, and then if you get into an accident that is claimed your fault, they drop you and your rate goes up like 100 a month. SCAM.
i totally agree.

i pay about $325 every six months, full coverage. don't know what my deductibles are - $500 perhaps? i do get a couple of discounts 'cause my family uses state farm and they bundle us all together. i get my parents' multi-line and multi-car discounts. i am female, 30, no accidents or tickets.
 

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Premium Member
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4,319 Posts
I have 250/500/250 on the Focus, The Beetle and The old Bug.. we also have our renters insurance and a $1,000,000 umbrella policy thru state farm.. our monthly bill is $117.21.. not sure what it is for each car broken down.

Tom aka Fowvay

PS... back in 1986 I was 18, had a 1986 Colt Turbo and was paying 191.00 a month for insurance and 185 for my car payments.... lol
 

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Premium Member
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611 Posts
Anyone in NY State that needs Car Insurance can call me, I am a new Allstate Agent. On January 1, 2006 we will have a new program available that will be 10% cheaper than our closest competitor(some green lizzard's company?!?!?!?). (631)289-5333


Jim
 

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Diesel Inside
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359 Posts
BTW insurance is the biggest scam available.
Insurance is the transfer of risk of loss. The more risk a company feels you are, the more it will cost to transfer that risk. An 18 year old male is already in the most risky category...I hope you don't need me to explain why. As people get older and more mature and make good financial decisions their risk declines and it costs less to transfer that risk.

Right now more than any other time in your life (unfortunately) you have the greatest chance of having a loss. And with a ticket and accident already that increases the probability of another loss which hurts you even more. 1500 every 6 months for one car for that low of limits still sounds expensive to me, but I'd have to run your quote to find out...but since you aren't in Texas I can't help you out or check out your stuff.

Anyway...insurance is transfer of risk. If you think it's a scam transfer as little of risk to them as is legal and roll the dice. A couple of stats for you...about 80% of drivers are underinsured (will not have adequet coverage for a major accident) and about 25% or UNinsured (have no coverage). Combine that with driving being one of the most dangerous things you can do everyday and in my opinion you should be transfering as much risk of loss as you can afford to the company. But that's the salesman coming out in me ;).
 

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a.k.a. porkchopzz4
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890 Posts
Discussion Starter #9
Incidentally, insurance companies are using your credit score to determine risk as well. So if you have lousy credit - you're going to pay through the nose. :)
 

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Premium Member
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1,413 Posts
Porkchop said:
Incidentally, insurance companies are using your credit score to determine risk as well. So if you have lousy credit - you're going to pay through the nose. :)
Not in Calif anymore though....insurance commissioner has banished use of credit scoring tools for underwriting purposes and premium payment purposes. Carriers aren't fighting it either, because they are still profitable. In talking with my counterparts in other states, I have heard that carriers have as many as 24 different pricing levels based upon credit score, driving record, etc. Only 1 pricing level exists in Calif for "preferred" drivers (1 minor violation or 1 at fault accident involving property damage only). One of my professional acquaintances is in management for a large bank owned insurance entity that does business in Ga. and the rest of the SouthEast (BB&T)
 

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536 Posts
Southern California (Long Beach) here, and I have a 2001 Beetle, as well as a Ford F-250 and enclosed trailer (both used to cart around my 2004 NB Vert) and I pay $2012 a year through Met Life. FULL Coverage (100K/300K/100K, $200 deduct. and 100k/300k Bodily Injury) I also get towing and a rental car if needed and all glass is covered 100% with NO deduct. Even covers extra sound equipment too! GOTTA LOVE SNOOPY!

Now as far as my 04 'vert goes...the insurance on that one (through a specialty company) costs me about $3200 a year ALONE! Damn all those modifications!

On a side note, I just took a defensive driving course on line, and it will save me an additional $124 a year through MET LIFE.
 

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We have our insurance through State Farm. Liability 100k/300k/50k, Medical 10k, $250 Comprehensive deductible, $500 Collision deductible, roadside assistance, and 100k/300k/25k uninsured motorist. The Beetle runs us about $610/year and her Grand Am runs us about $750/year. For comparison, we're both 27, my last speeding ticket was nearly 6 years ago, her last speeding ticket was 9 years ago, and no accidents. We also get discounts on our policy for accident free, multi-cars, and multi-lines (have life & homeowners with SF too).

