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Help me buy car insurance

Discussion in 'The Okie Corral' started by BigKid, Feb 9, 2010.

  1. BigKid

    BigKid

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    My current car insurance will be expiring at the end of the month so I am doing my annual shopping. I own my vehicle, its a 1993 Toyota Pickup, 4x4. Worth maybe $3500 if I clean it purdy like. Single, 27 years old, male. So far my quotes are $95.27 from Geico for full coverage (50/100/100 and a $250 deductable which will be the numbers for all of my quotes listed), $70 from Progressive, $72 from State Farm, and a number of others around the $75 range.

    Now, my question is, should I go full coverage or just do PL & PD which is all I am required by law in California? Quotes are coming in around $35 - $50 a month. My issue with going this route is, if I get into an accident and it is my fault, I am footing the bill to either fix my truck or replace it. If I spend $30 more a month, I transfer that risk over to Progressive or State Farm or whoever, and they cut me a check (minus my deductable) and I get myself another vehicle. So my question to the GlockTalk Brain Trust, is $30 a month worth it? Seems to me that it is but I get a lot of confused insurance agents when I say i want to carry full coverage on a truck that is 17 years old and paid for.
     
  2. paperairplane

    paperairplane

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    If you have ever been military, or are a child of someone active or retired from the military, sign up for USAA. Best. Insurance. Ever.

    As for your truck, I would carry liability. If you crash it, they are going to total your truck and give you some amount less deductible. I have a 92 subaru - if it gets wrecked, so be it. I can part it out and make most of my money back.
     

  3. NorthCarolinaLiberty

    NorthCarolinaLiberty MentalDefective

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    It seems only you can decide that. You already know that defensive driving goes a long way to keep you out of any trouble. If you never speed and never tailgate, you've already done a lot to keep away from accidents. That's not foolproof of course, but I always look at the percentages.
     
  4. camelotkid

    camelotkid non-believer

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    I sell insurance and am licensed in CA I work with about 15 companies in your area message me for my number and I can help you out.
     
  5. maynardwix

    maynardwix Notre Dame Fan!

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    I have Esurance, been with them for years and love it.
     
  6. camelotkid

    camelotkid non-believer

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    oh and as for your original question. Imagine if you wrecked your truck right now and it had to be replaced. If you could come up with the money to replace it then I would say go for liability if not get comp and coll. It is better to pay an extra 30 a month now then to have to come up with a few grand when you can't afford to.
     
  7. 4MUL8R

    4MUL8R

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    Let's say your value estimate is accurate, and you have a $500 deductible for collision. $30 per month x ten months is 10% of the value of the truck. In less than ten years you would "pay" for the truck with this premium, as it continually depreciates. So, can you put your hands on $3500 now to replace the truck? Or can you afford to give the insurance company 10% of its value each year? I would never go without collision insurance ever if I couldn't afford to replace the vehicle immediately.
     
  8. redbaron007

    redbaron007 Some Dude Lifetime Member

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    Couldn't have said it better. Would only add you need to review your liability limits. If you are involved in an accident and the other vehicle has 3 people in it and if they are injured, not even seriously, the limits you have now may not be enough. If this is the case, they could come after you for the rest. If you have no assets, then depending on state law, they can/will garnish your wages. Some states limit the number of years they can garnish your wages; others do not. I do not know what CA statutes limits. Just something to consider. I would recommend 100/300/100 at a minimum, then consider a personal liability umbrella, especially if you carry.
     
  9. ChiefWPD

    ChiefWPD

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    Please consider underinsured/uninsured coverage. 1/2 million or so. Why you ask? You get smooshed by someone with the minimum coverage, or, worse, an illegal alien with no coverage, and you are on your own.

    I know 1/2 million in coverage sounds like a lot. It's not. Fortunately this part of your auto insurance isn't all that expensive.
     
  10. redbaron007

    redbaron007 Some Dude Lifetime Member

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    Another good point!
     
  11. camelotkid

    camelotkid non-believer

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    UM/UIM and PD are the cheapest things to increase on an insurance policy but you can only increase the limits of UM/UIM up to the limits of your bodily injury coverage.
     
  12. paperairplane

    paperairplane

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    Insurance agents love that kind of logic. We are discussing full comprehensive coverage on a 15+ year old vehicle.

    You total that truck, they charge you a $500 deductible, value your truck at $2000 and cut you a check for $1500. For that you pay an extra $400 per year. If you can not total the truck for 3 years you at least break even.

    1993 Toy 4*4 at kbb.com is about $2,000 private party value.

    Save the $400 per year and use that money towards a replacement vehicle. A $4000 loan for 4 years is only about $100 per month. If you can't get that loan....