Author Topic: What type of insurance do people have on their ten year old paid off cars?  (Read 18609 times)

Talltodd

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WFUDEAC

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I have a 2002 Toyota Highlander with 126K miles. I live in PA and PA is in the top three for deer strikes; in fact I hit one in broad daylight about two years ago and had $3000 in damages. KBB puts current value of my vehicle at $7K.

I have a $1,000 deductible with collision and comprehensive coverage due to the aforementioned deer risk. Have 100K/300K for injury and limited tort.  I pay $50 per month for insurance ($600 annually). Last time I checked I would save $200 a year if I dropped collision and comprehensive which just isn't worth it in my opinion.

La Bibliotecaria Feroz

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Liability only.

In fact, we have liability only on our newer car, which is only 7 years old. I couldn't see paying hundreds of dollars a year to insurance against the possibility that we might lose $7500 (the combined value of our cars). That doesn't make mathematical sense to me.

In fact, unless we smashed into each other, the most we could lose at one time is one car... and we have two... and could probably get by with just one.

RangerOne

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I have a 200k mile 2002 Hyundai elantra. Its bluebook value is maybe $1500 dollars. Definitely liability with a 1k deductible. But it depends on the car value.  I like having full coverage on our other car that is worth closer to 15k but once it gets closer to 5k I would probably drop full on that too. Difference between full and liability for me is about 2 to 1.

TN_Steve

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Liability/Umbrella and whatever other stuff is required by the state.  Any paid off car is treated the same, regardless of model year.  If we have the ability/liquidity to buy a replacement if we hit a deer on our driveway (or the like), we don't pay for insurance to replace the car.  On my latest cheap new car, drove away from dealer with only liability. 

NoraLenderbee

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Liability only.

kpd905

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On my old car I had liability only, for about $30/month.

slugline

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None.

(I consider liability insurance as covering me, not the car.)

Hunny156

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2001 Accord, Liability only.  $35/mo premiums.

AJ

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2001 Prius - liability only, but higher than the state minimums.

CheapskateWife

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Bare legal minimum here...Our cars are both 10 yrs old and fully paid for.

yyc-phil

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2012 Fiat 500, only driven for leisure, with 24,000 km. It is paid for and has a replacement value of $9,500. We have the minimum coverage which is civil liability in the Northwest Territories. Cost is $360 per year with TD Meloche Monex. I was paying twice as much with AMA (CAA/AAA) for the same coverage in Calgary.
« Last Edit: June 15, 2015, 11:26:22 AM by ykphil »

2Birds1Stone

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2004 Nissan Sentra, Liability only $800/yr

celticmyst08

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I have a 2004 Chevy Malibu with 180k+ miles. It's pretty much worth nothing at this point (has a salvage title due to my dad hitting a deer with it years ago). I have liability only, but higher than the state minimums since I drive a lot in heavy traffic and want to make sure my a** is covered. If the car did get totaled we have money saved up to get another one.

choppingwood

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Depends on the value of the vehicle. Last year, I had a 2004 Dodge S-X (Neon), with 240000 km on it, worth at best $3000. Even the insurance company recommended liability and comprehensive only. After I moved to this, the car was rear-ended quite badly. The person driving the other car was in his mid-seventies and was driving a truck from his company fleet. He paid to bring the car to 100% -- more than the value of the car. Lucky break for me, though I should have taken the cash value of the car from him instead.

Now I have a 2006 Hyundai Santa Fe with 165000 km, worth about $7000, in full repair, well worth the collision insurance -- and very cheap. It also covers collisions on rental cars, as long as the original car isn't in use. (some limits on where the rental car is) Good of you don't have this through your cc.

neo von retorch

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I'm kind of on the fence. Until not too long ago, I still had collision and comprehensive on my ~$8000 2008 Honda Fit. Dropping it only saves me ~$160-200 per year. I guess I'm betting I wreck my car less than once every 20 years. So far, that has been my track record. You just don't know if it'll happen.

