Shopping Vehicles Vs. Insurance

[nikerret]

Yours sounds high.

I pay $872.00, per year, for my 1995 Buick Roadmaster. Full coverage $500 deductible on collision, $250 deductible on everything else.

I also have a commercial policy, full coverage $500 deductible on my 2014 F-350 crew cab flatbed dually and 2018 Diamond C dump trailer. This cost is $1,195.00, per year.

 

[DK35vince]

That痴 the least of your problems. At least you can drive without that working. I think vehicles got 田omplicated before most people realize. My 92 truck is one of the last offered by GM with a mechanical injection pump. And guess what, every factory option except the AC still works 30 years later. And the AC would probably work if I could still buy affordable R12. I致e got a 95 GM truck that痴 computer controlled everything. Even the gas pedal only controlled wires. I used to have a 99 Silverado that was all electric everything. Most of which didn稚 work.

I switched my 1991 pickup AC over to 134a (from R12) years ago and its still working fine

 

[4570Man]

I switched my 1991 pickup AC over to 134a (from R12) years ago and its still working fine

I switched mine over and changed the air dryer and changed to the proper oil and vacuumed the system. It stopped working soon after and I never dealt with it anymore. Being a white truck it’s not bad to drive with no ac.

 

[om21braz]

Here in NC going from a commercial insurance on a 1-ton to personal, full coverage cut the price from $ 1600 a year to less than $ 800. On a new truck at that. No longer can claim it as an expense though.

 

[jwstewar]

You guys are giving me insurance envy. We are paying $435 a month. That is for my '99 Silverado, 2008 Suburban, 2013 Hyundai Elantra, 2014 Honda Civic EX, 2014 Hyundai Sonata Sport, 2017 2500HD Duramax, my son's 93 Camaro with historical tags and a declared value, and our Jayco Camper. 4 drivers - me, my wife, 19 year old daughter, 18 year old son. My son scratched the side of the Sonata last year in the driveway. Cost almost 4k to fix it because of the amount of panels and the tri-coat paint. Then on July 3rd he had an accident. Totaled the Sonata. No other accidents or violations. Waiting to see what the latest accident costs us.

 

[two_bit_score]

I don't really understand how people can afford to have multiple newer vehicles. In many urban places around the country insurance can almost double your monthly payments, sometimes running close to $4,000/year.



I'm becoming concerned about the continued reliability of these older cars and potential repair costs, but I'm at a point where I can't even shop for a 10 year old vehicle without getting new insurance quotes first. I've seen decent cars and some pickup trucks in the $3-4,000 range, but they would still hike my premium considerably.

Just rambling ....

Why would anyone want more coverage than Liability, UM/UIM and PIP on a 10+ year old vehicle or one worth $3-4,000??????


The more expensive coverages are comprehensive and collision with low deductibles. If your vehicle is paid for and has over 100k miles it’s probably not cost effective to carry low deductible comp and collision. Raise the deductible or drop the comp/collision all together.

Keep PIP and UM/UIM if possible. Especially PIP, and get higher limits. It pays for a lot of medical bills that might be incurred due to “operating or during maintenance and use of the vehicle”. It’s also non-subrogable. So there is no offset with the other party’s coverage if you are not at fault and have a claim against someone else for injury. Very helpful to get your bills paid up front.

High cost add on’s that a lot of people pay for and never really benefit from are towing and rental car coverage.


TBS

 

[two_bit_score]

You guys are giving me insurance envy. We are paying $435 a month. That is for my '99 Silverado, 2008 Suburban, 2013 Hyundai Elantra, 2014 Honda Civic EX, 2014 Hyundai Sonata Sport, 2017 2500HD Duramax, my son's 93 Camaro with historical tags and a declared value, and our Jayco Camper. 4 drivers - me, my wife, 19 year old daughter, 18 year old son. My son scratched the side of the Sonata last year in the driveway. Cost almost 4k to fix it because of the amount of panels and the tri-coat paint. Then on July 3rd he had an accident. Totaled the Sonata. No other accidents or violations. Waiting to see what the latest accident costs us.

How does that declared value policy work for you in the event of a total loss on that car?

 

[two_bit_score]

Yours sounds high.

I pay $872.00, per year, for my 1995 Buick Roadmaster. Full coverage $500 deductible on collision, $250 deductible on everything else.

Is it cost effective to carry comp and collision on a 1995 vehicle worth probably max of $2k in an insurance claim? I don’t know your car but ............? How much is the comp and collision alone on that vehicle?

 

[Dftodd]

You guys are giving me insurance envy. We are paying $435 a month. That is for my '99 Silverado, 2008 Suburban, 2013 Hyundai Elantra, 2014 Honda Civic EX, 2014 Hyundai Sonata Sport, 2017 2500HD Duramax, my son's 93 Camaro with historical tags and a declared value, and our Jayco Camper. 4 drivers - me, my wife, 19 year old daughter, 18 year old son. My son scratched the side of the Sonata last year in the driveway. Cost almost 4k to fix it because of the amount of panels and the tri-coat paint. Then on July 3rd he had an accident. Totaled the Sonata. No other accidents or violations. Waiting to see what the latest accident costs us.

