Go Back  DVD Talk Forum > General Discussions > Other Talk
Reload this Page >

Insurance question, cautious or not?

Other Talk "Otterville" plus Religion/Politics
View Poll Results: How are you insured?
Beltand suspenders, I get the delux package (Broad)
6
54.55%
I know the risk, but I am cheap (Regular coverage)
4
36.36%
I am a daredevil (minimum coverage)
1
9.09%
I don't have a car, but I want to vote anyway!
0
0%
Voters: 11. You may not vote on this poll

Insurance question, cautious or not?

Old 02-05-08, 09:24 PM
  #1  
DVD Talk Hall of Fame
Thread Starter
 
Join Date: Nov 2000
Location: On the banks of the Red Cedar
Posts: 9,867
Likes: 0
Received 0 Likes on 0 Posts
Insurance question, cautious or not?

I am shopping around for new insurance, and I was just wondering how those of you out there are covered.

One specific example if collision coverage on my cars.

There is standard collision, which means if i am in an accident, I pay the deductible for all repairs.

Then there is broad collision, in which if the accident is not my fault, I pay no deductible.

Now the broad is about $100/car/6 mos, so one year of broad would cost almost as much as having an accident. Other words, 18 mos without getting run into and I am ahead.

On the other hand, in the last 5-7 years, I have been crashed into twice on the road (one hit-and-run) and hit twice in parking lots.

So, are you the caustious person and pay extra for piece of mind, or do you calculate the risk and potentially save a couple dollars?

Or are you really risky? Would you have just PLPD (liability only0p coverage on a vehicle that is listed for $13000 on KBB?

Last edited by jonw9; 02-05-08 at 09:26 PM.
Old 02-06-08, 09:36 AM
  #2  
DVD Talk Ultimate Edition
 
Join Date: Jan 2000
Location: Chicago
Posts: 4,174
Received 0 Likes on 0 Posts
$200.00 a year sounds high, Id rather just take the $250.00 deductible or even a $500.00 deductible.

Appearently you have had some bad luck with people hitting you and fleeing... Most of the time when someone hits you, you don't need to pay any deductible because its their fault.
Old 02-06-08, 09:41 AM
  #3  
DVD Talk Hall of Fame
Thread Starter
 
Join Date: Nov 2000
Location: On the banks of the Red Cedar
Posts: 9,867
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by ANDREMIKE
$200.00 a year sounds high, Id rather just take the $250.00 deductible or even a $500.00 deductible.

Appearently you have had some bad luck with people hitting you and fleeing... Most of the time when someone hits you, you don't need to pay any deductible because its their fault.

Michigan is a "no-fault" state, which basically means you pay for your own repairs.

As for my accidents, only 1 person fled, the others stopped, or at least left a note!

That is a good idea about lowering the deductible, I didn't consider that option.
Old 02-06-08, 10:08 AM
  #4  
DVD Talk Ultimate Edition
 
Join Date: Jan 2000
Location: Chicago
Posts: 4,174
Received 0 Likes on 0 Posts
What is your deductible?

$250.00 to $500.00 is pretty typical. And you can have different deductible for collision and comprehensive. I think my comprehensive is $100.00 where my collision is $250.00.

Comprehensive covers theft, damage by natural causes, like a tree branch, and I think other damage by unknown sources....
Old 02-06-08, 10:56 AM
  #5  
DVD Talk Hall of Fame
Thread Starter
 
Join Date: Nov 2000
Location: On the banks of the Red Cedar
Posts: 9,867
Likes: 0
Received 0 Likes on 0 Posts
I believe my ded. is 250/500 for comp/coll.

My current insurance is ~500/6 mo. on my truck with broad collision, and if I go to another place it goes to ~$260/6 mo. with standard. So basically I can get into 1 accident a year and still break even, assuming the accident wasn't my fault (and negating any rate increases)
Old 02-06-08, 11:38 AM
  #6  
DVD Talk Legend
 
Join Date: Jan 2000
Posts: 16,173
Likes: 0
Received 0 Likes on 0 Posts
I have a good package with low deductables ($100 comp, $250 collision) and rental car coverage.

The one thing I recently did was increased the max payout of the liability policy from 1 million to 2 million.

Within the last year, a good friend of mine got involved in a situation where a person was hurt in a n accident that he was held liable for and that person spent 3 months in a hospital recovering. The payout for that injured person was well over what his insurance policy would cover. He had to sell his house and payout all equity and continue to make monthy payments for the next two years to cover it.

With the way things are today (big court settlements for injuries, dollar worth less and less) you really have to think about your plan should you ever get in this situation. I never thought about it until it happened to someone I know.

Another friend of mine just left his auto insurance policy payout at 1 mil, but bought a universal liability policy to cover another 2 million (which is a much broader umbrella that just auto accidents).


If I were 18 and had nothing in life, I would look at it differently.
Old 02-06-08, 11:54 AM
  #7  
DVD Talk Hall of Fame
Thread Starter
 
Join Date: Nov 2000
Location: On the banks of the Red Cedar
Posts: 9,867
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by 4KRG
I have a good package with low deductables ($100 comp, $250 collision) and rental car coverage.

The one thing I recently did was increased the max payout of the liability policy from 1 million to 2 million.

Within the last year, a good friend of mine got involved in a situation where a person was hurt in a n accident that he was held liable for and that person spent 3 months in a hospital recovering. The payout for that injured person was well over what his insurance policy would cover. He had to sell his house and payout all equity and continue to make monthy payments for the next two years to cover it.

With the way things are today (big court settlements for injuries, dollar worth less and less) you really have to think about your plan should you ever get in this situation. I never thought about it until it happened to someone I know.

Another friend of mine just left his auto insurance policy payout at 1 mil, but bought a universal liability policy to cover another 2 million (which is a much broader umbrella that just auto accidents).


If I were 18 and had nothing in life, I would look at it differently.
I also have an umbrella policy. It is sad that people need to carry 3 million in coverage. That is over double what I have, and probably triple what others carry.

I mean, why do I have to carry additional coverage for uninsured motorists?
Old 02-06-08, 12:04 PM
  #8  
DVD Talk Legend
 
Join Date: Feb 2002
Location: Sugar Land, TX
Posts: 14,358
Likes: 0
Received 0 Likes on 0 Posts
I got an umbrella policy for the first time last year as well. Sad that, due to all of the shitheads in our society and dumbasses that sit on juries, I would need something like that.

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Thread Tools
Search this Thread

Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.