Author Topic: Car Insurance  (Read 3162 times)

texaslady22

  • 5 O'Clock Shadow
  • *
  • Posts: 51
Car Insurance
« on: May 18, 2015, 09:23:27 AM »
We have two vehicles, a 2006 minivan and like a 2005 truck. We are paying $80/monthly for full coverage. We just called and asked about liability-only coverage. It iwll save us $175 each 6 month term, but they "strongly discourage that." If we had to replace our vehicles, our van is only worth about 3000 maybe (it has 160,xxx miles) so I'm not sure it's worth it. Still, the guy kinda scared us...maybe we should keep full coverage. What do you think?

MetalCap

  • Stubble
  • **
  • Posts: 113
  • Location: Washington DC
Re: Car Insurance
« Reply #1 on: May 18, 2015, 09:31:45 AM »
I just handled this today as a matter of fact. My wife and I covered the car we couldn't live without (The newest, lowest mileage, largest capacity car) with comprehensive and collision but we did raise our deductible for the car.

The other car we insured at state minimum (live in MD) and kept the liability etc the same. 

Then before adjusting these we did a market check at progressive, found it was lower and went back to our agent (we have a very good and long relationship with her) and asked her to match or get close.  She beat it and we're saving 120/month from what we originally paid.  We're now down to 60/month.

vivek440

  • Stubble
  • **
  • Posts: 117
  • Age: 38
  • Location: Jersey City, NJ, USA
    • Adventures of an Indian Couple after their Financial Independence
Re: Car Insurance
« Reply #2 on: May 18, 2015, 05:58:06 PM »
We have two vehicles, a 2006 minivan and like a 2005 truck. We are paying $80/monthly for full coverage. We just called and asked about liability-only coverage. It iwll save us $175 each 6 month term, but they "strongly discourage that." If we had to replace our vehicles, our van is only worth about 3000 maybe (it has 160,xxx miles) so I'm not sure it's worth it. Still, the guy kinda scared us...maybe we should keep full coverage. What do you think?

Why is your insurance cost so low? In which part of US do you stay?

I own a 2013 Hyundai Accent and the premium that I am paying for only liability coverage is $120 per  month. The liability coverage limit is nothing extra ordinary - basic limits (The limits that are recommended by the company). And my driving records are absolutely clean - no tickets, no accidents etc. I am jealous :-)

Now coming to your question - It is a very subjective and would depend on various factors

1) Your personality - If driving without comprehensive coverage is giving you jittery nights, go for the insurance. Personally I just have liability coverage
2) Your liquid savings - In my case, I have enough liquid saving and if required I can replace my car within a day without any loans etc. (Obviously if I will have to actually do it, I will be very sad!)  With so much liquid saving, I didn't see a need to pay insurance premium for comprehensive coverage.


texaslady22

  • 5 O'Clock Shadow
  • *
  • Posts: 51
Re: Car Insurance
« Reply #3 on: May 18, 2015, 06:29:40 PM »
I'm in Texas.

We are thinking about getting a 2014 minivan (please no facepunches! We at least have cash for it) and full coverage would only raise it to $84/month. I dunno. That's just how much it is here?

vivek440

  • Stubble
  • **
  • Posts: 117
  • Age: 38
  • Location: Jersey City, NJ, USA
    • Adventures of an Indian Couple after their Financial Independence
Re: Car Insurance
« Reply #4 on: May 18, 2015, 06:31:19 PM »
I put up in Jersey city (NJ). I think it should be because of location.

ender

  • Magnum Stache
  • ******
  • Posts: 4770
Re: Car Insurance
« Reply #5 on: May 18, 2015, 06:57:43 PM »
Why is your insurance cost so low? In which part of US do you stay?

I own a 2013 Hyundai Accent and the premium that I am paying for only liability coverage is $120 per  month. The liability coverage limit is nothing extra ordinary - basic limits (The limits that are recommended by the company). And my driving records are absolutely clean - no tickets, no accidents etc. I am jealous :-)

Our insurance for two vehicles (2005 and 1998) for liability is about $40/month. Our coverage is absolute maximum, too (1M for liability/under/uninsured and 500k for property damage).

