Auto Insurance - Suggestions

[hope2retire]

Hi All, I am paying Auto Insurance for me and my wife for 2012 Car(bought it new in 2012), which comes to $416 for 6 months in NJ.  Below is the coverage from the lizard bugger. Any other alternative company which would beat this price. Or am I stuck with this green bugger. Is this good price for the coverage or am I paying more? Would I be able to get this coverage elsewhere for lower price?

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For Others
Bodily Injury Liability: $71.30
$100,000 per person/$300,000 per occurrence

Property Damage Liability: $56.90
$100,000 per occurrence

For You
Personal Injury Protection:: $81.60
OPTION E $250,000/$250 Ded.

Uninsured Motorist & Underinsured Motorist: $25.80
$100,000 per person/$300,000 per occurrence

Uninsured Motorist & Underinsured Motorist PD: $3.10
Deductible: $100,000/$500

Vehicle total 6 month premium: $411.90

Comprehensive: $20.50
Deductible: $50

Collision: $92.10
Deductible: $250

Emergency Road Service: $5.50
Carried

Rental Reimbursement: $14.80
$50/Day, $1,500Max

Mechanical Breakdown Insurance: $40.30
Deductible: $250


H2R

[Groovin Old Hippie]

We have Wawanesa. We pay $920/yr for 2 cars - 2000 Corolla w/140 mi round trip commute to work and a 2010 Corolla w/pleasure use only. We live in So Cal. Maybe you can get your premium lower by raising your deductibles.

[chucklesmcgee]

You don't need half that stuff. Why pay for insurance on emergency roadside service? You're paying $5.50 a month on losing lottery tickets for a potential $50-$70 payout (a tow). Ditto for a rental reimbursement, mechanical breakdown insurance.

The whole point of insurance is to pay for some emergency you couldn't afford. Maybe you want comprehensive/collision coverage because you'd be severely financially disadvantaged by having to buy a new car. But can you really only afford to put $50-$250 in to repairs? The lower the deductible, the more insurance is going to jack up your rates. Don't pay for coverage you don't need- the odds are never in your favor.

[Tjat]

Yeah.... drop mechanical breakdown at least. Mechanical breakdown is offered only by GEICO (of major carriers) and they view it as a huge money maker. In other words, you will lose out and they probably just stuck it on your policy without asking. I would probably keep rental so if some clown hits you, you don't have to pay for a rental while the insurance figures everything out. The convenience is probably worth the $28 a year.

Also, raise those deductibles - 50/250 for comp/collision is astronomically low. At least 500/1000 should be appropriate.

You're paying $5.50 a month on losing lottery tickets for a potential $50-$70 payout (a tow).

I believe those are 6-month premiums, not monthly.

[hope2retire]

Thanks for the reply guys.
Removed the Mechanical breakdown as of now. Reduced the 6 mo premium by ~$41. I have never noticed this part before. Tried to increase the deductible for the Collision to $1000, it reduced the premium by ~$25 for 6mos, which is <$5 pm. So the increase in deductible is $750 ($250 to $1k) for a decrease in premium of $5 pm. This would be equivalent of 150 months (12.5yrs). Considering for 2 drivers, for now i left it as-is and explore decreasing this in the future.

Thanks once again MMMians.

H2R

[expectopatronum]

How much BIL and PDL does one actually need? We're in the process of renewing. Is "cover your assets" really the case...?