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| apeacefulstorm | Insurance pros and cons..... | ||
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On that forum which will not be named there is a thread discussing insurance full and or basic.... I know we discussed it some, however there is a lingering question, or two...
If I have full coverage yet the possibility exists that after an accident my car is totaled out because the repair cost exceed the value of the car, has full coverage insurance helped me? I think there is the factor of diminishing returns when it comes to having full coverage insurance.... I am still looking for insurance that will give me a agreed upon value yet still allow me to use the car as a daily driver.... thoughts anyone? |
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Posted on: 2008/2/13 17:01
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| FLYINLOW90 | RE:Insurance pros and cons..... | ||
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Senior Guru
 
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Well I carry full coverage on all my cars including 2 million in liability.
AS far as the collision helping you.....If I understand your question, If your car is written off by the insurance company after an accident at the very least you will get a check of some value. No coverage = no check. Just the wrecked Vette to sit in your driveway. So yeah I would say it's worth it. JMO Gary |
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Posted on: 2008/2/13 17:44
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| RollaMo-LT4 | RE:Insurance pros and cons..... | ||
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You are correct in assuming that at some point, the cost of full coverage will outweigh the benefits you might receive in case of total loss.
Only you can determine what that point is though. If your car is paid for and you would not have a problem in replacing it, if it was a total loss then I would say full coverage is not cost effective. Having a full coverage insurance policy is just protection for stuff you can't afford to replace on your own. But at some point, you will have paid out more in premiums than the car is worth. The above only applies to comp and collision, as I am assuming you must carry liability insurance at all times.  |
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Posted on: 2008/2/13 18:01
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| DaleD | RE:Insurance pros and cons..... | ||
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I think what you have to do, if you carry full coverage on your Vette is to insure it on an agreed value. Most companies will allow this for an older car. Your rates will reflect this agreed value, and they won't go for crazy valuations like $1,000,000.
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Posted on: 2008/2/13 18:02
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| CentralCoaster | Re: Insurance pros and cons..... | ||
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I am still looking for insurance that will give me a agreed upon value yet still allow me to use the car as a daily driver.... DOES NOT EXIST. Trust me, I've looked high and low. BTW, don't confuse it with stated value or actual cash value, they are different. Your only choices are to be either under insured, or to lie to your insurer about your driving habits. Question: Why do you think your car is worth more than other similar ones in the autotrader? An insurer doesn't want to cover a $10K car for $15K because it opens them up to fraud. And in all honesty, why should you ever be entitled to more than replacement value? |
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Posted on: 2008/2/13 18:09
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| DaleD | Re: Insurance pros and cons..... | ||
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Not sure about that. State Farm allowed me to set the replacement price of my car. I named the number, $10k, they agreed. Now if I told them $20k, might have been an issue. |
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Posted on: 2008/2/13 18:16
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| CentralCoaster | RE:Insurance pros and cons..... | ||
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Yeah, but does it have limitations on how/where/when you can drive it?
Also is it Stated Value or Agreed Value? Does it mention Actual Cash Value anywhere? Read that policy carefully, most/all agents don't know squat about these types of policies and will tell you what you want to hear. Obviously each state can differ, but the shit hits the fan when you have to deal with the adjuster. Rest assured, these guys will know how the policy works and they aren't going to write you a check for $10K if they don't have to. And by then it's too late. None of the dozen or so agents I spoke with would allow me to talk to the adjusters or people that make those decisions. They all said that I'd have to wait until there was a claim to do that. Uh, no thanks dude! |
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Posted on: 2008/2/13 18:38
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| apeacefulstorm | Re: Insurance pros and cons..... | ||
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Quote: I have no illusions about the value of my car....lol I know its a 93 with over 216k on the clock, and while it has alot of sentimental value, actual value is probably a lot less.... having said that, in the event of an accident I would probably want to be able to take off the stuff I want (i.e. undamaged wheels, and the engine if its modded) and not see it totaled out with the salvage guy taking the stuff.... cut me a check for 7 or 8k and I probably can find another one to drive till the wheels fall off.... |
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Posted on: 2008/2/13 18:48
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| bogus | RE:Insurance pros and cons..... | ||
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Grand Imperial Pooh-Bah
 
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I have full coverage... mostly because there are too many uninsured assholes on the roads here in SoCal... and they are just as prone to rear end you and run as to actually fess up.
