Automobile Insurance
04-30-18, 10:20 AM
#1
Lead Lap
Thread Starter
Automobile Insurance
My Quote from Mercury Insurance company
Full Insurance = $943 / year. ($500 deductible) for annual 4k miles limit.
Comp + Collision (only) = $520 / year.
I get following discounts (1) Persistency discount (2) good driver (3) group discount (4)multiple policy discounts
I like the opinions on my alternative choices
(1) Sell my 02 (62k miles) and live on Uber/lyft (2000 miles/year chauffeured Services?)
(2) Keep the car but eliminate (Comp+Collision) part ($520). The car is always parked in garage.
(3) Anything wise?
tia.
Full Insurance = $943 / year. ($500 deductible) for annual 4k miles limit.
Comp + Collision (only) = $520 / year.
I get following discounts (1) Persistency discount (2) good driver (3) group discount (4)multiple policy discounts
I like the opinions on my alternative choices
(1) Sell my 02 (62k miles) and live on Uber/lyft (2000 miles/year chauffeured Services?)
(2) Keep the car but eliminate (Comp+Collision) part ($520). The car is always parked in garage.
(3) Anything wise?
tia.
Last edited by Prasha; 04-30-18 at 02:08 PM.
04-30-18, 10:59 AM
#2
Moderator
I’m sorry but I can’t resist. “Collusion” are you involved in Russiagate?
On a a more serious note. I use Ameriprise associated with my Costco membership. I pay about $320 a year (6 mo renewals) for full coverage 100/500k, 2500 annual miles and 1K deductible for collision. I have others cars that I use that’s why SC430 is low miles. If I were you I’d shop around for insurance.
On a a more serious note. I use Ameriprise associated with my Costco membership. I pay about $320 a year (6 mo renewals) for full coverage 100/500k, 2500 annual miles and 1K deductible for collision. I have others cars that I use that’s why SC430 is low miles. If I were you I’d shop around for insurance.
04-30-18, 02:04 PM
#3
Lead Lap
Thread Starter
I’m sorry but I can’t resist. “Collusion” are you involved in Russiagate?
On a a more serious note. I use Ameriprise associated with my Costco membership. I pay about $320 a year (6 mo renewals) for full coverage 100/500k, 2500 annual miles and 1K deductible for collision. I have others cars that I use that’s why SC430 is low miles. If I were you I’d shop around for insurance.
On a a more serious note. I use Ameriprise associated with my Costco membership. I pay about $320 a year (6 mo renewals) for full coverage 100/500k, 2500 annual miles and 1K deductible for collision. I have others cars that I use that’s why SC430 is low miles. If I were you I’d shop around for insurance.
The annual miles (2500) and deductible ($1000) change may bring down close to $640/year for me..... I do not have Costco membership (occasionally, I shop with my neighbor) How much is Ameriprise special discount for Costco membership?
04-30-18, 02:58 PM
#4
Moderator
I really could not tell other than to say, they are less expensive than Wawanesa, by about $175 annually, which IMO is good because Wawa is relatively inexpensive with same limits. Of course your mileage will vary based on any number of personal and geographic factors. We decided to go with the 1K deductible because the risk is reduced due lower number of miles driven, yet we wanted to keep higher full coverage to protect ourselves. So for about a buck-a-day we get the coverage we want.
And to be clear, it’s $332 a year, $166 every six months. They also asked for a odometer report twice.
And to be clear, it’s $332 a year, $166 every six months. They also asked for a odometer report twice.
Last edited by VVTiBob; 04-30-18 at 03:01 PM.
04-30-18, 03:00 PM
#5
I also have Mercury. I pay $320 ($640/yr) for 3k miles/yr. Liability is 100-300k. Comp is $250 ded/Collision is $500 ded. car rental. As you all know location is a defining factor. While I have no accidents or tickets, Mercury has paid off substantially on comp. I do have a long list of discounts including good driver, educator, multiple cars & policies, & persistency. They do insure my 3 cars, motorhome, and home. I am a long time customer who has been very happy with claims I have made. Oh, And I am not employed and never have, by them.
04-30-18, 03:31 PM
#6
Moderator
We dropped collision on the 3 cars we have but retain comprehensive, uninsured motorist, and liability (in addition to an umbrella policy). Our cars are relatively old so they are not worth much based on "average market value" even though they are in great condition.
We have never filed an at fault insurance claim in 40+ years of driving. If we did have a low cost accident (maybe under 3000 or so) we'd mostly likely pay to fix damage ourselves rather than file a claim, pay the deductible, and subsequently have rates go up.
Paying a high rate for collision coverage can be a bad investment because with older cars if the accident is significant the insurance company will total the car for pretty low value and issue you a disappointingly low amount in a check after subtracting deductible. For the yearly comprehensive cost on 3 cars I'd much rather self insure our old cars for collision. Obviously each person has a different situation so someone else's calculation on collision "investment vs return" may be totally different.
We have never filed an at fault insurance claim in 40+ years of driving. If we did have a low cost accident (maybe under 3000 or so) we'd mostly likely pay to fix damage ourselves rather than file a claim, pay the deductible, and subsequently have rates go up.