But the insurance company has bet on me not wrecking - based on my driving history and profile, they don't charge me much for collision/comprehensive. So their calculations probably predict I won't get in accident.

Exflyboy

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I can do all kinds of bodywork and painting (self taught).. Even our two year old (we paid $12k) Chevvy Cruze does not have collision insurance...

Then again we have a NW of roughly $2M.. (if we wreck the car we buy another one for cash) But.. you can bet we carry $500k of liability because we WILL get sued if we hurt somebody.

We really should take out  $1M Umbrella policy.

Jeremy E.

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The insurance companies don't exist to save you money, they exist to make money off you. Buy the minimum.

seattlecyclone

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We have liability only, but purchase more than the state minimum level of coverage because it's quite easy to inflict more than $50k of bodily injuries with an automobile.

Sid Hoffman

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Then again we have a NW of roughly $2M.. (if we wreck the car we buy another one for cash) But.. you can bet we carry $500k of liability because we WILL get sued if we hurt somebody.

Yeah this is exactly why you shouldn't do state minimum liability insurance.  I have a far lower NW and lower liability limit, but still close at $100k/300k liability.  Like you said, in this day and age people get sued for everything.  I looked up the stats the other day and in the USA, 1 out of 138 Americans are injured in auto wrecks every year.  Add that up over, say, 60 years that you might be driving cars and that's a lot of opportunity that you might get in an at-fault injury accident.

My insurance is only $32/month for that $300k coverage and to me that's totally worth it.  I'm basically getting up to 781x leverage on my money ($384 protects $300,000) by having insurance.  At this point in my life, I'm likely to be driving another, say, 45 years.  $384 * 45 = $17,280.  The odds that somewhere in my life, I'll be at fault in an accident that costs more than $17,280 are low, but still very real odds.  Given that my policy gives me up to $300,000 worth of protection for that $17,280 over 45 years, I think its a fair price to pay.

GetItRight

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Liability only, minimum coverage required by law. Used to have significantly more liability insurance but when I added a second vehicle for only me they charge twice for liability despite total annual mileage driven not increasing, so I dropped it to minimums to maintain about the same cost. Never been in an at fault accident and drive carefully to avoid it. No sense in paying for full coverage as any accident caused by others you just make a claim with their insurance which has always worked for me, but you can always take it up in court if there are issues with that.

Spork

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Liability only

TheThirstyStag

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Liability only on both cars, each at least 10 years old.  Dropped comprehensive/collision last year and interestingly my liability premiums increased.  Guess I'm statistically more risky as a customer who doesn't buy comp/coll coverage. 

Tjat

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For those that only are covered up to the liability state minimum....why is that? I understand dropping coll/comp and the whole concept of self-insurance vs a minuscule chance of being at-fault for an accident, but one slip up from a liability perspective could cause you to lose everything. Wouldn't a few hundred bucks a year be worth that peace of mind? I would think the risk/return trade off makes sense there as the risk would certainly derail FI much more so than the cost. 

Kiwi Mustache

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I've got third party + breakdown cover.

Covers me for crashing into someone else's car.

Also free callouts/towing/battery jump if I break down. For this extra breakdown cover, it costs me around $30 extra per year and in the last 9 years of driving my old car required it twice and it would have cost $300 if I didn't have the cover, plus takes the stress out of happening to break down.

Fuzz

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Liability only. $300K max. If you google me, you'll find out I have a professional job. So if I was in an accident and exchanged insurance info with another person, I would be an attractive defendant in a lawsuit. Basically if you have any assets, you want a fair amount of insurance. If I had $500K in the bank, I'd strongly consider $500K in liability coverage.

Chatting about this with a plaintiff's lawyer friend she made the good point that if I was at fault in an accident and disabled another person, I would want them to have $500K in compensation.

For me $300K in liability coverage is around $470/year. Seems fair and appropriate.

seattlecyclone

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If I had $500K in the bank, I'd strongly consider $500K in liability coverage.

