Insurance cost question
7/5/16, 06:11 PM
#21
Bullitt Member
I just switched to USAA from State Farm. I have $1million/1million on medical $0 comp coverage an $250 deductible for collision. Saved $80 a month wish I would have done it sooner!
7/5/16, 06:28 PM
#22
I don't know what kind of assets you have but a while back I added an umbrella policy to go above my car and home insurance just in case. So if something bad happened and maxed out my car or home coverage, I'd have something to protect some of my accumulated wealth and not get farked and be left hung out as I get old. And it wasn't that much more to get it. If you have a good bit of stuff accumulated, it would be worth looking into. It could keep you from being left high and dry if something happens.
7/6/16, 04:52 AM
#23
FR500 Member
I don't know what kind of assets you have but a while back I added an umbrella policy to go above my car and home insurance just in case. So if something bad happened and maxed out my car or home coverage, I'd have something to protect some of my accumulated wealth and not get farked and be left hung out as I get old. And it wasn't that much more to get it. If you have a good bit of stuff accumulated, it would be worth looking into. It could keep you from being left high and dry if something happens.
I spent 34 years as an auto claims adjuster and I've seen this happen. Regardless of how one feels about insurance companies and their pricing policies, an umbrella is the best deal out there with regards to protecting your assets. It will require you to raise your underlying liability limits on the auto and homeowner policies, typically up to $250K or $500K each, and an umbrella will add $1,000,000 or more depending on the company.
7/6/16, 06:20 PM
#24
Roush Forum Stalker
7/6/16, 07:41 PM
#25
Bullitt Member
Where you live definitely affects your rate. I'm 32yo and have a clean record, but I'm paying $3k right now for full coverage, insurance is super expensive in NYC, especially Brooklyn. Insurance costs half that outside the city.
7/23/16, 11:56 AM
#26
I'm 62 and have a 2007 GT premium convertible that is classified as a recreational driver. It has 16k miles on it. My premium is around 400.00 per year. I also get an additional discount when the car is stored inside for the winter.
7/23/16, 01:40 PM
#27
Roush Forum Stalker
7/23/16, 02:57 PM
#29
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$400 a year is really cheap. I'll have to look into that. Like I said at first, I pay about $1100/year for an 05 GT premium with about 20k miles on it. It is driven year around here but only as a fun car and not a daily driver. I'm 69.
7/24/16, 05:10 PM
#33
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I have two cars on my policy a 2005 Mustang GT and a 2015 Explorer. The Explorer is driven most of the time and the Mustang is just for fun. I pay more to insure the 05 Mustang than the 2015 Explorer.
8/1/16, 03:06 PM
#34
Like others have said, insurance rates have so many variables that you cannot get a idea of what you should pay by asking others throughout the country, different ages, different credit scores , driving records, etc.. what they are paying. It gives you no idea at all what you should be paying. You have to do a little legwork. Shop around. Check with the national carriers in your area and also, check with a independent insurance agent ( I am biased on that one as I own a agency). They will quote you from several different carriers and present the best quote for you, based on you. Its the best way to tell if you are paying a fair amount for your situation. I also agree with previous posters who suggest a umbrella policy. Best way to make sure you are protected and cost is pretty low in most cases. Even if you have not accumulated assets yet, your income is a asset and if you are liable beyond your limits of liability on underlying policies your income can and will be garnished. So, just shop around and good luck!
8/1/16, 03:52 PM
#36
FR500 Member
Like others have said, insurance rates have so many variables that you cannot get a idea of what you should pay by asking others throughout the country, different ages, different credit scores , driving records, etc.. what they are paying. It gives you no idea at all what you should be paying. You have to do a little legwork.
If you belong to a Mustang club or attend a lot of shows and cruises in your area, seek out other Mustang owners with similar cars and who are of similar ages and question them. That'll narrow down some of the variables and give you a place to start.
Don't rely on internet quotes unless you have an understanding of coverages. It's best to sit with an agent and let him/her explain options and ways to save money without sacrificing protection.
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