Should I take full coverage off my Wagon?

[xpcgamer]

I have to renew it this month. I have
Liabilty
Bodily Injury 100/300M
Property Damage 50m
Uninsured Motorist 10/20M
Collision 500 Dect
Other than Collision 500 Dect
Transportatio Expense Coverage
20 day/600 Max

In Florida I can just get PIP and Liabilty and legal. I mirrored the ins I have on my Pathfinder lease. For both vehicle's I am paying 2193.72 a year. Wondering if I should be paying soo much on a vehicle worth 8 grand. What do you think?

[Ratbike1]

Originally Posted by xpcgamer

I have to renew it this month. I have
Liabilty
Bodily Injury 100/300M
Property Damage 50m
Uninsured Motorist 10/20M
Collision 500 Dect
Other than Collision 500 Dect
Transportatio Expense Coverage
20 day/600 Max

In Florida I can just get PIP and Liabilty and legal. I mirrored the ins I have on my Pathfinder lease. For both vehicle's I am paying 2193.72 a year. Wondering if I should be paying soo much on a vehicle worth 8 grand. What do you think?

That quote seems very heavy. Are you under 25?
I know you dont have tickets, because thank God in FL we just pay our way out of those!
Whats the price without the Comp?

[1st Time Five]

Basically same coverage in Miami Dade

850 per year. 425 per six months

100/300
Collision
Comprehensive
Rental reimbursement 75/day max
Pip

Allstate

[540 Mike]

Look at it his way, if you total it you are out $8K and a vehicle.

[xpcgamer]

I'm 37 and my wife is 35. I am calling Allstate tomorrow. I was just on Gieco and there site told me 735.58 for months. But I am dropping the collision and comp from the Wagon My Ins company said that the 528it has some super high ins number? Like an 8 on a scale of 1 to 10. Ever heard of that?

[ascott]

Originally Posted by xpcgamer

Wondering if I should be paying soo much on a vehicle worth 8 grand. What do you think?

If you can afford to replace the car by writing an $8000 check for a replacement vehicle, then drop the coverage. Otherwise, you need it.

[steveng1993]

you might save a few bucks by not having the extra insurance, but are you ready to dispose of the car if someone backs into the side of it in the grocery store?
Pretty much any body work will run 1000 and up.

[xpcgamer]

Originally Posted by steveng1993

you might save a few bucks by not having the extra insurance, but are you ready to dispose of the car if someone backs into the side of it in the grocery store?
Pretty much any body work will run 1000 and up.

My thoughts exactly. I am not ready to say bye to my car. I think I need to get better quotes. Even GEICO was cheaper by 30 bucks a month with the same coverage.

[jase007]

xpc:

I insure two vehicles as daily drivers, one is the touring. I have auto, homeowners and umbrella coverage with Allstate. Auto limits are 100,000 / 300,000 (or 250,000 / 500,000 ...) liability with towing, rental, comp & collision, glass and I pay about $750 a year for each vehicle.

No tickets /accidents and we are about the same age. Insurance rates are state, urban / rural, credit score and how many years as a customer ... dependent (plus lots of other stuff).

FWIW.

[xpcgamer]

Sorry. For some reason Allstate online is giving me a quote of 1316 for 6 months. You guys with cheap Allstate must have had them for ages! I am gonna try GEICO tomorrow. Thing is I will be getting rid of the Pathfinder(lease is up in January but I will extend it till March. Damn Holidays and B days.) so I have to think about that. Might get the wife a used Odyssey.

[PatrickW]

I would just for the sake of not having to worry about things like getting broken into etc.. and dont forget ignorant people

[540 Mike]

Maybe raise your deductible to 1,000, and tell them you use it as a pleasure vehicle and don't put more than 5k miles per year on it.

[1st Time Five]

Originally Posted by xpcgamer

Sorry. For some reason Allstate online is giving me a quote of 1316 for 6 months. You guys with cheap Allstate must have had them for ages! I am gonna try GEICO tomorrow. Thing is I will be getting rid of the Pathfinder(lease is up in January but I will extend it till March. Damn Holidays and B days.) so I have to think about that. Might get the wife a used Odyssey.

Do not quote on line, there are two forms of Allstate Ins. in Florida, Property and Casualty and Fire and Casualty.

I have been an Allstate customer for 17 years, but also have had several hit and run and unisured motorist claims against those policies, never had an at fault accident.

Call and agent and get the real deal, anything over 650/6months it seems to be something wrong.

As for repairing these vehicles, my comprehesive for the 2003 540iA is 197.00 per six months on my 2007 Jeep Commander it is only 47.00 per six months

It was actually cheaper to put full coverage on a 1977 Ferrrari 308gts than on a 2003 540i

[Dominican]

rates always vary, different comapny rate different risks with different rates. There are some companies like allstate that really don't like young drivers. I work for State Farm, we don't really like young drivers either, and I'm 22, so I know a thing or two about being liked.