For the record, there is no basis for a 1:1 correspondence between your assets and your insurance limits. If you cause someone to be disabled, you can be found liable for $500k (or whatever the amount) regardless of how much insurance or assets you have. If you have no money, any judgement over your insurance amount will bankrupt you, so you might as well not pay for much insurance in the first place. But if you have $200k in the bank and were told to get $200k of insurance to "protect your assets," a $500k settlement will still bankrupt you. Similarly, if you have $500k in the bank and $500k of insurance, you could still be bankrupted if the legal system decides you owe $1 million to the people you hit.

Once you have any amount of assets that you would rather not lose if you were at fault in a car crash, the correct amount of insurance to buy has almost nothing to do with the amount of assets you have. Instead it is whatever the largest likely verdict against you would be. I really don't know what that number is though. Anyone have some data?

TheThirstyStag

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To what degree are retirement assets protected?  For example, if the $500k in the above examples were in 401(k)/Roth IRA/etc. accounts, can it be sought as compensation in a trial?


I'm a red panda

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We switch to liability only once a car is 5 years old.  But way more that the state mandated minimum.

clarkm04

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seattlecyclone

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We have liability and use the Consumer Reports recommendations.

http://www.consumerreports.org/cro/magazine-archive/2010/october/money/car-insurance/auto-insurance-coverage/index.htm

I can't really get behind the Consumer Reports recommendation to buy uninsured motorist coverage equal to your own liability coverage. This coverage will pay for your car, medical bills, or whatever else you might have won in court if an uninsured motorist hits you and they can't afford to pay. Your car should be cheap enough that you can write that off, your medical insurance should already cover the bulk of your medical bills, and if it's a really bad crash you should probably already have disability and/or life insurance to cover those risks. The uninsured motorist coverage just seems to be a way for your auto insurance company to bill you for something that, in the event of a loss, would mostly go right back to your other insurance companies to repay their costs.

dudde_devaru

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I live in MI which is the worst possible state for car insurance rates. Almost all vendors are quoting $100+ per month for my 17yr old Toyota with 139k miles. I don't have any tickets. Have licence from past 5yrs. Never did any claim! This F of a state has some 1M no-fault coverage which cannot be changed!

I feel like ripping myself apart every time I think of it.

Any Michigunners around can suggest me any alternate approach? My policy expires this July and I still run on my SC plates till July when I HAVE to move my licence/plates/insurance to MI :(

GetItRight

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For those that only are covered up to the liability state minimum....why is that? I understand dropping coll/comp and the whole concept of self-insurance vs a minuscule chance of being at-fault for an accident, but one slip up from a liability perspective could cause you to lose everything. Wouldn't a few hundred bucks a year be worth that peace of mind? I would think the risk/return trade off makes sense there as the risk would certainly derail FI much more so than the cost.

Two reasons. One I already stated, two vehicle and I can only drive one at a time so I see no reason why I should be insuring a vehicle for liability when it is an inanimate object that can cause no harm or good. I will not pay twice as much. Automotive is my hobby which I will continue to enjoy into FIRE, so to any naysayers get off your high horse.

The other is I am extremely careful when driving. I accept the risk and think about it a lot, especially any time someone else id driving like a prick and may cause an accident. I'm amazed at how other are so unaware of everything around them while driving and when questioned express a disregard for safety, prudence, or accident avoidance quoting insurance as one reason not to worry. I don't have a membership card to that club.

The third reason is I do not have any appreciable stash and my net worth is negative (though nearing zero) so I'm not an attractive target for a frivolous lawsuit, given that I find it highly unlikely that I would ever do significant, if any, harm to any person or property while driving.

For what it's worth I do have my motorcycle insured under an agreed value policy. I spent a lot of time and money restoring it and given the relatively low cost of motorcycle insurance I feel it's worth the extra $100/yr (on top of about $75/yr for liability with greater coverage than my car policy) to know if anything happens I can build another one if I'm fortunate enough to be able to still be able to get parts to build a 50 year old bike and be alive after the wreck.