It ain't worth the angst... I will pay my premiums ($460 every 6 months) and be happy knowing that if someone hits me, I am protected from financial ruin. |
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Posted on: 2008/2/13 19:14
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| hallna | Re: Insurance pros and cons..... | ||
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I don't know if you have tried it or not but my '90 is a one off factory order that i have insured w/ my policy w/ Safeco as agreed ACV & i set the miles/year which is low as i only drive in good weather-never seen rain. i pay $152/6 mo. & the value assessment is increased 3% or so /year as to the value of the car. it does not take much of a ding to turn into $3-5k. i have a $250 deductible w/ full coverage. i have been clipped 2x & both times were others @ fault. geico wanted to total it 1st time until the saw my policy w/ safeco & had to totally restore it. my lexus, f150 & mustang don't even come close to what it costs for the 'vette. i'm not sure what they will do for a daily driver. i know this is late but may also help others.
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Posted on: 2008/5/20 23:24
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| TommyT-Bone | Re: Insurance pros and cons..... | ||
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Chair-man of the bored
 
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I have to carry liability and personal injury protection so if I dropped the comp & collision I'd save about 60 dollars a month on 5 vehicles so it is not in my best interest. I don't have a garage and I drive them to work about 1 day a week each. Unfortunately the insured amount is based on blue book pricing so I guess I'd get about $2800 each Vette. I spent more than that on each car just in the past year. So if somebody has a viable alternative, I'm all ears. I'm currently insured with State Farm. They have covered the business vehicles well when they were hit by other drivers but I hope they don't hit the sports cars or I'd be f~(%ed.
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Posted on: 2008/5/21 1:22
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| CentralCoaster | Re: Insurance pros and cons..... | ||
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Agreed Value ≠ Actual Cash Value Actual Cash Value is determined by the insurance co, and nearly all of them use software like CCC or Mitchell to determine value. And it will low-ball you every time. Read the policy carefully, they're all different. Many of the Collector policies simply limit the liability of the insurance company by putting a price cap on the loss payout, which in turn reduces your premiums. But it in no way guarantees what they'll write on the check. I'm the event of a loss you may find yourself trying to convince your insurance co. on the value of your car, and ultimately settling for less than the value on your policy. |
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Posted on: 2008/5/21 1:41
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| apeacefulstorm | Re: Insurance pros and cons..... | ||
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that's why it seems to me that it would make more sense just to carry liability on a daily driver, then if its hit you can take your car home regardless of the condition as opposed to having the insurance company total it out...
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Posted on: 2008/5/21 1:55
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| TommyT-Bone | Re: Insurance pros and cons..... | ||
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You can always buy your wreck back from the insurance company ,usually for short money. I always thought you could hit them up for a comparable replacement since you won't find any Vette thats worth a crap for $2800. That's of course if someone hits you. You could also make that same argument with your own insurance company. If that's all they're worth the insurance company should have no problems finding a comparable replacement. Right? Also having receipts to show how much you have into your precious baby is a great negotiating tool.
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Posted on: 2008/5/21 2:18
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| JonnyAngle | Re: Insurance pros and cons..... | ||
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If it's totalled, are you going to want it in your driveway waiting for you to fix it? What if you get a rock in your windshield?
Remember, The other dude or dudette's liability coverage will cover the damage they do to your vehicle. ...unless they are running without insurance or have really low limits. |
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Posted on: 2008/5/21 3:08
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| bogus | Re: Insurance pros and cons..... | ||
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Grand Imperial Pooh-Bah
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peacefulstorm! Great to see you back again!
