Rabbi Mike

While we wait for the elusive transporters . . .

Through Costco, I'm getting a great deal on car insurance. I'm going to be able to keep my Focus for knocking around, snow driving and Ikea runs.

BUT -- it occurs to me that I've never insured a car that I was really concerned about keeping in great condition. (I've also never insured a car with even HALF the horsepower!)

So . . . what insurance coverage are you all carrying on your Mustangs? Bodily injury, comprehensive, etc . . .

VAiN

Unless you paid the car off, don't you have to get full coverage? Look into gap insurance as well...

corvettedreamin

I believe he's asking about coverage LEVELS within full coverage. Like $100k per person/$300k per incident; $5000 in medical payments; uninsured motorist coverage; etc.

Rabbi Mike

Correct. Thanks for translating.

Adam

Full coverage. 100k/300k/100k. $500 deductible. I pay $900 / year for a GT.

In California you have to sign a waiver if you don't want uninsured motorists coverage - at least with State Farm.

Rabbi Mike

Thanks for the feedback.

With the number of folks running around without insurance, I wouldn't even consider waiving the uninsured coverage. In any event, it's mandatory in New York state.

05GT-O.C.D.

Personally I feel that your liability coverages should be consistant w/ your income. The more assets you own, the more incentive there is for an attorney to pursue damages above your policy limits.

On another note - I've recently started working for a new company. I've worked for 3 other insurers and am now working for Auto-Owners Insurance. This company by far has the best (ie most consumer friendly) claims practices of any I've seen or really heard of, right up there with State Farm. Auto-Owners doesn't advertise much and is sold exclusively through independent agents, I'd highly reccommend looking up an agent if they write in your area.

Also: I work in claims, not an agency - so there's no incentive for me to sell you anything.

For example, I worked for Nationwide and they will stick used or aftermarket parts on a car if it's wrecked before you even get your temporary tags off. They say they're OK to do it because 'they' offer a lifetime guarantee on the repairs. Auto-Owners gives 3-4 years before they'll look at aftermarket sheetmetal, and nothing used for at least one year.

Just something for you guys to consider. It's not just about premiums and coverage limits. The rubber meets the road in the claims department, and since almost nobody reads their policy, make sure you're not simply buying on premium price.

Kahdir

50K/100K/50K
$100 Deductible

cdynaco

For comparison:
Mine is $54.63/mo (655/yr), 100/300/50, $1000 deduct Coll, $0 deduct for Comp, towing, uninsured loser, multi-car discount, accident/ticket free, 54, thru State Farm. It was within a few dimes/month first year too.
But I'm in a rural area and drive it less than 7500/yr. When I store it for the winter I take it down to the minimum ($10.95/mo).

corvettedreamin

When I "scratched" (that's a euphimism for bent several body parts on the front of the car) my CTS-V State Farm wanted to use "used" parts to fix it. The funny thing was... there weren't ANY! All the replacement parts were brand-spankin' new. That's my only real gripe about State Farm. I haven't had many claims (only 1 sort of at fault accident) and a windshield.

So now I have 100/300 on collision and as Charlie Horse says, "uninsured loser" coverage (that was hilarious, btw). Deductibles are $100 comp and $250 collision. I also have towing, medical payments, and I think there's some amount there for my agent's kids college fun.

05GT-O.C.D.

That's an advantage of a lower production, high dollar vehicle. Lower production therefore less wrecks and less aftermarket production of parts, and higher dollar therefore less total losses. Without the parts in the salvage yard, you get new parts.

corvettedreamin

Yep, $1000 hood... $1000 bumper cover... $1000 headlight.... $600 grill..... pricey little GM product.

cdynaco

fwiw, I did the books for a high rep body shop for about 3 years that did the local Ford Dealer's body work. They are tied in with several ins cos. Many times I heard them call the owner and give them the choice between new or used from wrecking yard suppliers. It never sounded like it was a demand for used from ins cos.

7up

FTW recommendation, especially if you own anything significantly above and beyond value of said new car.

Ltngdrvr

Man, I need to re-up the insurance on the '04 and want to know how you guys get such cheap insurance rates.

I have the bare minimum policy, liability, comp,collision required by the state and Ford credit and $1000 deductible and my insurance is $565 for just 6 MONTHS!!!

This is for a base V6 coupe, no tickets, no accidents.

I don't understand how you guys with newer Mustang GT's, GT's even, are getting cheaper insurance costs!

And searching for new insurance really SUCKS!

Worse than going clothes shopping with the girlfriend...

fritzOSU03

I think it has a lot to do with Texas. My insurance went up 150% when I moved from Cincinnati to Dallas. My insurance on the 2011 with all the coverages you mentioned (100/300/100) and a $500 deductible is going to be $675 for 6 mos.

Gene K

100/300/100 $500/$200 Deductible (Comp is lower). I get Multiple Car, Home Owners and Full Year Payment Discounts.
Not to mention almost 28 years without an accident claim with the same Insurer.

$554 per Year.

Maxhenry

If you have decent assets (e.g., a house) get yourself an umbrella policy. In NYS, I pay approx. $200/year for a $1,000,000 umbrella. Worth every penny.

And if you don't get underinsured/unisured coverage, you are not being smart. It's cheap (less than $50/year depending on the amount) and also worth every penny if you really need it.

cdynaco

True, but people should be aware you have to max the liability coverage on all the other types of P&C ins you have - before they'll write the umbrella. So its usually more than just the cost of the liability umbrella for most people.

Ltngdrvr

I wouldn't be so upset with that amount for a NEW car, that's only slightly more than mine, but mine is 7 model years old now.

Going to call a couple of agents tomorrow and let them track down the cheapest policy.

Stinkin' insurance is one of the biggest rackets around.