insurance advice?

[greg_atlanta]

Just got my renewal statement and considering some changes.

1992 Q45, 180K actual miles (odometer shows 140K)

6 mo premium = $626.40age 30, single, "safe driver" (ha-ha), etc.(premiums are high because i live smack in the middle of the city)

comprehensive = $106 ($500 ded)collision = $225 ($1000 ded)

property damage = $99 ($25,000 each occurrence)bodily injury = $140 ($25,000 each person, $50,000 each occurrence)unisured motorists = $44

I live in a gated apartment complex with covered parking, so not really concerned about crime, broken windows. Also not concerned about repairing cosmetic damage. Hoping to use as primary car for about 2 more years, maybe keep as 2nd car beyond then (or put out to pasture with a friend or relative).

I'm considering dropping both collision and comprehensive but increasing the limits on the liability stuff. Sound like a good plan?

[Q451990]

Does your comprehensive cover windshield damage? I had two windshields in two years once... at $1000 each the comp. really paid off. As far as collision, as long as you're financially able to get a new car with a total loss with no payoff, that's probably the way to go... your liability looks really low at this point... I think I carry $250,000 or $500,000 and even that wouldn't go very far these days. And I thought insurance was expensive here!

Heath

[911/Q45]

At those rates, it looks like you'll be money ahead by dropping collision and comprehensive. If your medical is covered by another health plan, skip that too as well as uninsured motorist. I just love the fact that we're supposed to pay extra because the state can't enforce the mandatory insurance laws! Liability depends on your financial situation. If you don't have any significant assets, minimum liability required by law is fine. If you have something to lose, check into an umbrella policy. They are often cheaper and cover many more risk factors.

[juiceman]

Comp and collision are not really important untill you get into trouble. Most companies will not give you comp coverage without collision.

Even though your gated community is "safe" I have learned that no where is safe. Codes can be given out etc. They only stop the honest thieves

I would shop around. I saved money over geico by using a company called Amica http://www.amica.com Give them a call. I am around the same age but married and I pay around the same but with much better coverage. Only kick i you need a clean record to get accepted

Try some of those insurance places on-line where they quote different companies.

My suggestion is to keep it. It is like using walmart recycled oil instead of a good synthetic. You get cost savings up front but you will eventually pay down the line sometime. If you do decide to drop it, try raising your liability, don't know what you have to protect but the minimum barely covers anything if you are to blame in an accident. I have an umbrella policy for around 200 per year that gets me close to 2 mil in liability coverage.

Good luck

[fxjackso]

I'm not sure what you mean by cosmetic damage. Like others, I have gotten a new windshield (on each of our 10 year old cars) in the last two years, $1400+. A flying piece of metal tore apart the front apron (under the bumper cover) on the Q, $1200. A rock thrown from a truck tire smashed the Q's right headlight, and required repainting the bumper, $750. The cost of ZERO deductible comp for two years, about $1600. No accidents, theft or vandalism, and we're still ahead. I have long been convinced that higher deductibles save money-for the casualty insurers, not for the insureds. For we who value our cars because we like them, not because they cost $5.99 per pound like so much meat at the grocery, the old "drop coverage when the premium is x% of the blue book" doesn't work. If your car is damaged you and don't have coverage, what will you replace it with?

Also agree with the comments on liability and med earlier.

[jmatas]

I just renewed my policy this month (1994 Q45, 2000 I30, I'm 26 with a speeding ticket, my wife is 29 with a clean record, also in Atlanta city limits): BODILY INJURY & PROPERTY DAMAGE LIABILITY: I30 = $296.24, Q45 = $193.00 BI $25,000 EACH PERSON - $50,000 EACH ACCIDENT PROPERTY DAMAGE LIABILITY - $25,000 EACH ACCIDENT

COMPREHENSIVE ACV LESS $500 DEDUCTIBLE I30 = $75.00, Q45 = $146.00

COLLISION OR UPSET ACV LESS $500 DEDUCTIBLE I30 = $237.00 Q45 = $268.00

6 month Premium: Q45 = $607, I30 = $608

That's through Progressive. I know they suck when you need them, but I'm a gambler (and that's all insurance is).

[jpalm]

Well, we'll be shopping soon due to my wife having her first ever mishap a week or so ago. Between my totalled J30, a speeding ticket, and my wife's car I'm pretty sure "All-Snake" (aka Allstate) will dump us. Its wait and see I suppose, I think we are up for renewel in March?

