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How much auto insurance do I need? Am I paying too much?
Posted on 11/13/17 at 10:38 pm
Posted on 11/13/17 at 10:38 pm
I have a 10 year old Toyota Camry only worth about $2,500. Louisiana. Haven't had a speeding ticket since 2010. Haven't had a claim since 2009. Over 25 years old.
Farm Bureau is trying to charge me 135/month for insurance. What should I do to reduce the cost?
Coverage Liability
Bodily Injury 50,000
Property Damage 25,000
Uninsured Motorist-Bodily Injury 50,000
Medical Payment 5,000
Death Indemnity 10,000
Comprehensive 250 Deductible
Collision 500 Deductible
Total
Coverage Per Month
Bodily Injury 44.21
Property Damage 29.37
Uninsured Motorist-Bodily Injury 15.28
Medical Payment 4.92
Death Indemnity 0.38
Comprehensive 9.31
Collision 31.69
Total 135.15
Farm Bureau is trying to charge me 135/month for insurance. What should I do to reduce the cost?
Coverage Liability
Bodily Injury 50,000
Property Damage 25,000
Uninsured Motorist-Bodily Injury 50,000
Medical Payment 5,000
Death Indemnity 10,000
Comprehensive 250 Deductible
Collision 500 Deductible
Total
Coverage Per Month
Bodily Injury 44.21
Property Damage 29.37
Uninsured Motorist-Bodily Injury 15.28
Medical Payment 4.92
Death Indemnity 0.38
Comprehensive 9.31
Collision 31.69
Total 135.15
This post was edited on 11/13/17 at 11:45 pm
Posted on 11/13/17 at 10:48 pm to danilo
With Allstate I pay 203/month for three vehicles, liability only on one, and full coverage on the other two, with $500 detectable. They also have my homeowners, some other property, and a umbrella liability policy. Having the umbrella policy requires I have maximum liability coverage on the vehicles which is $500K, the other limits are $250K, $350K
Posted on 11/13/17 at 11:03 pm to danilo
How much insurance you need depends on your net worth and how much in the way of assets you need to protect. If you have a lot of assets that are subject to seizure, you may need more. One thing you should not do to reduce the cost is waive UM. This puts you at the mercy of what other people have that is often inadequate.
Posted on 11/14/17 at 12:11 am to danilo
Probably get rid of comprehensive and collision. Those are not required and are for covering your own car, right? You're paying $492 per year to protect a $2500 asset.
Posted on 11/14/17 at 7:32 am to TheIndulger
quote:
You're paying $492 per year to protect a $2500 asset.
Plus the deductible.
OP, before you cut coverage, go shop around. Your rate does seem high. There is significant variability in pricing across insurance firms.
This post was edited on 11/14/17 at 7:39 am
Posted on 11/14/17 at 7:46 am to danilo
I'd look at state minimum and an umbrella.
Posted on 11/14/17 at 9:42 am to ItNeverRains
quote:Most insurance companies set a minimum that you have to maintain in auto insurance when purchasing an umbrella policy. Sometimes it is $300k - $500k of auto coverage before the umbrella would kick in.
I'd look at state minimum and an umbrella.
Posted on 11/14/17 at 10:03 am to ItNeverRains
quote:
I'd look at state minimum and an umbrella
does not work that way
Posted on 11/14/17 at 3:48 pm to txtiger79
Murphy says as soon as you drop coverage you will be hit by an uninsured be driver
Posted on 11/14/17 at 4:07 pm to EA6B
Damn EA6B - I would kill for that premium.
Posted on 11/14/17 at 6:56 pm to danilo
Why do you have collision on $2500 value?
Posted on 11/14/17 at 7:03 pm to danilo
frick insurance... I've had 1 non-moving violation ticket in 8 years and 0 claims in 6 and my insurance has gone from 115 a month to currently 156 that is with me scaling back my deductible from 250 to 500.
Posted on 11/15/17 at 5:56 am to danilo
The catch with all of this is that your UM can't exceed your BI coverage. So you can't nickel and dime your BI and jack up the UM.
I have $100 per person, $300 per accident for BI and UM. The chances of someone recovering a judgment for more than that and taking an excess against me is slim. Plaintiff attorneys don't typically go after the insureds unless it's egregious behavior and the person has inadequate insurance for their station in life. But they do threaten it a lot.
$50/$100 isn't bad, assuming you aren't a doctor or CEO. But you could always go up.
Be careful shopping around, as not all policies are the same. Some provide much better coverage, even though the limits are the same.
I have $100 per person, $300 per accident for BI and UM. The chances of someone recovering a judgment for more than that and taking an excess against me is slim. Plaintiff attorneys don't typically go after the insureds unless it's egregious behavior and the person has inadequate insurance for their station in life. But they do threaten it a lot.