Insurance is just a transfer of risk. If you think you can replace your car if your car gets burned, stolen, or vandelized, get rid of comp ( I wouldn't comp is cheap, and comes with "free" glass coverage) Collision is the expensive one. Ask yourself if you can replace your car in case you smash into a tree or another car, then you don't need collision. Also, are you worth much? meaning, do you have much in terms of assets? if someone sues you, they first come for your insurance, then your assets. If you don't have much, they may settle for insurance limits, if you have a lot, keep your liability limits high, and think about a PLUP. Also, adding things like life insurance and homenowners on the same company can yield huge discounts. If you already haven't take a defensive driving course, or an accident prevention course. It's 10% off every vehicle you are the main driver for, for 3 years. You end up saving a bundle.

Remember rates depend on what territory your classed as (where you live) your driving record, claims record, and recently, your CRI (credit score), age, and gender. Vehicle safety discount determines your no fault bodily injury rate, vehicle cost determines comp, driving record and vehicle cost are factored into collision, and rental is a single rate, whatever they cover.

any questions? I'm licensed in NY for property casualty and life and health, and I work for State Farm, so let me know.

[orthm]

Originally Posted by xpcgamer

... My Ins company said that the 528it has some super high ins number? Like an 8 on a scale of 1 to 10. Ever heard of that?

That's odd, we just traded my wifes 92 325i for a 99 540 Touring and the rates stayed the same. When I talked to my agent (State Farm), they said the 2 cars were classed the same..

[Petes540i6]

Originally Posted by ascott

If you can afford to replace the car by writing an $8000 check for a replacement vehicle, then drop the coverage. Otherwise, you need it.

This is a good way to look at it. If you have access to the replacement fund, you can become self-insured. I don't carry full coverage on our cars, just good liability protection.

[xpcgamer]

I barley drive it so I am gonna see if I drop Collision. I am in S florida. If you can get me homeowners here thru state farm I would love to try and switch!

[Blauanzug]

I think in SC and Florida it is state law that the insurance company has to give
"free glass" for any window not just the front window! nice....

[pbonsalb]

It is worth asking other companies. But if you would save only $500 per year to self insure your $8000 car, that could be risky. If it was $2000 per year savings, I would consider self insuring. You can also split the difference. Raise deductible to $1000, drop the rental car (assuming you have a spare car), but I am not sure you will get the savings you want. Move to another state . . . .

[ganzibye]

i live in florida too and my yearly fully coverage with $500 deductible is about $450 and yes it is annually

Originally Posted by Blauanzug

I think in SC and Florida it is state law that the insurance company has to give
"free glass" for any window not just the front window! nice....

nope,only full coverage gets that offer, and liability only,then no

[Ratbike1]

Originally Posted by xpcgamer

I'm 37 and my wife is 35. I am calling Allstate tomorrow. I was just on Gieco and there site told me 735.58 for months. But I am dropping the collision and comp from the Wagon My Ins company said that the 528it has some super high ins number? Like an 8 on a scale of 1 to 10. Ever heard of that?

You are getting robbed.
My wife and I are similar ages to you and yours; we're insuring two cars for less than you're paying. I have a 540it and that policy is $515 for six months, full coverage (250/500).
Call progressive direct.

[cnn]

Most of the Ins Premium is all about liability and body injury etc.
The premium on the cost of the car is low.

But I a have a rule of thumb. Any time the value of the car is be low $3-4K, you can skip (basically gamble) the collision coverage and keep only the liability.

[95325i]

Your rate comes to about 183 dollars a month which to me is low living in the Jersey where insurance is just high. My insurance looks to be close to yours only I do not have car rental (three cars two drivers ) my auto insurance only with full coverage on the three cars (99 328/97 540/05 G35) and two drivers (the wife and I) is 250 a month or 3,000 a year. Wow I am not depressed looking the numbers

As some one stated if you have the money to fix/replace the car out of your own funds then full coverage is not needed.

Edit I for got to say that I have allstate I am looking to switch at some point though.

[WHITE E39]

2003 525I full cover in NJ & i'm 40 yrs old with no points on my lic for the past 7yrs= almost $1,500 a yr. by state farm

[jamesdc4]

Originally Posted by 540 Mike

Maybe raise your deductible to 1,000, and tell them you use it as a pleasure vehicle and don't put more than 5k miles per year on it.

My insurance Co. (AAA) caps the deductable at $500.00 on the 5.

Originally Posted by cnn

But I a have a rule of thumb. Any time the value of the car is be low $3-4K, you can skip (basically gamble) the collision coverage and keep only the liability.

Most insurance companies recommend dropping collision at 10 years or older.