By the way, we just moved to North Carolina in May. Before that, we were living in Maryland about 15 miles north of Washington, D.C. Our premiums in MD were about double what we're paying now.
 

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a.k.a. porkchopzz4
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890 Posts
Discussion Starter #13
I'm just getting too cheap in my old age now... for instance, I can't see ever buying a new car again. A new car equals interest expense, higher tags/taxes, and the requirement of full coverage insurance. I'm thinking the sweet spot is buying a 2-4 year old car that was well maintained, paying cash (no loan) and self insuring by not carrying full coverage. That's what I'm doing now with this Jeep and it's saved me a ton of money.

It's a '98 2WD Cherokee bought 2.5 years ago with 69K miles for $8K cash. Insurance if you break it out is about $100 every 6 months for just liability. Tag/taxes is about $50 a year. It now has 109K miles and nothing has ever broken on it... (unfortunately I can't say the same for the Beetle).

I used to trade new cars every 2-3 years... once I stopped doing that I was able to buy a house. :)
 

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Diesel Inside
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359 Posts
Porkchop said:
I'm just getting too cheap in my old age now... for instance, I can't see ever buying a new car again. A new car equals interest expense, higher tags/taxes, and the requirement of full coverage insurance. I'm thinking the sweet spot is buying a 2-4 year old car that was well maintained, paying cash (no loan) and self insuring by not carrying full coverage. That's what I'm doing now with this Jeep and it's saved me a ton of money.

I used to trade new cars every 2-3 years... once I stopped doing that I was able to buy a house. :)
I don't think it has anything to do with getting cheap in your old age...I think's it's wisdom that came from experience. I'm 26 and know that I will never buy a new car again...for many of the same reasons you discussed. In my opinion, having money wrapped up in a car or in car debt is one of the worst places to have it.

Anyone on here listen to Dave Ramsey? Usually on Christian talk radio...but I'm guessing he has broader appeal for his personal finance wisdom. Anyway...good stuff...would definitely recommend his books and plans for getting out of debt and personal finance lifestyle decisions.
 

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a.k.a. porkchopzz4
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Discussion Starter #15
jpdeuce said:
Anyone on here listen to Dave Ramsey? Usually on Christian talk radio...but I'm guessing he has broader appeal for his personal finance wisdom. Anyway...good stuff...would definitely recommend his books and plans for getting out of debt and personal finance lifestyle decisions.
I like Dave, but don't get to listen to him much. I really listen to Clark Howard, which would be his secular counterpart. :)
 

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3,650 Posts
I'm 22. I bought my car "new," and have full coverage. I think I'm at state minimum, maby a little above. $250/$500 deductables, I pay $124 or there about each month to insure one car in North Carolina.
 

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Diesel Inside
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359 Posts
One of the things I advise my clients about as well is increasing the deductibles and being diligent about saving that money in case you do have a loss. The money you save from paying lower premiums is going in your pocket for the same coverage limits...and you are practicing good discipline by saving and having rainy day type money. It just makes alot of sense to me and that's what I advise for my clients as well.

For instance...say you have a $500 deductible. Hopefully you have $500 sitting somewhere in case you have a problem. But if you could save $150 per 6 months on $750 deductibles then in a year you could have the extra deductible saved up and after that you will be paying yourself the extra premium savings.

Anyway...just something to think about. The opinion is worth what you paid for it ;).
 

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a.k.a. porkchopzz4
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890 Posts
Discussion Starter #18
jpdeuce said:
One of the things I advise my clients about as well is increasing the deductibles and being diligent about saving that money in case you do have a loss. The money you save from paying lower premiums is going in your pocket for the same coverage limits...and you are practicing good discipline by saving and having rainy day type money. It just makes alot of sense to me and that's what I advise for my clients as well.

For instance...say you have a $500 deductible. Hopefully you have $500 sitting somewhere in case you have a problem. But if you could save $150 per 6 months on $750 deductibles then in a year you could have the extra deductible saved up and after that you will be paying yourself the extra premium savings.

Anyway...just something to think about. The opinion is worth what you paid for it ;).
This is the same logic I use on full coverage for my 'cheaper' vehicles. I still carry it on the Beetle bc its worth between $8K-$9K - but on the $4K Jeep? Bah, I self insure.

I actually started doing this back when I bought a '79 Corvette for $5K. I dropped full coverage and saved $1000 a year. That was 7 years ago - no wrecks yet. I rolled the dice and won. :)
 
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