Also, as a reaction to this thread I quoted car insurance iwth a couple companies and found one that will save me about $250/yr. This is a BS game you have to play with car insurance switching every 6-12 months to save money. They all give a lower price for new customers but if you call saying you got a quote $100 lower they won't budge on price but tell you to call them back when you're up for renewal and they'll beat the competitor.

dudde_devaru

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Anybody in Michigan running a 10+yr old car? I am getting totally frustrated shopping for this state insurance. Nothing is coming under $150 for my 17yr old car! Any help really appreciated .


chucklesmcgee

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Anybody in Michigan running a 10+yr old car? I am getting totally frustrated shopping for this state insurance. Nothing is coming under $150 for my 17yr old car! Any help really appreciated .

$150 for a month or 6 months? Waive or eliminate any uninsured motorist or collision coverage, towing, health coverage, etc.

chucklesmcgee

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Liability only. I have a $1million personal injury/$100k property damage policy for ~$38/month.

dudde_devaru

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Anybody in Michigan running a 10+yr old car? I am getting totally frustrated shopping for this state insurance. Nothing is coming under $150 for my 17yr old car! Any help really appreciated .

$150 for a month or 6 months? Waive or eliminate any uninsured motorist or collision coverage, towing, health coverage, etc.
$150 for a month! The cheapest possible coverage without any bells and whistles! If you did not know, this MI state has the ridiculous No-fault coverage of $1M. Highest in this entire world I would say! And that cannot be customized.

chucklesmcgee

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Anybody in Michigan running a 10+yr old car? I am getting totally frustrated shopping for this state insurance. Nothing is coming under $150 for my 17yr old car! Any help really appreciated .

$150 for a month or 6 months? Waive or eliminate any uninsured motorist or collision coverage, towing, health coverage, etc.
$150 for a month! The cheapest possible coverage without any bells and whistles! If you did not know, this MI state has the ridiculous No-fault coverage of $1M. Highest in this entire world I would say! And that cannot be customized.

You've got to be missing something. Michigan doesn't even crack the top 10. Maybe you killed someone and forgot about it?

dudde_devaru

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Anybody in Michigan running a 10+yr old car? I am getting totally frustrated shopping for this state insurance. Nothing is coming under $150 for my 17yr old car! Any help really appreciated .

$150 for a month or 6 months? Waive or eliminate any uninsured motorist or collision coverage, towing, health coverage, etc.
$150 for a month! The cheapest possible coverage without any bells and whistles! If you did not know, this MI state has the ridiculous No-fault coverage of $1M. Highest in this entire world I would say! And that cannot be customized.

You've got to be missing something. Michigan doesn't even crack the top 10. Maybe you killed someone and forgot about it?
LoL no! I have just 5yrs of US driving experience, 0 tickets, moved 3 states in past two years and uses 3 different insurance companies in past two years, have made 0 claims, have credit history of 754. Despite all these, getting the worst quote ever! Its not just with one provider. All top 5 advertised providers are giving ridiculous rates!
http://www.nerdwallet.com/blog/insurance/2015/06/17/michigan-battling-high-car-insurance-quotes/
« Last Edit: June 25, 2015, 10:23:15 PM by dudde_devaru »

mustachepungoeshere

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2006 European sedan. Comprehensive insurance at $99 a month (though I would like to see if we can lower that).

I think we are over-insured right across the board; it's probably worth its own post for input on where we can make cuts.

patchyfacialhair

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Anybody in Michigan running a 10+yr old car? I am getting totally frustrated shopping for this state insurance. Nothing is coming under $150 for my 17yr old car! Any help really appreciated .

$150 for a month or 6 months? Waive or eliminate any uninsured motorist or collision coverage, towing, health coverage, etc.
$150 for a month! The cheapest possible coverage without any bells and whistles! If you did not know, this MI state has the ridiculous No-fault coverage of $1M. Highest in this entire world I would say! And that cannot be customized.

