by fireyone » Fri Feb 22, 2008 11:11 am
When is it resonable to remove full coverage from a vehicle? I have a 2000 Pontiac Grand am with just over 100,000 miles on it. My deductible is $500. The car is usually on the road 1-2 days a week and used usually only for appointments or to get groceries. I use my truck for all work related travel and if the roads are in iffy condition.
Posted: Wed Feb 27, 2008 10:44 am Post Subject:
That does make alot of sense. Since the car does book at a few grand I think it is wise to keep full coverage on this vechicle. When asking my insurance company they would tell me it was a matter of personal choice and never went into detail about how to figure it out. Thanks for the advice. It really helped.
Posted: Wed Feb 27, 2008 12:04 pm Post Subject:
fireyone, If you want to give me the EXACT model, options etc, and if there is any unrepaired damage, we can figure out aproximently the ACV of your vehicle, then subtract your deductible, that will be how much you will get if the vehicle totals, you can then figure out the premium you pay for collision and comp (easily the highest coverage on your policy) and see if you can absorb the loss yourself.
It's really a personal thing, 'our' break even is about 3500.00 if a vehicle drops below 4k or so that I can absorb without too awful much trouble, and I would drop coll/comp then. However, we have finally gotten to a point in our lives that our premiums are very reasonable (FINALLY)....So really doesn't cost us too much at this point.
Let me know if you want me to run a value.
Posted: Thu Feb 28, 2008 12:42 am Post Subject:
I would love the help. My car is a 2000 pontiac Grandam. cd player, am fm, tilt wheel, rear defrost, rear spoiler, can't think of too many more options. It has 102,000 miles on it. There is no damage to the car outside or in. The interior is in good condition ( I am a clean vehicle freak).
Okay My deductible is $500. comprehensive $50.... property damage ...$5,000...bod injury...15,000/30,000...unins motorist...15,000/30,000...loss of use...$30 daily, $900 per accident...medical $5,000 and I carry full tort.
This policy costs me $420.90 every six months.
I have nothing bad on my drivers license, as in, no tickets or points.
Discounts listed on policy are as follows...Passive restraint,safe driver, accident free, multi car,and something called multi line.
I don't know if what I paid for the car matters but it ws $5,000 about 6 years ago. If you need anymore info just let me know. Again..Thank You.
Posted: Thu Feb 28, 2008 12:51 am Post Subject:
We just dropped out pick up down to liability, it did drop our insurance about $23 a month, we rarely drive it, so even though I thought it was a forced option because of the raise in the cost of the insurance, me being too lazy to shop and the price of gas, we decided to drop it. You will get enough information here to make a wise decision fireyone, just make sure that you keep the full tort on the vehicle what ever you do, I did keep that option. Lori advise me on raising the medical, which was really easy. goodluck, hope you can save some money.
Posted: Thu Feb 28, 2008 11:21 am Post Subject:
Ok....I need to know if it's a 2door or 4 door, and a GT, or SE and 4 or 6 cyl...then sunroof, automatic, cruise, power windows,pwr seat, leather seats, alumn wheels..let me know about these and I can be more acruate..
While we're waiting on that though I want to point something out to you....
Okay My deductible is $500. comprehensive $50
Did you mean to say 500? if it is 50 were I you I'd raise this to 500 you'll save quite a bit.......property damage ...$5,000...bod injury...15,000/30,000
. don't want to scare you but if these limits are correct I'm about to have a stroke for you!!!! You need to raise these times ten YESTERDAY! If what you have here is correct this means that if you cause more than 5k in damage to the vehicle of another that's all your company will pay period! :shock: I write repair estimates all day long and I'm here to tell you 5k is a moderate repair...same with the BI coverage....15k per person and 30k per accident is WAY WAY WAY too low...I'm truly concerned for you here.unins motorist...15,000/30,000...loss of use...$30 daily, $900 per accident...medical $5,000 and I carry full tort.
The rest of these coverages while low can't get you into any liability trouble....I don't want to worry you, but seriously, you need to look at this.....you are not even close to adequetely protected.... :(Posted: Thu Feb 28, 2008 07:16 pm Post Subject:
You can tell I don't know much about the insurance system or I would heve known enough to include all these things. It is a two door, SE, 4 cyl,automatic. Everything is manual...windows doors seat...no power anything...no cruise control either...seats are cloth and there isn't a sun roof...pretty much just a plain jane although it does look nice.
The deductible is $500 unless it is deer damage or anything along that nature...then we only pay $50.00...anything else is $500. Hope you understand that part. A while back my husband took out the front lense in that same car and when I took it to thed repair shop they only charged me $50.00. They and my insurance company said that was all I was responsible for since I carried the comprehensive insurance. I myself call this insurance deer damage since my husband hits about 1 a year. We live in the country with lots of these critters. With his job he leaves either early morning or is coming home in the earlya.m., just after midnight so they are always out there lurking.