Cost is probably do to having your son on your policy and the fact he drives a sports car. Ours was $190 a month extra for our daughter and a used PT Cruiser with just liability and pip. We had to exclude her as a driver on my truck and wife's car or it would have been quite a bit higher.

 

[aczlan]

I'd start shopping around for a new Ins Co. $1200 a year (600 each) for just liability seems high. Question your Ins. Co. and ask why. Maybe they have something in their records claiming you're a high risk.
Anyone under age 25 on your policy?
In 2016 I bought a new 2500 4X4 CC ($52K) and a new AWD Equinox ($31K). I have full coverage on each which costs me around $800 every 6 mos.

I agree, we have two vehicles (1 liability only, 1 full coverage) and two drivers and we are under $1000/year.

Something I did a few years ago that dropped my insurance cost a lot was to carry a umbrella liability policy. With that you can lower the liability insurance on each vehicle and your house due to them being covered by the umbrella policy. I don't remember the numbers now but overall I ended up with more insurance coverage at less cost.

We have an umbrella policy and it made a significant difference in the price for our auto and home owners insurance.

Aaron Z

 

[nikerret]

Is it cost effective to carry comp and collision on a 1995 vehicle worth probably max of $2k in an insurance claim? I don’t know your car but ............? How much is the comp and collision alone on that vehicle?

It’s a Roadmaster wagon with less than 90k miles. It’s in very good condition. Will be excellent condition, when I’m done with a few more things.

It costs me this:

 

[nikerret]

We have an umbrella policy and it made a significant difference in the price for our auto and home owners insurance.

Aaron Z

I can稚 get an umbrella policy. My career is on the short list of jobs you can稚 get an umbrella policy-street cop.

 

[two_bit_score]

It’s a Roadmaster wagon with less than 90k miles. It’s in very good condition. Will be excellent condition, when I’m done with a few more things.

It costs me this:

So you are paying $295 x2 for a years comp/collision so say $600 per year. One reason your premiums are that low is the insurance company bases it on their claim payments for that type vehicle at that age, etc. The higher the average ACV the higher the premium. Your premium is pretty low, indicating they normally pay out very little on vehicles of that make, model and age including total losses.

Simple question is how many years of insurance premiums at $600 will it take to exceed the actual cash value of your car? Keep in mind that the insurance company will primarily determine the actual cash value. Keep in mind that they will take the $500 collision deductible off of your ACV in the event of a collision loss first. You pays your money, you takes your choice.

I once had to tell an insurance agent that he was selling a client a policy the guy essentially couldn’t collect on because after the deductible there wouldn’t be enough left to even cover the year of premiums he was charged.

I hope you do better.

TBS

 

[Diggin It]

That's why I dropped collision. The premiums over 2 -3 years would have been more than they would have paid out for a loss. Most 20+ year old cars have a BB value of under $1,000

 

[Streetcar]

You guys are giving me insurance envy. We are paying $435 a month. That is for my '99 Silverado, 2008 Suburban, 2013 Hyundai Elantra, 2014 Honda Civic EX, 2014 Hyundai Sonata Sport, 2017 2500HD Duramax, my son's 93 Camaro with historical tags and a declared value, and our Jayco Camper. 4 drivers - me, my wife, 19 year old daughter, 18 year old son. My son scratched the side of the Sonata last year in the driveway. Cost almost 4k to fix it because of the amount of panels and the tri-coat paint. Then on July 3rd he had an accident. Totaled the Sonata. No other accidents or violations. Waiting to see what the latest accident costs us.

young son with bad record and sports car will cost a fortune to insure

 

[Turbys_1700]

In my case - location is a BIG factor. Like Diggin It - I live very rural, no tickets, no claims, low annual mileage, no accidents, excellent credit. My six month premium for MAX coverage on the new Taco Wagon with State Farm - less than $500. It also helps that I've been with State Farm for 50+ years. If I were to live within the city limits of Spokane - the six month premium would be more than double.

Very similar here with our costs oosik. I have full coverage on a 2015 Chrysler 300 and it's $340 per 6 month term. When we bought it the value was $23K. We have Farm Bureau and they have coverage on everything. Been with them for over 30 years.

 

[Streetcar]

When my daughter graduated college, total cost for her being rider on my policy was less than her stand only policy. Both quotes we're same company.

 

[4570Man]

Is it cost effective to carry comp and collision on a 1995 vehicle worth probably max of $2k in an insurance claim? I don’t know your car but ............? How much is the comp and collision alone on that vehicle?

I payed an extra $65 per vehicle per year for full coverage. I doubt he’s paying much difference for his either.

 

[nikerret]

I payed an extra $65 per vehicle per year for full coverage. I doubt he’s paying much difference for his either.

Mine’s $550 a year difference. I posted a screen shot at the top.

 

[jwstewar]

How does that declared value policy work for you in the event of a total loss on that car?

Since it is old enough it doesn't book, in the event the car is totaled, we get the value we declared - in this case $10k.