You've got to be missing something. Michigan doesn't even crack the top 10. Maybe you killed someone and forgot about it?

Technically, it's unlimited personal injury protection that's required in Michigan. Because of this, injury claims are frequent and frivolous. The insurance company must also rate for the risk present in cities like Detroit or Flint. Since these types of things can bankrupt a smaller insurance provider, all Michigan insured vehicles must also pay into the MCCA (Michigan Catastrophic Claims Association). That's an additional $150 per year, per vehicle, on top of the high risk.

Dudde, keep shopping around (and do it every renewal as well), and if you're in a position to move anytime soon, do some quick auto quotes basing your vehicle at the potential new address.

Source: I'm a licensed insurance agent.

Also, this is my first post here! Hi everybody! I've learned so much from lurking; hopefully I can add value here and there.

dudde_devaru

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Anybody in Michigan running a 10+yr old car? I am getting totally frustrated shopping for this state insurance. Nothing is coming under $150 for my 17yr old car! Any help really appreciated .

$150 for a month or 6 months? Waive or eliminate any uninsured motorist or collision coverage, towing, health coverage, etc.
$150 for a month! The cheapest possible coverage without any bells and whistles! If you did not know, this MI state has the ridiculous No-fault coverage of $1M. Highest in this entire world I would say! And that cannot be customized.

You've got to be missing something. Michigan doesn't even crack the top 10. Maybe you killed someone and forgot about it?

Technically, it's unlimited personal injury protection that's required in Michigan. Because of this, injury claims are frequent and frivolous. The insurance company must also rate for the risk present in cities like Detroit or Flint. Since these types of things can bankrupt a smaller insurance provider, all Michigan insured vehicles must also pay into the MCCA (Michigan Catastrophic Claims Association). That's an additional $150 per year, per vehicle, on top of the high risk.

Dudde, keep shopping around (and do it every renewal as well), and if you're in a position to move anytime soon, do some quick auto quotes basing your vehicle at the potential new address.

Source: I'm a licensed insurance agent.

Also, this is my first post here! Hi everybody! I've learned so much from lurking; hopefully I can add value here and there.
Hello!

I just moved from SC to MI. My $34/month insurance is paid till next month. Have to move my plates/license/insurance to this F of a state now! If you don't want to reply here, feel free to PM me regarding any other service provider to look out for. It hurts and feels much pain to drive a 17yr old car with $150/month insurance!

patchyfacialhair

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Anybody in Michigan running a 10+yr old car? I am getting totally frustrated shopping for this state insurance. Nothing is coming under $150 for my 17yr old car! Any help really appreciated .

$150 for a month or 6 months? Waive or eliminate any uninsured motorist or collision coverage, towing, health coverage, etc.
$150 for a month! The cheapest possible coverage without any bells and whistles! If you did not know, this MI state has the ridiculous No-fault coverage of $1M. Highest in this entire world I would say! And that cannot be customized.

You've got to be missing something. Michigan doesn't even crack the top 10. Maybe you killed someone and forgot about it?

Technically, it's unlimited personal injury protection that's required in Michigan. Because of this, injury claims are frequent and frivolous. The insurance company must also rate for the risk present in cities like Detroit or Flint. Since these types of things can bankrupt a smaller insurance provider, all Michigan insured vehicles must also pay into the MCCA (Michigan Catastrophic Claims Association). That's an additional $150 per year, per vehicle, on top of the high risk.

Dudde, keep shopping around (and do it every renewal as well), and if you're in a position to move anytime soon, do some quick auto quotes basing your vehicle at the potential new address.

Source: I'm a licensed insurance agent.

Also, this is my first post here! Hi everybody! I've learned so much from lurking; hopefully I can add value here and there.
Hello!

I just moved from SC to MI. My $34/month insurance is paid till next month. Have to move my plates/license/insurance to this F of a state now! If you don't want to reply here, feel free to PM me regarding any other service provider to look out for. It hurts and feels much pain to drive a 17yr old car with $150/month insurance!