Paying a high rate for collision coverage can be a bad investment because with older cars if the accident is significant the insurance company will total the car for pretty low value and issue you a disappointingly low amount in a check after subtracting deductible. For the yearly comprehensive cost on 3 cars I'd much rather self insure our old cars for collision. Obviously each person has a different situation so someone else's calculation on collision "investment vs return" may be totally different.
04-30-18, 03:32 PM
#7
Actually, I didn't answer your main question. It seems to me that its one of economics. I feel more comfortable having full coverage and find the deductable on comp is quite reasonable. I've had a number of payouts on my comp, so feel I have it set right. This is all about what you can afford as well our health. As I age I have a lot of health issues. My wife drives 75% of the time (except when it comes to the SC). We also have a diesel pusher motorhome. She does all the driving and I do all the parking. I don't buy anything I can't afford, though retired income is far less than when we worked. I can't imagine not owning my SC, but if I can't afford it, it will be the first to go. My new location makes the SC a wonderful car for cruising the great beaches we have in Southern California. Good luck with the decisions you need to make.
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04-30-18, 03:36 PM
#8
[QUOTE=
Paying a high rate for collision coverage can be a bad investment because with older cars if the accident is significant the insurance company will total the car for pretty low value and issue you a disappointingly low amount in a check after subtracting deductible. For the yearly comprehensive cost on 3 cars I'd much rather self insure our old cars for collision. Obviously each person has a different situation so someone else's calculation on collision "investment vs return" may be totally different.[/QUOTE]
I agree. In my case, my oldest car is my 2010 SC, so I haven't reach the point of making that decision. I think the wise decision is to balance how much you would save with how much is your car worth.
Paying a high rate for collision coverage can be a bad investment because with older cars if the accident is significant the insurance company will total the car for pretty low value and issue you a disappointingly low amount in a check after subtracting deductible. For the yearly comprehensive cost on 3 cars I'd much rather self insure our old cars for collision. Obviously each person has a different situation so someone else's calculation on collision "investment vs return" may be totally different.[/QUOTE]
I agree. In my case, my oldest car is my 2010 SC, so I haven't reach the point of making that decision. I think the wise decision is to balance how much you would save with how much is your car worth.
04-30-18, 03:55 PM
#9
I am pondering the same thing concerning coverage. I bought my 02 in Nov with only 32k. Currently doing all of the maintainence and some mods to make it mine but haven’t insured it yet.
Blue book is 14820-16922 trade in and 16993-19805 private party so I think anything less than full coverage wouldn’t be smart. Its a 15-20k gamble.
Blue book is 14820-16922 trade in and 16993-19805 private party so I think anything less than full coverage wouldn’t be smart. Its a 15-20k gamble.
04-30-18, 09:16 PM
#10
Driver School Candidate
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Naaah, I dont believe in Blue Book , its under rated .. KBB will penalize the car more if you have an older year than if you have lower / higher mileage .
I just sold my 2002 SC430 a month ago at $27500.00// Well above the KBB $19850 that you quoted above . Mileage on the car 25K miles
I just sold my 2002 SC430 a month ago at $27500.00// Well above the KBB $19850 that you quoted above . Mileage on the car 25K miles
05-01-18, 05:14 AM
#11
Naaah, I dont believe in Blue Book , its under rated .. KBB will penalize the car more if you have an older year than if you have lower / higher mileage .
I just sold my 2002 SC430 a month ago at $27500.00// Well above the KBB $19850 that you quoted above . Mileage on the car 25K miles
I just sold my 2002 SC430 a month ago at $27500.00// Well above the KBB $19850 that you quoted above . Mileage on the car 25K miles
05-02-18, 09:46 AM
#12
Lead Lap
Thread Starter
I really could not tell other than to say, they are less expensive than Wawanesa, by about $175 annually, which IMO is good because Wawa is relatively inexpensive with same limits. Of course your mileage will vary based on any number of personal and geographic factors. We decided to go with the 1K deductible because the risk is reduced due lower number of miles driven, yet we wanted to keep higher full coverage to protect ourselves. So for about a buck-a-day we get the coverage we want.
And to be clear, it’s $332 a year, $166 every six months. They also asked for a odometer report twice.
And to be clear, it’s $332 a year, $166 every six months. They also asked for a odometer report twice.
05-02-18, 02:10 PM
#13
Moderator
Persistence, good driver, mature driver. We don’t have towing coverage or car rental on the SC430, and we don’t have uninsured driver “property damage” which covers things like a UI driver running into a fence at my home. We do have UI driver in a collision instance.
05-02-18, 02:41 PM
#14
Large difference in our Mercury premiums when we switched to auto club. 30% or more cheaper for our five cars
05-02-18, 02:51 PM
#15
Lexus Test Driver
I pay $221.39 for 6 mo. Or $442.78 year
300/500/100
comp $250 ded
coll $1000 ded
5000 mi year
300/500/100
comp $250 ded
coll $1000 ded
5000 mi year