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Posted on: 2008/5/21 3:19
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| apeacefulstorm | Re: Insurance pros and cons..... | ||
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however if the cost to repair is more than the total value of the car, can the other person's insurance company total it out? Just because its the law that everyone is suppose to have insurance doesn't mean that everyone does have insurance... I would rather have my totaled car in my driveway so that I can have the option of salvaging the good parts from the car... |
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Posted on: 2008/5/21 11:40
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| apeacefulstorm | Re: Insurance pros and cons..... | ||
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Quote:
thanks.... |
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Posted on: 2008/5/21 11:40
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| 1Fast04Vert | Re: Insurance pros and cons..... | ||
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My wife and both daughters are adjusters for State Farm, and they are constantly amazed at how many people pay for insurance and never even know their coverages. "Full Coverage" actually means nothing, it is slang for I think I am covered since I pay a lot of money and my agent hasn't fully explained my policy. How the value of a car is reached in Georgia is by KBB, autotrader and Craig's list are also used to get comparisons on occassion. However, it will vary by state, just as State Farm will offer different coverages in different states, often necessary to comply with local laws, rules, and regulations. Many people do not even know what comp coverage is and what exactly it covers, nor how inexpensive it is to take comp coverage to a zero deductable. Bottom line is you need to talk to your agent, be sure he understands exactly what you want and see if he can meet your expectations for a reasonable amount of your hard earned money.
ps--If you are still making payments on any car be sure you have gap insurance (VERY IMPORTANT)! |
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Posted on: 2008/5/21 13:06
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| bogus | Re: Insurance pros and cons..... | ||
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Grand Imperial Pooh-Bah
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lemme try here. car is totaled. That is assessed when the repair cost exceeds 80% of the wholesale value (or near enough). No matter WHO totals it - your company or theirs - you have the right to re-buy the wreck. Most of the time it's not worth it. You don't have the resources to part it out properly, to be honest. I know I don't. Finally, the insurance companies base their payoffs on the expected retail of the car. Not a wholesale price. Here is how it works (or how it worked for me when my niece totaled my 1992 Prelude in 1994). She was driving my car, my insurance covered it. It was really easier that way. They assessed the car was totaled (duh!). They then ran a "CCC" evaluation. That process determines what a dealership would expect to sell a like vehicle for in like condition. Not what they would ASK for it, but what they actually would expect to resell it at. If the original assessed value is low, have them run a CCC on it to determine value. You can also protest that check. You are not required to take it. Do your research and go back to the insurance company with ads for other cars that match yours. Get a bunch from all over the country, not just your area. With Corvettes, they are a national commodity, not like an Impala... The laws to very from state to state, but the above process seems pretty standardized. |
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Posted on: 2008/5/21 14:32
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| JonnyAngle | Re: Insurance pros and cons..... | ||
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I would keep full coverage on it. It's a nice safety blanket.
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Posted on: 2008/5/21 14:58
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When I die, I want to go peacefully like my Grandfather did, in his sleep -- not screaming, like the passengers in his car.
