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Insurance question
http://forum.fbodyeurope.org/phpBB3/viewtopic.php?f=11&t=5203		 Page 1 of 1
Author:  SRZ [ Sun Dec 05, 2004 10:46 am ]
Post subject:  Insurance question
Just wondering does it make any sense to pay full coverage on a vehicle 3 yrs or older? I pay full 6 mos out of the yr on the Z and liability the other 6 when in storage. That car is 12 yrs old. I'm really asking about our other car the 02' Audi A4. We still pay a pretty penny on full coverage for that sucker and it's 3 yrs old now.

Any insurance guru's in here? What is really the difference between full and liabilty besides the $$ amount? Ins is a rip off I swear. :evil: My wife had the idea of going into the business and starting her own ins company and for every driver who doesn't have a wreck in their contractual yr gets 1/2 the $$ back. Sounds in good in theory and you would put the others out of business quick but I know it would never be a reality. :roll:
Author:  JackZ28 [ Sun Dec 05, 2004 11:23 am ]
Post subject: 
You never know when you are gonna have an accident. If you get in one, and it's your fault, you will pay full damage. If it's not your fault, and the other person doesn't have insurance, then you're pretty much screwed too, especially if that person doesn't have money. If they do, then you can probably sue them, but if they have money, chances are that they have insurance anyway. I would never go without full coverage on a car that's worth anything. Don't be a cheapskate man!
Author:  Garry [ Sun Dec 05, 2004 11:27 am ]
Post subject: 
Well, my 'maro is going to be 7 next March, and I don't know how much the full coverage would pay even with the low milage and good service it's getting ... but then, I have the feeling you're probably paying higher insurance ... I think I'm somewhere in the range of 400€ for 8 months of coverage (liability & coverage), so it's not that bad ... and a lot better than losing the car in a self-caused wreck and ditching the whole cost for repair or replacement myself ...

As far as german insurance, in case of a wreck, they will cover either the repair (unless it's ~20% higher than the calculated value of the car), or the price for an equal replacement ... of course, they will screw you big time if your car as such is more worth than they calculate (mainly as they will not take into account value-raising features like low milage, add-ons, etc.) - at least not as much as you would value them yourself ...

The MR2, on the other hand, I only have liability on ... no point in shelling out additional bucks for coverage on a 12year old car that's only a couple k€ ...
Author:  Garry [ Sun Dec 05, 2004 11:29 am ]
Post subject: 
JackZ28 wrote:
the other person doesn't have insurance, then you're pretty much screwed too, especially if that person doesn't have money.

... which shouldn't be that much of an issue in Germany, as liability is non-optional for cars registered in Germany ... don't know what happens with other nations running around on our streets, though ...
Author:  JackZ28 [ Sun Dec 05, 2004 11:30 am ]
Post subject: 
You never know when someone will just throw some plates on a car, and drive it around like it's legit! :shock:
Author:  SRZ [ Sun Dec 05, 2004 1:18 pm ]
Post subject: 
I know I'm cheap. But I pay for 2G's a yr for the the Audi and truck alone. 1600 is for the Audi. I know once I hit stateside the rates will drop more than 1/2 w/ full coverage so I'm not worried there. I just irks the hell out of me we don't get nothing in return for our $$, not even a thankyou card, mug, anything! Legalized crooks is what they are. :evil:
Author:  JackZ28 [ Sun Dec 05, 2004 3:23 pm ]
Post subject: 
They do make a helluva lot of money- that's for sure. There should be some kind of dividend or something given, like if there were only X amount of accidents that year, maybe they give everyone a small portion of their money back. I know it sounds far fetched, but could imagine the implications? That would make the beginnings for a good insurance company.
Author:  spade [ Sun Dec 05, 2004 11:26 pm ]
Post subject: 
I know exaclty what you are talking about SRZ. Insurance to me is a rip-off. Pay all this money into nothing. I have never gotten into an accident in my life but I have not received anything back. Atleast a hug people. Belgium has the highest insurance rates in Europe from what USAA told me. :evil: That is annoying as all hell. Just moving over here I pay more on my Saturn a month than I did in the states for both the Camaro and the Saturn.
Author:  SRZ [ Mon Dec 06, 2004 8:25 am ]
Post subject: 
Well Spade hopefully I'll be joining you in paying higher rates! :D Still in limbo and haven't been told if we are still going to be on this side of the water or back in the good ole US. :cry:
Author:  tbiker99 [ Mon Dec 06, 2004 5:04 pm ]
Post subject: 
I still keep full coverage on my 94 camaro. Not because I have too, but because if something happens to it, I want it paid for. Most financial experts will tell you that full coverage on an XX year old car is a waste of money. I will say, "can you afford to replace it, if you have a bad day on the bahn?"

A good comprimise(sp?) is to raise your detuctiables, say $500 - $1K. This lessons the likelyhood your insurance would have to pay if you slide into a curb, or bump another car. it will lower your rates quite a bit. Talk to your insurance company, there are lots of ways to lower your rates and still keep acceptable coverage.

oh, and I pay about $110 per month for a 94 Z28 convertible. My car is in really good shape and the sense of security is worth it to me.

good luck.
Author:  Garry [ Mon Dec 06, 2004 5:38 pm ]
Post subject: 
The question is, how MUCH the insurance will pay - e.g., if the basis on which they calculate the value of your car is the blue book (or what it's called in the US) and it says: a 94 Z with 150kmi has a value of - say - $2000, and that's all they will cover, then what's the point in paying $1300 every year for the coverage? Add to that the $500 deductable, and you're almost at what they will pay you at most ...

Don't know how US companies operate, though ...
Author:  spade [ Mon Dec 06, 2004 6:48 pm ]
Post subject: 
They operate the same. Rip you off!
Author:  2slow [ Mon Dec 06, 2004 9:38 pm ]
Post subject: 
Garry wrote:
say - $2000, and that's all they will cover, then what's the point in paying $1300 every year for the coverage? Add to that the $500 deductable, and you're almost at what they will pay you at most...

Hang on, he's not just paying to replace his $2000 car, that money also goes towards the risk that he might drive into a $80 000 car. That puts the $1 300 p/a in a different perspective.
Author:  Garry [ Mon Dec 06, 2004 9:43 pm ]
Post subject: 
He can't get around the liability anyway -- the coverage is (usually) the pricier part of the insurance...
Author:  JackZ28 [ Tue Dec 07, 2004 7:37 am ]
Post subject: 
The higher the deductible, the less you pay per month, but if you get into an accident, that is how much you will have to pay towards the repairs. If you take a $1000 ded., you will pay $1000 if you are at fault. You need to think about the big picture when paying insurance. If you're not worried about getting into an accident, then take the higher deductible, and make the lower monthly payment.
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