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Started By
Message
Car Insurance Experts advice needed
Posted on 4/30/14 at 11:33 am
Posted on 4/30/14 at 11:33 am
What is the best coverage for a 20 year old with a mid 2000's paid off vehicle, car in own name, not living at home and renting?
Thanks in advance.
Thanks in advance.
3
Posted on 4/30/14 at 11:37 am to jmon
what is the remaining value on the vehicle and are you willing to risk having it totaled and having to come out of pocket for a new/used car?
I honestly would not hit the road without a minimum of 100K in liability, 50k in property damage and UM coverage.
collision and comprehensive in this scenario will be determined by the vehicle value and your risk tolerance.
I honestly would not hit the road without a minimum of 100K in liability, 50k in property damage and UM coverage.
collision and comprehensive in this scenario will be determined by the vehicle value and your risk tolerance.
Posted on 4/30/14 at 11:43 am to jmon
Contact a reputable independent insurance agent wherever you live.
Posted on 4/30/14 at 11:44 am to jmon
and to make it clear, it is always about risk tolerance.
If you hit a surgeon and crush his hand, you are going to be paying on that for a long time in future wages.
I carry
300/500 per person/per accident
100k property damage
50/100 UM
25k med pay
I do not carry comp or collision as both vehicles are early 2000, paid off and likely worth only 3k each.
ETA: $1,050 premium on those two vehicles and I carry a 2M umbrella on top. New Orleans area
If you hit a surgeon and crush his hand, you are going to be paying on that for a long time in future wages.
I carry
300/500 per person/per accident
100k property damage
50/100 UM
25k med pay
I do not carry comp or collision as both vehicles are early 2000, paid off and likely worth only 3k each.
ETA: $1,050 premium on those two vehicles and I carry a 2M umbrella on top. New Orleans area
This post was edited on 4/30/14 at 11:48 am
Posted on 4/30/14 at 11:46 am to TheGrouperFingers
quote:
Contact a reputable independent insurance agent wherever you live
sure, but since the agent will be asking questions about risk tolerance we can start the conversation here?
That is kinda the entire model behind GEICO and esurance. You plug in your answers, tell it what you are willing to take in terms of risk and it spits you out a quote.
Posted on 4/30/14 at 11:50 am to Mr.Perfect
True. Just saying, this guy has know idea what he's doing. Needs to talk to a pro. Who knows what he'd get with geico or esurance.
Posted on 4/30/14 at 11:50 am to Mr.Perfect
vehicle worth $5000 tops and want to carry best, but as minimal as I can get away with.
Posted on 4/30/14 at 11:53 am to jmon
Best but minimal doesn't exist.
Posted on 4/30/14 at 11:55 am to TheGrouperFingers
I am resigned to not carry comp and collision, with 50/100.
Posted on 4/30/14 at 11:56 am to jmon
100/300 is lowest I would go.
Posted on 4/30/14 at 11:58 am to jmon
quote:
want to carry best, but as minimal as I can get away with.
quote:
True. Just saying, this guy has know idea what he's doing. Needs to talk to a pro.
then do what Grouper said.
because best and minimal are usually mutually exclusive in insurance.
just start thinking about whether or not you want to take on the risk of someone hitting your car, or a tree falling on it. do you want to "self fund" or pay for indemnity.
and as far as limits go, are you 100% sure that you will never be found liable for an accident that would exceed $15,000 in bodily injury or death to the other individuals involved? if so get state minimum. If you want to protect your assets and future earnings, decide what that level is and purchase the protection.
best of luck sir and drive safe
Posted on 4/30/14 at 11:58 am to jmon
quote:
vehicle worth $5000 tops and want to carry best, but as minimal as I can get away with.
Get quoted on full comp and collision. Maybe carry a 1000 collision ded at most. Check price on 500 though and compare savings
Get quotes on 50/100/50 liability limits 15/30 UM limits 5000 med pay
Compare price to upping limits to 100/300/100 w/ 15/30 UM 5000 med pay and see premium increase... may be worth your extra dollars.
Posted on 4/30/14 at 12:14 pm to Chad504boy
Thanks for all the advice. And when I typed best, but minimal, I should have typed best but affordable for a low income 20 year old!
My dad's going to laugh when he sees I used his TD account to get this info!
My dad's going to laugh when he sees I used his TD account to get this info!
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