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| CentralCoaster | Re: Insurance pros and cons..... | ||
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Tell me the point of having zero deductible comp. If you pull a claim every time you get a windshield crack or a door ding, or anything else under $500, your rates will soon go up, and you'll be branded as that picky guy who costs the insurance company money. Insurance companies don't like people who file claims. The best advice I have is to pay out of pocket for small damages, get high deductibles to reduce rates and never use your insurance unless it's something major. I was paying low deductibles for years for absolutely no benefit. I paid about $15000 to my insurance co. over 10 years and only had $1300 in claims. What a scam. |
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Posted on: 2008/5/21 15:21
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| 1Fast04Vert | Re: Insurance pros and cons..... | ||
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Here in Georgia comp claims do not affect your rates. For lack of better words they are generally considered "act of God" or in other words something that is not your fault. Everything is totally different (and weird to me) in CA, like a foreign country with all the odd laws you have out there. Oh well, to each his own. |
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Posted on: 2008/5/21 16:03
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| RollaMo-LT4 | Re: Insurance pros and cons..... | ||
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Comp claims may not affect your rates as you say, they are for stuff that you have no control over. BUT, file too many of those claims and I can assure you when it comes time to renew your policy, you will get a nice letter from your insurance company stating that they will no longer offer you coverage. It happens all the time. Once you become a "risk" to them, they will drop you. |
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Posted on: 2008/5/21 16:08
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| apeacefulstorm | Re: Insurance pros and cons..... | ||
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I hear what everyone is saying regarding full coverage insurance (and I don't disagree), I guess what doesn't sit quite right with me is this; if I have modded my engine, have different wheels, etc and someone hits me, my car could be totaled out by the insurance company even though there may not be damage to the stuff I want to keep i.e. engine and wheels.... They may cut me a check for 2k and that's all I get.... however if I only had liability insurance I would have the car and could take off of it the stuff I want which might exceed 2k.... that's my point....
The idea of me having to buy back my car from the insurance company just doesn't sound right, there is something wrong with that picture.... but that's just me... |
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Posted on: 2008/5/22 11:21
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| RollaMo-LT4 | Re: Insurance pros and cons..... | ||
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I have to agree with you there. That is why I posted early in this thread about there being a point where the cost of insurance exceeded what it was worth (excluding the mandatory liability coverage).
Really, collision insurance is intended more for cars that have a sizable loan on them. If your comfortable in being able to replace your car if/when it gets wrecked, then you probably don't need it. Insurance is a gamble between you and the Ins. company. They are betting you won't wreck your car. You are betting that you do. |
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Posted on: 2008/5/22 11:41
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| 1Fast04Vert | Re: Insurance pros and cons..... | ||
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Why not check KBB and NADA and see what your car is worth, or even call your agent and ask him/her? Then with enough information you can make the right decision. |
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Posted on: 2008/5/22 14:16
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| apeacefulstorm | Re: Insurance pros and cons..... | ||
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lol.... thanks for the morning chuckle.... I have a 93 vette with 224k on the clock.... whats it worth? I am not delusional, on a good day its probably worth more for the parts than the car itself... |
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Posted on: 2008/5/22 15:24
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| 1Fast04Vert | Re: Insurance pros and cons..... | ||
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KBB says your car is worth $6060 in good condition or $5260 in fair conition. That is for a base 93 coupe, no options and at 230,000 miles. I doubt your parts are worth that much. |
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Posted on: 2008/5/22 17:52
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| apeacefulstorm | Re: Insurance pros and cons..... | ||
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Thanks for the info.... so you are suggesting that if my insurance company totals out my care they are going to cut me a check for 5k? |
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Posted on: 2008/5/22 19:25
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| CentralCoaster | Re: Insurance pros and cons..... | ||
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Senior Guru
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Just because they total your car doesn't mean they lock everything up. I would expect you still can take aftermarket parts off it, or somehow get a chance to restore it to stock if that's all they're paying you for. Not sure if that requires a buyback, or if you can accomplish all that before the wrecker finally comes to pick it up, but there's options. Those sort of settlements take time, obviously if your car is a pile of debris in a towyard that doesn't help you much.
I don't have experience with this though, surely someone on here does? Either way, in the event of a total, you'll be much better off with full coverage than without! |
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Posted on: 2008/5/23 2:41
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| apeacefulstorm | Re: Insurance pros and cons..... | ||
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of course if I drop this engine in my car from Golen:
Quote: Chevy 396ci / 520hp LT1 Long Block the issue becomes apparent..... |
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Posted on: 2008/5/24 1:53
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