[deesolballs]

Well, we'll be shopping soon due to my wife having her first ever mishap a week or so ago. Between my totalled J30, a speeding ticket, and my wife's car I'm pretty sure "All-Snake" (aka Allstate) will dump us. Its wait and see I suppose, I think we are up for renewel in March?

That really stinks puddin' boy! You pay premiums for years and when you start to make a few claims to get your own money back they pitch a fit, raise your premiums and lie in wait to kick you to the side.

I've had GEICO for ever and never had a problem with claims (for the wife that is, I am accident and ticket free). They pay up speedily with no arguments or debates and premiums are competitively reasonable. They do need to make that damned Gecko wear a seat belt in his "Employee of the Month" commercial (with the red convertible).

[jpalm]

Dees,I must say I was preparing for the worst when I saw you were the last poster on this thread! Turned over a new leaf I suppose!?

Anyways, yep, insurance loves to take your money and make you feel all warm and fuzzy and then.......bend over!

[deesolballs]

My tongue is now bleeding...what is your wife driving JPalm? Did she have a bad accident?

[jpalm]

99 Altima GLE. She is fine, thanks for the concern, it was just a fender bender (actaully a fender ripper offer but...) She'll need a new fender, mounting hardware, turnsignals. Other than that it should be okay, its basically just cosmetic. Just scared her, she's never been so much as pulled over and to boot she had my 3 1/2 year old neice with her.

Funny, my neice goes "Its okay, sometimes I have accidents too, I poopy in my pants sometimes!" That made her die laughing!

[greg_atlanta]

I'm with Nationwide and I'll stick with them. Afraid to shop around since I do have one speeding ticket from 2 years ago... and Nationwide never seems to find out about my tickets!!! That's the best discount around! Or if they do know, I still have a "safe driver" rating.

(When I got the policy in 1994 I was 21, fresh out of college, and had 3 speeding tickets in Virginia within the prior year... played dumb about it and it worked!)

That being said -- I've probably cursed myself -- I may look into dropping collision and keeping comprehensive.

My understanding of collision is that it pays for the repairs to (or the value of) my car should it be in an accident when I'm at fault. I'd give a ballpark value of $3000 retail for my car (on a warm sunny day). I guess it also saves on future premium increases if I don't file a claim.

But I was wondering... what about no fault accidents? I learned from traffic court that if there are any doubts the judge will just declare it no fault and say "let your insurance companies fight it out".

[greg_atlanta]

At those rates, it looks like you'll be money ahead by dropping collision and comprehensive. If your medical is covered by another health plan, skip that too as well as uninsured motorist. I just love the fact that we're supposed to pay extra because the state can't enforce the mandatory insurance laws! Liability depends on your financial situation. If you don't have any significant assets, minimum liability required by law is fine. If you have something to lose, check into an umbrella policy. They are often cheaper and cover many more risk factors.

I'll keep uninsured motorist.... was stopped at a police roadblock near work a few months ago and was surprised that the majority of cars were getting tickets!!! (lots of recent immigrants in the area)

I do have significant retirement assets (401k, IRA, pension) and some other investments. Is an umbrella policy protection against getting sued for any reason? Never heard of it before.

[Jberger]

Just one thought about GEICO. They have a program which gives grants to police departments to buy speed enforcement equipment (read radar/laser) and average over 2000 grants a year. (this is all from memory, but it's probably out in googleland somewhere)

Based on that fact alone, I'll never give them 1 penny, no matter how "cheap" it is.

And I've actually had very good results with progressive!

[juiceman]

an umbrella is a liability policy, best to get thru car insurance company since they will give you more and their policies overlap, meaning most will actually give you more for the same amount

Each company will cover slightly different things.

Main thing that if you are liable on your property, car or for any other reason they will cover you. Will not cover work related issue etc but personal liability

Each policy is different so based on what you said I would definately look into it.

[deesolballs]

Just one thought about GEICO. They have a program which gives grants to police departments to buy speed enforcement equipment (read radar/laser) and average over 2000 grants a year. (this is all from memory, but it's probably out in googleland somewhere)

Based on that fact alone, I'll never give them 1 penny, no matter how "cheap" it is.

And I've actually had very good results with progressive!

Hmmm... an insurance company with an interest in helping law enforcement agents! For shame, for shame.:rolleyes

[greg_atlanta]

I'd believe that about GEICO. I got a quote from them and then threw in a "what if" scenario (one speeding ticket) and the rates tripled.

[deesolballs]

Obey the laws of the land or pay the consequences you Basturds!! "It's all fun and games till somebody gets killed!"