Author Topic: Car Insurance - Raising Deductible? Dropping Comprehensive and Collision?  (Read 1435 times)

civil4life

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Hello,

Title tells you the questions.

I am currently looking at reducing my coverage.  I have Geico.  2013 Prius - KBB ~$10k

I could not afford to buy a car if mine were totaled, but could put a significant amount down.  I have good enough credit that I would be able to get a very low interest rate.

Bodily Injury Liability - $50k/$100k - $101.40
Property Damage Liability - $25k - $86.90
Personal Injury Protection - $2500 - $12.30 - Required by my state
Uninsured Motorist Bodily Injury - $50k/$100k - $16.70
Uninsured Motorist Property Damage - $25k - $6.70
Comprehensive - $500 Deductible - $38.20
Collision - $500 Deductible - $158.70

Total for 6 months is $420.90
I am considering either dropping or raising the deductibles of my Comprehensive and Collision.  I can raise them up to $2500.

Also, I have shopped around and no one can come even close to my Geico coverage.

HipGnosis

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Thereís a common rule of thumb:
When your yearly cost for C&C becomes greater than 10% of your carís current value, thatís the point at which you can remove the coverages.

I would also factor in your driving history.

I keep comprehensive but have a $1,000 deductible. 

Trying2bFrugal

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Hello,

Title tells you the questions.

I am currently looking at reducing my coverage.  I have Geico.  2013 Prius - KBB ~$10k

I could not afford to buy a car if mine were totaled, but could put a significant amount down.  I have good enough credit that I would be able to get a very low interest rate.

Bodily Injury Liability - $50k/$100k - $101.40
Property Damage Liability - $25k - $86.90
Personal Injury Protection - $2500 - $12.30 - Required by my state
Uninsured Motorist Bodily Injury - $50k/$100k - $16.70
Uninsured Motorist Property Damage - $25k - $6.70
Comprehensive - $500 Deductible - $38.20
Collision - $500 Deductible - $158.70

Total for 6 months is $420.90
I am considering either dropping or raising the deductibles of my Comprehensive and Collision.  I can raise them up to $2500.

Also, I have shopped around and no one can come even close to my Geico coverage.

I know this is old thread, but damn I am paying twice [1100/6 months] due to no fault shiit in Michigan.

No accident, no bad history on my driving, yet paying 1100 in Geico. Damn the state. Don't know what I can do about this robbery.
« Last Edit: March 07, 2018, 01:41:40 PM by Trying2bFrugal »

mikedom

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Also live in Michigan, share one car with my wife. We pay $270/6months with Farm Bureau. PL/PD only on a 2007 Prius.

Trying2bFrugal

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Also live in Michigan, share one car with my wife. We pay $270/6months with Farm Bureau. PL/PD only on a 2007 Prius.

Thanks.

Here is my situation. I have vehicle loan at bank with 4k outstanding. So due to that, i need to have Collision and comprehensive. Also the agent told me that there are around 22% of the drivers are not insured in michigan, which is why high price on quote and thats the same reason why they have me to get fully covered.
For a car worth 9k, these doesnt addup and I am going nuts.

Bodily Injury Liability
$50,000 per person/$100,000 per occurrence
     $189.70
Property Damage Liability
$50,000 per occurrence
     $7.10 
Limited Property Damage
$1000 per occurrence
 
     $6.70 
Personal Injury Protection
 
     $619.10
Property Protection
$1,000,000
 
     $10
Uninsured Motorist Bodily Injury 
 
     $22.90
 
Comprehensive Deductible: $500
 
     $86.90

 
Collision $500 Ded/Broad Form
 
     $309.80

 
Total per six month
 
     $1,252.20 

Now, I can close the car loan (I have cash for that), contact the FarmBureau (but I dont have farm/house or not membership with them, is it okay?)
I know its silly to pay this much for a car worth 9k. What I dont know is how much is enough and what things I need to take.
Its me (8 years on wheel, no tickets on crash/speeding) and wife (1 year but sensible driver).



Whats your advice on it?
« Last Edit: March 08, 2018, 07:43:31 AM by Trying2bFrugal »

mikedom

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  • Location: Lansing, MI
We don't have a farm either, you just need to pay to become a member (~$50/yr). We also have a homeowners and life policies with FB.

I don't have the breakdown of the costs for our policy. Do you know why the Personal Injury part is so high? Your agent claimed that the large percentage of uninsured motorists raised the rate, but that's a tiny portion of the overall cost. I would at least call FB for a quote to see if it's ballpark of what you're paying.

Even if you removed the collision part, you're paying a ton for just PL/PD....what part of Michigan are you in?

JLee

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Also live in Michigan, share one car with my wife. We pay $270/6months with Farm Bureau. PL/PD only on a 2007 Prius.

Thanks.

Here is my situation. I have vehicle loan at bank with 4k outstanding. So due to that, i need to have Collision and comprehensive. Also the agent told me that there are around 22% of the drivers are not insured in michigan, which is why high price on quote and thats the same reason why they have me to get fully covered.
For a car worth 9k, these doesnt addup and I am going nuts.

Bodily Injury Liability
$50,000 per person/$100,000 per occurrence
     $189.70
Property Damage Liability
$50,000 per occurrence
     $7.10 
Limited Property Damage
$1000 per occurrence
 
     $6.70 
Personal Injury Protection
 
     $619.10
Property Protection
$1,000,000
 
     $10
Uninsured Motorist Bodily Injury 
 
     $22.90
 
Comprehensive Deductible: $500
 
     $22.90
 
Collision $500 Ded/Broad Form
 
     $22.90
 
Total per six month
 
     $1,252.20 

Now, I can close the car loan (I have cash for that), contact the FarmBureau (but I dont have farm/house or not membership with them, is it okay?)
I know its silly to pay this much for a car worth 9k. What I dont know is how much is enough and what things I need to take.
Its me (8 years on wheel, no tickets on crash/speeding) and wife (1 year but sensible driver).



Whats your advice on it?

Your comp/collision is almost nothing.  PIP is screwing you over. Get a quote from five more insurance companies and see what they are.

Trying2bFrugal

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Your comp/collision is almost nothing.  PIP is screwing you over. Get a quote from five more insurance companies and see what they are.

I am sorry, Collision - 87 & Comprehensive-309.80, it was a mistake on copy paste mistake.

We don't have a farm either, you just need to pay to become a member (~$50/yr). We also have a homeowners and life policies with FB.

I don't have the breakdown of the costs for our policy. Do you know why the Personal Injury part is so high? Your agent claimed that the large percentage of uninsured motorists raised the rate, but that's a tiny portion of the overall cost. I would at least call FB for a quote to see if it's ballpark of what you're paying.

Even if you removed the collision part, you're paying a ton for just PL/PD....what part of Michigan are you in?
I live in Farmington hills area. I do not know why the costs were so high.