Low cost of living states FTW.

vivek440

  • Stubble
  • **
  • Posts: 117
  • Age: 38
  • Location: Jersey City, NJ, USA
    • Adventures of an Indian Couple after their Financial Independence
Re: Car Insurance
« Reply #6 on: May 18, 2015, 07:01:39 PM »
Our insurance for two vehicles (2005 and 1998) for liability is about $40/month. Our coverage is absolute maximum, too (1M for liability/under/uninsured and 500k for property damage).

Low cost of living states FTW.

:-(
You are making me more jealous now !!! :-P
Anybody staying in Jersey city? Can you share your car insurance premiums? My friends staying in the vicinity are paying similar premiums as me!

BlueMR2

  • Handlebar Stache
  • *****
  • Posts: 2008
Re: Car Insurance
« Reply #7 on: May 19, 2015, 09:55:18 AM »
I own a 2013 Hyundai Accent and the premium that I am paying for only liability coverage is $120 per  month. The liability coverage limit is nothing extra ordinary - basic limits (The limits that are recommended by the company). And my driving records are absolutely clean - no tickets, no accidents etc. I am jealous :-)

Ouch, you need to move!  Mine is roughly $120 a month for liability + comprehensive (no liability) total for all 3 cars that we have!

JLee

  • Walrus Stache
  • *******
  • Posts: 5557
Re: Car Insurance
« Reply #8 on: May 19, 2015, 10:14:26 AM »
We have two vehicles, a 2006 minivan and like a 2005 truck. We are paying $80/monthly for full coverage. We just called and asked about liability-only coverage. It iwll save us $175 each 6 month term, but they "strongly discourage that." If we had to replace our vehicles, our van is only worth about 3000 maybe (it has 160,xxx miles) so I'm not sure it's worth it. Still, the guy kinda scared us...maybe we should keep full coverage. What do you think?

Why is your insurance cost so low? In which part of US do you stay?

I own a 2013 Hyundai Accent and the premium that I am paying for only liability coverage is $120 per  month. The liability coverage limit is nothing extra ordinary - basic limits (The limits that are recommended by the company). And my driving records are absolutely clean - no tickets, no accidents etc. I am jealous :-)

Now coming to your question - It is a very subjective and would depend on various factors

1) Your personality - If driving without comprehensive coverage is giving you jittery nights, go for the insurance. Personally I just have liability coverage
2) Your liquid savings - In my case, I have enough liquid saving and if required I can replace my car within a day without any loans etc. (Obviously if I will have to actually do it, I will be very sad!)  With so much liquid saving, I didn't see a need to pay insurance premium for comprehensive coverage.

Insurance in NJ is very high. I am at $333.50/6mo ($55.50/mo) for full coverage on a ~$22k vehicle in Phoenix (with 18% Progressive Snapshot discount).

vivek440

  • Stubble
  • **
  • Posts: 117
  • Age: 38
  • Location: Jersey City, NJ, USA
    • Adventures of an Indian Couple after their Financial Independence
Re: Car Insurance
« Reply #9 on: May 19, 2015, 01:54:47 PM »
Ouch, you need to move!  Mine is roughly $120 a month for liability + comprehensive (no liability) total for all 3 cars that we have!

I know........ Auto insurance premium in NJ is absurd !!! :-)

GetItRight

  • Pencil Stache
  • ****
  • Posts: 629
Re: Car Insurance
« Reply #10 on: May 19, 2015, 04:06:55 PM »
Liability only with limits proportional to the risk you believe you have of causing an accident (not being the victim of an accident someone else caused). You have two vehicles so you can make do short term (days) if need be with one, and beyond that you can replace with a cheap beater you sell later (or keep) while dealing with insurance. If you don't cause the accident you simple dela directly with the insurance company of the person who caused the accident and file suit for anything beyond that if need be to repair or replace your vehicle. I've been the victim of several accidents caused by others and each time got paid for damages to repair or replace my vehicle.

The only unpleasant experience I had was with Liberty Mutual, avoid that insurance company as they are downright awful to deal with and it's a long process to get any money out of them. They are a bunch of crooks.