$50/$100 isn't bad, assuming you aren't a doctor or CEO. But you could always go up.
Be careful shopping around, as not all policies are the same. Some provide much better coverage, even though the limits are the same.
Posted on 4/4/18 at 3:59 pm to danilo
I don’t understand mine. I hear about so many people my age that wreck cars and have dirt-cheap insurance, yet when I try to be responsible at 22 (with a couple bad credit decisions at 18), have a financed vehicle (although it was a used 2008 Jeep Grand Cherokee at the time), live with my parents in rural upstate NY, no incidents on my driving record, accident-free... I’m still paying well over $200 a month for a single vehicle with comp/collision coverage.
And if I shop around... LINK , I shite you not, wanted $600 a month for the privilege. I’d be making 3 additional car payments a month for that level of insurance and it doesn’t qualify for all the lovely things like New Car Replacement.
The dealership conglomerate had its’ own insurance brokers they ran me through while financing my car... and the only thing they had to say was “... ... ... you’re getting the lowest possible rate from your current insurance agency, don’t even bother”.
And if I shop around... LINK , I shite you not, wanted $600 a month for the privilege. I’d be making 3 additional car payments a month for that level of insurance and it doesn’t qualify for all the lovely things like New Car Replacement.
The dealership conglomerate had its’ own insurance brokers they ran me through while financing my car... and the only thing they had to say was “... ... ... you’re getting the lowest possible rate from your current insurance agency, don’t even bother”.
Posted on 4/4/18 at 9:09 pm to danilo
Location is a huge factor. Someone in NOLA or Jefferson Parish will pay way more than someone in Ascension or a rural parish if all other factors are the same. Each company rates on hundreds of factors so it’s hard to say if that’s a “good” rate, but it’s definitely not a bad rate.
I recommend increasing your property damage to $50k. It’d probably only cost you $1-2/mo more.
You can drop comp/coll and save $40/mo and add uninsured motorist property damage coverage for $2-3/mo. If you total your car, currently you’d get $2000 after your $500 deductible. Saving $40, it’s take you 50 months without an accident to break even.
I recommend increasing your property damage to $50k. It’d probably only cost you $1-2/mo more.
You can drop comp/coll and save $40/mo and add uninsured motorist property damage coverage for $2-3/mo. If you total your car, currently you’d get $2000 after your $500 deductible. Saving $40, it’s take you 50 months without an accident to break even.
Posted on 4/5/18 at 10:42 am to danilo
Car is only worth $2,500. As others have said, consider dropping comp and collision. Comp is a bit cheaper, so you could keep that on there and just drop that $31/month collision. If you drop collision, consider adding Uninsured Motorist Property Damage. That'll at least cover the vehicle damage and keep you from being screwed if an uninsured driver crashes into you.
EDIT: But your bodily injury and property damage liability is on the low side. Not a huge deal if you don't have assets to protect, but if you do have assets then you may want to look into increasing your liability protection.
EDIT: But your bodily injury and property damage liability is on the low side. Not a huge deal if you don't have assets to protect, but if you do have assets then you may want to look into increasing your liability protection.
This post was edited on 4/5/18 at 10:45 am
Posted on 4/5/18 at 10:45 am to danilo
quote:
Coverage Liability
Bodily Injury 50,000
Property Damage 25,000
Uninsured Motorist-Bodily Injury 50,000
Medical Payment 5,000
Death Indemnity 10,000
Comprehensive 250 Deductible
Collision 500 Deductible
Total
Yeah, that's called under insured.
Posted on 4/5/18 at 10:47 am to geauxpurple
quote:
How much insurance you need depends on your net worth and how much in the way of assets you need to protect. If you have a lot of assets that are subject to seizure, you may need more.
This is such full of crap.
Posted on 4/5/18 at 11:09 am to YoungManOldMan
quote:
This is such full of crap.
bullshite.
If a 24 year old that rents an apartment, doesn't own property, and only has a couple grand in the bank causes a major accident, the plaintiff attorney is going to take whatever his insurance policy's max limit is and settle because its not worth pushing the case further when the at-fault driver lives paycheck to paycheck and doesn't have any assets to go after.
If that same wreck was caused by someone who made $200k a year, owns multiple properties and has valuable assets...the plaintiff's lawyer is going after whatever they can get. If the driver had low liability limits on their car insurance, they'll go after the defendant personally if they have valuable assets that are worth seizing. This is why high limits and umbrella policies exist.
Posted on 4/5/18 at 8:28 pm to EA6B
quote:
With Allstate I pay 203/month for three vehicles, liability only on one,
with progressive i pay around 127 a month for three vehicles, two with liability, full coverage on the other
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