I'd discuss your situation with your colleagues and neighbors, as they may have recommendations for smaller niche companies that provide the least expensive rates. Also, it may not hurt to find a local independent agent who can run your information through multiple companies. At the end of the day, you may just have to grin and bear it, as long as you live where you live and drive a vehicle. I won't recommend one company over another for this very reason...way too many factors go into pricing auto insurance, plus each company sets rates based on their future expected losses and expenses, using (usually) their own proprietary data.

dudde_devaru

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Anybody in Michigan running a 10+yr old car? I am getting totally frustrated shopping for this state insurance. Nothing is coming under $150 for my 17yr old car! Any help really appreciated .

$150 for a month or 6 months? Waive or eliminate any uninsured motorist or collision coverage, towing, health coverage, etc.
$150 for a month! The cheapest possible coverage without any bells and whistles! If you did not know, this MI state has the ridiculous No-fault coverage of $1M. Highest in this entire world I would say! And that cannot be customized.

You've got to be missing something. Michigan doesn't even crack the top 10. Maybe you killed someone and forgot about it?

Technically, it's unlimited personal injury protection that's required in Michigan. Because of this, injury claims are frequent and frivolous. The insurance company must also rate for the risk present in cities like Detroit or Flint. Since these types of things can bankrupt a smaller insurance provider, all Michigan insured vehicles must also pay into the MCCA (Michigan Catastrophic Claims Association). That's an additional $150 per year, per vehicle, on top of the high risk.

Dudde, keep shopping around (and do it every renewal as well), and if you're in a position to move anytime soon, do some quick auto quotes basing your vehicle at the potential new address.

Source: I'm a licensed insurance agent.

Also, this is my first post here! Hi everybody! I've learned so much from lurking; hopefully I can add value here and there.
Hello!

I just moved from SC to MI. My $34/month insurance is paid till next month. Have to move my plates/license/insurance to this F of a state now! If you don't want to reply here, feel free to PM me regarding any other service provider to look out for. It hurts and feels much pain to drive a 17yr old car with $150/month insurance!

I'd discuss your situation with your colleagues and neighbors, as they may have recommendations for smaller niche companies that provide the least expensive rates. Also, it may not hurt to find a local independent agent who can run your information through multiple companies. At the end of the day, you may just have to grin and bear it, as long as you live where you live and drive a vehicle. I won't recommend one company over another for this very reason...way too many factors go into pricing auto insurance, plus each company sets rates based on their future expected losses and expenses, using (usually) their own proprietary data.
Yup. That's the plan. Talking to some local B&M. Regarding the neighbors, 6 out of 8 are running out of state plates in my apartment, since they have a house/family there!

catccc

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I have liability and collision, which seems to be an unpopular choice here, but IDK, I just feel better about it this way.  If I had a 20 year old car I'd probably just carry liability.

Rural

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Liability plus uninsured motorist (because so many here are) on all our vehicles.

tvan

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Liability plus uninsured motorist (because so many here are) on all our vehicles.

ha!  Same for me. 

TheInsuranceMan

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Thanks.

I would say it depends if you can afford to buy a new car if you don't carry full coverage, and cause an accident, that totals your vehicle.  If you can't afford a new vehicle, then carry full coverage.

slugline

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Anybody in Michigan running a 10+yr old car? I am getting totally frustrated shopping for this state insurance. Nothing is coming under $150 for my 17yr old car! Any help really appreciated .

It sounds like you may be confusing liability insurance (coverage on damages you may inflict on other people) with comprehensive/collision insurance (coverage on damage to your own car). If you have a 17 year old car, you shouldn't need any comprehensive/collision on it because replacement cost is so small. Liability rates are usually tied to your personal demographics -- gender, age, marital status, driving history, place of residence, etc. Maybe try moving? :)

Cassie

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WE switch to liability only once the car is worth only $3,000.