Shopping Vehicles Vs. Insurance

[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.