I'm deliriously happy with my 2012 V6 manual, great car, light years ahead of my old beater '04 V6. And it is a 2.73 car and so far I really like watching the mpg readout as it climbs more than it falls. Had it up to 36.8 mpg for a short time on the way home from the dealer.

I just today got my insurance done on it and mine is about $500 for 6 months, barely higher than the '04 beater. Of course I didn't go crazy and get 5 million in liability...

 

What on earth do you own that one could sue you for $5M?!? I have $500K liabilty....which is a lot for most, but I have a house, some holdings, etc. Lower that coverage and you will substantially lower your bill. Insurance agents.....

 

X2. With my almost 200 mile a day commute, I had to have the MPG over top spped. My 2011 V6 Mustang with it's 3:31 rear is fantastic, and I'm seeing 24.4 to 24.7 MPG cruising at 80 on the highway.

 

It's not what you own, they can sue you for what is found reasonable. If you don't have the money or belongings they can with hold money off your paychecks until you pay it off. After I wrote that last post I thought more about my policy and I remembered that I had talked about 5M but decided to stay at the 3M I previously had.

The law may be different where you live, but I really don't want to be paying off a mistake for the rest of my life. My insurance is up in about 2 months so I'll look into changing the liability, but I won't be going lower then 1 million for sure. To me $500K seem very low but I guess it's all about what kinda risk you're willing to take and how much people can get away with suing you for.

 

Wow, glad I live in Texas where they can't garnish your wages if you are sued and lose. Can't get any of your personal property either. About the worst they can do here is get a judgement and ruin your credit and seize any cash you leave in a personal bank account.

 

really nice times man, super impressed with these new 6's. My stock 2010 GT ran 13.6's in some heat corrected down to a 13.4 for DA.

 

Yeah it's harsh, but I would way rather have it this way. If someone uninsured or under insured hits you and your not able to provide for your family, you have a way of recovering your wages until your back on your feet. I guess it depends on the situation which way works better.

Either way back to the topic.

Sorry for the thread jack, I didn't think it would take this many posts.

 

Well - you asked (about insurance coverage), so I threw in my 2 cents.

On the surface (your implied age), it seems your agent is taking advantage of you. Auto insurance claims are not the same as child support (wherein portions of paychecks are garnisheed). I've had to learn insurance law over the years, and no court is going to waste time delving into the minutia of a traffic accident when the resources are not there. In most cases, claims are settled rapidly between insurance companies. Coverage is the first step. If the damage – bodily, property or otherwise - exceeds the coverage, then a suit can be filed to go after your assets – meaning your home (or the portion you actually own as equity), vehicles, investments, etc. That’s a worst-case. If you don't have enough assets to settle such a claim, no insurance company is going to want to waste their resources taking the matter before a backed-up court system to potentially sue you for future wages. Exceptions may be if you are a well-paid professional (e.g., doctor) – or with a business…but then, you’d have separate insurance for your business of course.

$30/$50K bodily injury liability is minimal (person/occurrence) – but usually is accepted as the minimum. Something like $50/$100K or $300/$500K is quite a bit. It's a bit like comparing apples to oranges due to age and other factors - but I pay roughly $800/yr for a $35K Mustang, with $300/500K and a $100 deductible for collision. But I'm quite a bit older than you, with multiple vehicles on a 20+yr policy. If you’re concerned about your assets (how much is the net worth?), get an umbrella policy – but those aren’t cheap.

Not meant to be an argument re insurance coverage - just some advice about auto coverage. No sense in throwing your money away. Not to insurance companies!

 

Thanks Lava Dude, it's good to hear that info. You're right there is no sense in throwing your money away. Before I renew my insurance I'm gonna look more into laws and how the court system works with this type of thing. I didn't take my advice from my insurance agent, I talked to friends, family and co-workers. I'm just turning 22 so I know I'm young and this car has all my money right now so it's great to save where I can.

Thanks for the help, if I have more questions I'll start a new thread.

 

Carrying that much liability is totally unnecessary unless you have huge assets to protect. For one thing, it costs money to sue someone. If you don't have deep pockets, they are unlikely to even bother. Assuming you don't have a 3 million net worth and you happen to crash into a Bugatti Veyron and push him into a couple Ferrari Enzos tomorrow, all you have to do is file bankruptcy. All lawsuit judgements go away once a bankruptcy is discharged. For most working people, 100k or so is plenty coverage. If you're Bill Gate's son, though, then you should probably up your coverage.

 

Ditto this. I absolutely love my state.