My car is paid for & I am thinking about dumping insurance to liability only.
Mach 1 Member
Joined: June 28, 2006
Posts: 780
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From: Staten Island, NY
I am an excellent driver with no accidents (at fault) in 35 years, and I just hate pumping out just over $945 a year for full coverage. I know it's a roll of the dice, but I feel pretty good about my safe driving skills. I would carry liability and also uninsured motorist coverage to the tune of $302 per year. Too bad auto insurance isn't as reasonable as homeowners.....
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Cobra R Member
Joined: November 10, 2004
Posts: 1,601
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I appreciate all the input you all have given. As my original post stated, I am just thinking about it. I will more than likely keep it full coverage for the time being while it is relatively new and still books very high. I will call and see just how much a higher deductible will lower the cost. Currently I am at $500. Also I will check on dropping PIP since I already have medical insurance as well as my fiancee' and there's only about 1% of the time anybody else would ever be in the car other than her or I.
Cobra R Member
Joined: February 25, 2004
Posts: 1,796
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check your local laws about that, i there are certain times when your injuries are ONLY covered under auto injury insurance. its stinks i crushed a finger while WORKING on my fathers 66 convertible, not driving it. while working on it in the garage. Of course it is handled like a car accident so they ask how fast i was driving, where the police report was. it was all mesed up. i had to file with the auto insurance. had a 250 deductible but luckily the medical insurance covered that
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Cobra R Member
Joined: November 10, 2004
Posts: 1,601
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check your local laws about that, i there are certain times when your injuries are ONLY covered under auto injury insurance. its stinks i crushed a finger while WORKING on my fathers 66 convertible, not driving it. while working on it in the garage. Of course it is handled like a car accident so they ask how fast i was driving, where the police report was. it was all mesed up. i had to file with the auto insurance. had a 250 deductible but luckily the medical insurance covered that
Bullitt Member
Joined: July 11, 2006
Posts: 423
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From: Edmonton, Alberta
Yea, and a lot of accidents that are NOT your fault end up with the insurance company throwing full legal power at you to get out of paying you. Typically the SR-22 type insurance companies that charge the most will fight the hardest. You can get rear ended at a complete stop and a week later their company will call you and start the conversation "so I see you hit my client, what are you going to be doing about this?". Especially if they find out you don't have good coverage. Someone does $15000 damage to your car, the insurance company wouldn't blink spending $10k in legal fees trying to get out of it. If you are insured, your company's lawyers will be going to town for you without you even having to lift a finger.
To put it in perspective, my daily Giant salad bar($6), juice and soda($3), snacks here and there($2), pack of smokes($4), and a trip to starbucks just about every day($4) costs about $500 per month. Just bite the bullet and think of it as a necessity like electricity or water. If you are trying to save money on insurance but are keeping a luxury item like a cell phone or cable TV, your priorities are skewed. Don't underestimate another driver's ability to become most selfish devious person you ever met, and that's just the ones that are legal insured drivers.
To put it in perspective, my daily Giant salad bar($6), juice and soda($3), snacks here and there($2), pack of smokes($4), and a trip to starbucks just about every day($4) costs about $500 per month. Just bite the bullet and think of it as a necessity like electricity or water. If you are trying to save money on insurance but are keeping a luxury item like a cell phone or cable TV, your priorities are skewed. Don't underestimate another driver's ability to become most selfish devious person you ever met, and that's just the ones that are legal insured drivers.
O yea, do not drop the insurance...
Mach 1 Member
Joined: October 26, 2005
Posts: 651
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Agreed about checking deductible. When I got my GT, my insurance quoted me $2400+ with a $100 deductible. I raised the deductible to $1000 and my insurance dropped to a little over $1400 per year. I just got my last insurance bill and it dropped to $1300 a year.
Mach 1 Member
Joined: November 30, 2006
Posts: 571
Likes: 1
From: Columbia, Missouri
I'm in that same boat. When I got my O6 GT Insurance went to $1100 a year AFTER I raised deductable on collission to $750 from $240. I also have 35 years without an accident and 30+ without a ticket. With a wife, family, house,...I can't afford to NOT have it.
Just raise your deductable on Collision...
Just raise your deductable on Collision...
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Cobra R Member
Joined: November 10, 2004
Posts: 1,601
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Yeah, I know I have good rates. I have Farmers Insurance and I am in their Ultra-Preferred category & a personal friend as an agent. To go from $500 ded. to $1,000 on collision it only lowers mine by $62 a year though...to $883 per year. I can drop another $79 per year without the PIP medical.
Mine's about double that, at least for another 8 months or so, I'm 35 but I have the dreaded longer right leg defect. 
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Cobra R Member
Joined: November 10, 2004
Posts: 1,601
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I'm 51 so I get the age discount....plus home/auto....plus safe driver...plus annual mileage. BTW, besides the other options to lower premium, I could change the Comprehensive deductible from my current $120 to $500 and lose another $120 per year, but I'm not sure if I want to do that since Comp covers alot of things that I have no control over (windshield chips, theft, vandalism, etc.).
Legacy TMS Member
Joined: October 2, 2006
Posts: 4,777
Likes: 16
From: Southeast Michigan
I keep reading about how people got claim checks for thousands of dollars. Even if it wasn't your fault, my experience with insurance providers (Allstate, State Farm, Farmers) is that your rates will jump up once you make a claim. While you may not have to shell out $5000 to repair the body damage, you may end up paying more in the long-run if you keep the same insurance policy.
Maybe it's just Michigan and New Jersey, but I wouldn't try to make a claim unless it was something outrageous.
Maybe it's just Michigan and New Jersey, but I wouldn't try to make a claim unless it was something outrageous.
Legacy TMS Member
Joined: October 2, 2006
Posts: 4,777
Likes: 16
From: Southeast Michigan
$2400/year is insane for insurance. Some companies try to drop you after 1 claim, whether it is your fault or not. Others like Progressive will give you a discount if you agree to use a black box data recorder and upload data periodically (how long you were above 75 mph, how many sudden starts and sudden stops were done, etc...) in 3 states: MI, MN, and OR.
Legacy TMS Member
Joined: October 2, 2006
Posts: 4,777
Likes: 16
From: Southeast Michigan
It would be interesting to see Progressive's reaction if you used their TripSense black box on a fast road course for several hours.
Sudden Starts: 35
Sudden Stops: 40
Time spent above 75 mph: 35 minutes
LOL
Sudden Starts: 35
Sudden Stops: 40
Time spent above 75 mph: 35 minutes
LOL
Thread Starter
Cobra R Member
Joined: November 10, 2004
Posts: 1,601
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One of the most ridiculous quotes I got (mirroring my existing coverage) was from GEICO. I currently pay $945 year, and GEICO wanted $1735. NO THANKS, I don't need to pay for their stupid caveman commercials.
Bullitt Member
Joined: March 12, 2007
Posts: 232
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I got quoted about $2500 for 6 months of coverage from GEICO for what I have now with State Farm. I pay about 840 every six months or $1680 annually. My insurance is up for renewal in June so I'll start shopping around to see if I can get a lower rate for the coverage I currently have but I definitely wouldn't drop any coverage. Matter of fact I increased my coverage from 25/50 to 100/300 at last renewal.
Team Mustang Source
Joined: January 29, 2004
Posts: 6,730
Likes: 3
TV advertising always works backwards for me too. No way I am buying insurance from a company that can afford to run commercials in virtually every break on every network all the time(TV and radio). 