Yes those other limits are correct and I do understand we need to raise them. That is what we are looking into this income tax. I was hurt back in July due to an accident (not my fault). It happened at the very worst time. We were just in the middle construction stage on our new house , money was alreay tight and both needed to be working. to say the least that I can that case isn't going anywhere to fast due to RSD and treatment so This is why I was also looking to find a way to cut insurance costs and raise those figures up.
I don't want to sound like a desperate woman or want to be pitied..it has just been a very rough road financially and I'm not even sure if I am able to return to work doing what I did before. I am upset that before this accident my car insurance company never explained how meaningless these numbers are. It took me getting in this accident and months later understanding just what all the numbers on my policy meant. They are scary and I am changing them.
For example $5,000 medical then I have to pay through my own insurance...wow..we all know how fast that goes...$15,000 underinsurance..If something is lifelong that doesn't help much either.. Not just thinking about me here..Thinking about if the tables were turned and I was responsible..well I could loose my home. Anyway hope this is adequate info...
Without being a pain...how much does it add to your insurance a month as you take the coverage further up...say (just as an example)50,000/75,000. I don't even know if those are even correct I'm just trying to explain what I meant there. tALK TO YOU SOON AND THANKS.
Posted: Fri Feb 29, 2008 04:52 am Post Subject:
I think this is a case of the insurance companies trying to make business, I had really good insurance, I wanted to try and get a price break, my union offered a break with a plan, the coverage was supposed to comparable to my old coverage, it don't even touch it, I have lost the one on one with an agent too, used to be I could just pick up the phone or drop by if I was in the area, all that is gone too. I will get off my lazy rear and get back to our old company when my renewal comes up next time, saving money, sure did not mean the same or comparable coverage that is for sure. Listen to Lori fireyone, she can tear this stuff up and get you on the right track.
Posted: Fri Feb 29, 2008 12:36 pm Post Subject:
You can tell I don't know much about the insurance system or I would heve known enough to include all these things
naaaaaaaaa....most folks don't realize it either...ok with the information you've provided, and assuming no prior unrepaired damage, I'm getting an ACV of $4625.00, so about 4-4100.00 is about what you would receive if it totaled so you need to decide if you save enough on the coll/comp premium to off set it....4k is still a chunk of money to come up with...in my wallet anyway! :wink:Ok you're comp deductible is 50 bucks a very very low deductible, you might look at the difference in your premium if you raised that deduct to 500 as well...think you'll be surprised the amount you save (higher the deductible, lower the premium)...It's actually comprehensive coverage, which covers animal hits, glass (headlight claim), vandalism, fire, theft etc....
Were I you, I think I would look at raising that comp deductible, which will drop the prem. on the comp coverage, using that money to increase your PD to atleast 50k if you can 25k minimally, and your BI coverages to 50/100 minimally....you might even look at the savings of raising both your collision and comp deductibles to 1k each...I know 1k is a lot of money, but not nearly as much as should you be at fault and cause 10k damage to another vehicle and injuries of 25k....the way your policy sets now that would mean YOU would owe 15k out of your own pocket! Oh my gosh! re: what the cost would be I really have no idea at all about that....you'll need to talk to your agent...I think though if you raise those deductibles especially the comp one, you will be able to offset a big part of the increase....it's good to carry high limits on med and UM as well, but they won't get you into any trouble....like the low PD and BI limits that you have 'could'...
don't hesitate to ask anything...that's how we learn...it's tough and happens all too often that we don't know we are underinsured and thus exposing our financial futures until something bad happens...you are in a uniquely blessed position right now to take care of this 'before' something happens.....let me know if I can be of further assistance to you!
Posted: Fri Feb 29, 2008 12:40 pm Post Subject:
That is why I would hate to switch insurance companies. I have been with this one for at least 10 years. I know everyone in the office on a personal level. I just can't believe that my own company wouldn't warn me about the lack of insurance. You are certainly right when it somes to price and service. I would rather pay a few dollars more and get better quality service from the insurance company. I like the fact that when I call in all I've got to say is my first name and instantly they recognize me and my voice. Well I've come to see just from posting and reading posts that Lori definately knows her business and isn't afraid to help some out. Thanks Lori.
Posted: Fri Feb 29, 2008 12:53 pm Post Subject:
You're certainly welcome, and you make a great point about having an agent, and I agree totally, I've had the same one for about 25years, and will hate it when they retire!
Some agents aren't really diligent about watching limits etc...just set down and discuss this with them crunch some numbers I'm sure raising these deducts will give you most of the money to off set raising your liablity limits...let us know!
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