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Car Insurance
Posted on 10/16/15 at 1:25 pm
Posted on 10/16/15 at 1:25 pm
I live in Chicago and have a company car as my car and my wife has a 2004 Pathfinder that she brought into the marriage. She drives my company car 100% of the time and her car sits on the street and is maybe driven 500 miles per year. Because of the winter weather, we drive her pathfinder in the winter when we have to drive which is very limited. Our current insurance is USAA and we're paying $700 per year for her car. Our coverage is as follows:
Bodily Injury - $25,000 / $50,000
Property Damage - $20,000
Uninsured Motorists - $25,000 / $50,000
Medical Payments - $5,000
$1,000 deductible on Comprehensive
$1,000 deductible on Collision
This seems like a lot of money to pay for car insurance. We're basically paying more in premium than we are driving the car in mileage.
Anyone have any advice as to what we can do to lower our premium? The car is paid for so I don't want to get rid of it in case our situation changes. Because of the harsh winters, the body isn't in the best shape and there's few dents so the money we'd get for the car is minimal.
Thanks.
Bodily Injury - $25,000 / $50,000
Property Damage - $20,000
Uninsured Motorists - $25,000 / $50,000
Medical Payments - $5,000
$1,000 deductible on Comprehensive
$1,000 deductible on Collision
This seems like a lot of money to pay for car insurance. We're basically paying more in premium than we are driving the car in mileage.
Anyone have any advice as to what we can do to lower our premium? The car is paid for so I don't want to get rid of it in case our situation changes. Because of the harsh winters, the body isn't in the best shape and there's few dents so the money we'd get for the car is minimal.
Thanks.
This post was edited on 10/16/15 at 1:42 pm
4
Posted on 10/16/15 at 1:30 pm to CHiPs25
Can you drop the Collision and Comprehensive?
I would up the Liability portion. It wouldn't take much to blow through the amounts you have.
I would up the Liability portion. It wouldn't take much to blow through the amounts you have.
Posted on 10/16/15 at 1:45 pm to NBR_Exile
What would you recommend? 50/100 or 100/200?
Posted on 10/16/15 at 1:56 pm to CHiPs25
We carry 500,000. We also have an 2 Million umbrella policy. Yes, we may be over-insured but the cost is marginal and we prefer to be protected.
Posted on 10/16/15 at 2:34 pm to NBR_Exile
I'd definitely drop the collision, but probably keep the comprehensive. The comprehensive covers theft, weather damage, glass, etc. As little as you drive, the collision seems like a waste.
Posted on 10/16/15 at 2:38 pm to CHiPs25
Sell the car
Rent a car for the two months of the year you use it in winter
Rent a car for the two months of the year you use it in winter
Posted on 10/17/15 at 12:05 am to CHiPs25
300/500/100
The minimum you should ever carry.
But even if you can't get there.... you are underinsured
The minimum you should ever carry.
But even if you can't get there.... you are underinsured
Posted on 10/17/15 at 12:21 pm to Mr.Perfect
quote:
300/500/100
The minimum you should ever carry.
I think that is way out of most people's budgets.
Posted on 10/17/15 at 3:32 pm to Napoleon
quote:
I think that is way out of most people's budgets.
I think a 300-500k personal injury judgement would hurt harder than the extra 30 bucks a month people blow on starbucks
Posted on 10/17/15 at 3:51 pm to Mr.Perfect
You and my dad would be boys.
Posted on 10/17/15 at 6:58 pm to Napoleon
Higher limits are really not that much more expensive, worth Checking into. As your assets increase so should your liability limits. Make damn sure to increase your uninsured motorist accordingly
And those with umbrella policies, check to see if it includes uninsured motorist and if not, add it
And those with umbrella policies, check to see if it includes uninsured motorist and if not, add it
Posted on 10/17/15 at 10:19 pm to Tigerpaw123
I personally have very high limits since My vehicle is in my LLC's name. It cost me over $100 more a month to have the $100k policy on it over the $20k I had before.
Insurance is crazy expensive in Louisiana.
I pay $260 a month on a Toyota Tacoma, without car rental coverage OR glass, just the policy, and UM.
Insurance is crazy expensive in Louisiana.
I pay $260 a month on a Toyota Tacoma, without car rental coverage OR glass, just the policy, and UM.
Posted on 10/17/15 at 10:43 pm to Napoleon
quote:
I personally have very high limits since My vehicle is in my LLC's name. It cost me over $100 more a month to have the $100k policy on it over the $20k I had before.
Insurance is crazy expensive in Louisiana.
What line of work are you in? I'm curious because a vehicle titled in an llc generally will need higher limits.
Completely dependant on line of work. Construction for example
Posted on 10/17/15 at 10:44 pm to Tigerpaw123
quote:
And those with umbrella policies, check to see if it includes uninsured motorist and if not, add it
Very good advice.
My umbrella brings UM through the full 2 million
Posted on 10/18/15 at 5:53 am to Mr.Perfect
quote:
quote:
And those with umbrella policies, check to see if it includes uninsured motorist and if not, add it
Very good advice.
My umbrella brings UM through the full 2 million
Ours also. We dropped UM on our Auto policy since we had the umbrella.
Posted on 10/18/15 at 9:12 am to NBR_Exile
quote:
Ours also. We dropped UM on our Auto policy since we had the umbrella.
Might want to double check that, usually if coverage is offered ( such as um) you have to buy it at the highest limit before the umbrella policy will kick in, also make sure your umbrella specifically covers UM, most do not and you have to by it in addition, agents will try and talk you out of it
Posted on 10/18/15 at 9:14 am to Napoleon
I feel the reason why it costs so much more for your increased limits is you probably have a commercial policy vs individual, different ball game
Posted on 10/18/15 at 5:42 pm to Porker Face
quote:
Sell the car
Rent a car for the two months of the year you use it in winter
I think this is the right answer. The little bit of usage you're getting isn't worth the insurance, let alone the maintenance, registration, and repairs on a car that just sits up all the time.
Put aside whatever you get for it, plus what you're spending in insurance and maintenance, and if your situation changes, just buy another car.
This post was edited on 10/18/15 at 5:45 pm
Posted on 10/18/15 at 5:48 pm to CHiPs25
If you get rid of collision/comprehensive your monthly costs should drop to ~$15-25/month.
Posted on 10/19/15 at 9:57 am to Tigerpaw123
Thanks, I'll check this out but I'm pretty sure at least in our case it is correct. My wife handles the insurance in our household. She is an attorney and is used to these type of contracts.
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