This is why I go with barebones insurance. It's a fair bit cheaper and only slightly more useless than comprehensive.
This is why I go with barebones insurance. It's a fair bit cheaper and only slightly more useless than comprehensive.
It makes sense to just get liability insurance if you are willing to throw away the car or repair it yourself if you wreck it.
It makes NO SENSE to get the minimum mandated liability coverage. How far is 10k going to go toward that new BMW you rear ended? More importantly how far is the 20k going to toward the people you just put in the hospital? A day or two of hospitalization is about it.
motomoron wrote: I pay $123/year to insure my '62 Sprite at an agreed value of $12,500. That's practically free if I ever stuff it, and anyone who hits it hard enough to total it without killing me is going to lose everything. Win-win!
which company ?
Greg Voth wrote: It makes NO SENSE to get the minimum mandated liability coverage. How far is 10k going to go toward that new BMW you rear ended? More importantly how far is the 20k going to toward the people you just put in the hospital? A day or two of hospitalization is about it.
I don't think it works quite like that. If I get smacked by somebody with just the minimum liability, my car is still getting fixed. Not just up to the 10grand limit of their policy.
At least that is how it works in NJ
I can only speak for the states I have worked in, namely DC, MD, VA and now FL. If they hit your new Z06 causing 30k worth of damage but only have the 10k state minimum their insurance pays 10k then they are personally liable for the rest.
Your insurance may kick in if you have unisured/underinsured motorist coverage. You can sue them and get a judgement for the remainder but if they weren't bright enough to carry enough coverage they probably don't have 20k to pay out of pocket.
Then there are umbrella liability policies. You must carry a minimum of 300k (at least in FL) on your auto policy and a certain amount (can't remember the number) of liability coverage on your homeowners policy. Then when you kill the bus full of orphans and nuns and you run out of your 300k your million dollar umbrella policy kicks in.
It is a seriously scary thought when you consider how quickly a 100k can run out in a serious accident. Extra liability coverage is cheap, pay the extra money and eat out one less time a month.
The whole thing depends on what your argument is based on.
If you're saying that your (stock) car is worth more than other stock cars, your only hope is listings that are nearly identical to yours for the amount you want.
If you're trying to claim extra money for aftermarket parts, if you didn't have an addendum on your policy you're SOL.
I want to see these $7K ITRs. I don't buy it. There are only two 1997 ITRs in the whole country on autotrader - one is $17K, the other is $16.5K. The cheapest ITR is a 2001 for $14K, and a '97 is worth more since it's a first year car.
Greg Voth wrote: Your insurance may kick in if you have unisured/underinsured motorist coverage. You can sue them and get a judgement for the remainder but if they weren't bright enough to carry enough coverage they probably don't have 20k to pay out of pocket.
Ah.. yes, in NJ you have to carry underinsured/uninsured coverage if you have more than liability.
As for eating out one less time a month. I dropped collision on my BMW when I bought the saab. Kept comprehensive and added the saab to it. With no points and over 35... I was still paying almost $150 a month (but at least that was what I was paying for full coverage on the BMW alone)
We could activate the secret GRM action network and put CL ads all over the country listing our tegs for premium prices and answering our phones.
Collision and comprehensive are not always cheap to ad. Additional liability coverage is.
I just got a rate quote on my policy online. For a basic package (no comp or collision) with 10k/20k/10k it was $27 per month.
That means per accident I have $10k liability coverage per person, $20k total (if two or more people are injured) and $10k property.
For a basic package (no comp or collision) with 300k/500k/300k it was $44 a month.
I am 25 and have a pretty clean record in the last 5 years. These quotes were for my 79 RX-7 as my only insured vehicle through USAA.
DILYSI Dave wrote: The cheapest ITR is a 2001 for $14K, and a '97 is worth more since it's a first year car.
LOL. An insurance company doesn't care. They'll see the '01 for $14k and assume the '97 is worth less. Best case is they give you the $14k and you get a car that's four years newer.
Get collectors insurance if you have a car thats worth significantly more than what you think insurance would pay you for some reason.
If all you have is a stereo or wheels then full coverage plus "declare" the modifications (this will raise your premiums, so it might not be worth it).
Otherwise, if you have just liability on your corolla and its the bubblehead's insurance that is paying you for your corolla, youre gonna be fighting an uphill battle...
Update: I didn't go to arbitration as the ins company and I were only $2500 apart in our offers/demands. I'm getting $11K which is about $3500 more than where I started with Met Life.
For those interested in the ITR shell, once they receive my title the shell will be available (maybe through auction?). If you want to contact the yard about this call 978-667-6787. Reference Lot#: 15533179.
You'll need to log in to post.
