$7000+ in insurance over the years - for what? Peace of mind? [Archive] - Glock Talk

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Eurodriver
10-23-2012, 18:20
Since I've started owning my own vehicles, I've paid GEICO well over $7000 in full coverage insurance.

While I'm glad I've never had to file a claim, and I hope it remains that way, I'm sick of getting raped every 6 months for absolutely no gain in anything but I suppose, peace of mind.

Now I know as soon as I remove certain coverage I'm going to have an issue, which is why its so hard for me to do it. I've already increased my collision deductible to $1,500. I wouldn't even have collision except I'm not in a position to buy a new car if I do manage to wreck mine. I'm thinking that money would be best allocated to uninsured motorist coverage (which I do not have). I reduced my bodily injury liability but kept my property damage.

What do you guys think? Where should I trim the fat in my insurance policies?

For 20/50k (around there) in bodily injury, 250/300 (I think?) in property, PIP, collision (1,500 deductible), comprehensive ($250 deductible, but its cheap) I pay $1200 a year.

Now before you all say "Switch to USAA", they quoted me $1200 every six months.

I'm just at a loss. I've had GEICO forever, over 5 years, I like them. No claims, no tickets, and they're still kicking me in the balls. What would you do?

8-Ball
10-23-2012, 18:33
I'm just at a loss. I've had GEICO forever, over 5 years, I like them. No claims, no tickets, and they're still kicking me in the balls. What would you do?

What would I do? The same thing every other driver in America does. ***** about it every now and then and keep paying because there's really no other choice.

5 years is not "forever", by the way.

certifiedfunds
10-23-2012, 18:37
Insure yourself first and the other guy second.

hpracing007
10-23-2012, 18:40
It's probably because of the car you drive. MB parts are $$$$$$. I thought about going for it myself a little while ago but just couldn't justify it. Even though the value of the car has gone down over time, the cost of repair hasn't.

Eurodriver
10-23-2012, 18:43
Just got online quotes at AllState and Progressive, they wanted $900 and $2400 a year respectively.

Why such a huge variation in rates? Even still, $300/yr isn't a big enough savings over GEICO to switch carriers.

Do insurance companies look at "Hey, this guy has been with us for 5 years with no issues" when considering if they're going to be ********s or not?

Ruggles
10-23-2012, 18:45
I agree grin and bear it or don't have it. All those options suck but it is one of those "things" we all have to put up with. Same with home owners insurance, pay it every month and never ever used it.

Eurodriver
10-23-2012, 18:52
I agree grin and bear it or don't have it. All those options suck but it is one of those "things" we all have to put up with. Same with home owners insurance, pay it every month and never ever used it.

Well how do all these *******s drive without insurance? Both my sister and my father have been hit by drivers without insurance - my father spent several weeks in the hospital and was bedridden for months. He was hit by a drunk, going the wrong way on a one way street.

The guy never even went to jail!!!! My dad spent years trying to get money from that guy. Nothing. (He was even an illegal alien and still nothing!)

The lady that hit my sister went to the hospital to avoid arrest - never saw a dime out of her either.

Why the hell should I keep paying if they get off anyway? I don't have anything anyone can take from me.

MarinePride
10-23-2012, 18:55
The insurance game just sucks, as their business model is simple. Take as much as they can in premiums and pay out as little as possible in claims. Good gig all around.

sourdough44
10-23-2012, 18:55
I've hardly ever had full coverage on vehicles, yes paid off. You just have to drive defensively though. It works for me/us. I've never had an accident or claim besides a chipped windshield in 35 yrs of driving. I don't insure ATVs, boats & snowmobiles either. Yes, I realize it could all change tomorrow. I did hit 3 deer over the decades, but not enough damage for a claim or major repair.

certifiedfunds
10-23-2012, 18:58
Well how do all these *******s drive without insurance? Both my sister and my father have been hit by drivers without insurance - my father spent several weeks in the hospital and was bedridden for months. He was hit by a drunk, going the wrong way on a one way street.

The guy never even went to jail!!!! My dad spent years trying to get money from that guy. Nothing. (He was even an illegal alien and still nothing!)

The lady that hit my sister went to the hospital to avoid arrest - never saw a dime out of her either.

Why the hell should I keep paying if they get off anyway? I don't have anything anyone can take from me.

Again,as your post reinforces, insure yourself first.

Slackinoff
10-23-2012, 19:02
Well how do all these *******s drive without insurance?

They get insurance for a month or whatever to get their vehicle registered and then they cancel.

CitizenOfDreams
10-23-2012, 19:05
I consider car insurance just another tax. I pay as little as I can legally get away with.

Hines57
10-23-2012, 19:05
How much do you think you should pay?

Eurodriver
10-23-2012, 19:13
How much do you think you should pay?

I was paying around $860/yr for super duper full coverage when I lived in Hawaii. I'm talking $100 deductibles, $500 grand property damage, $250,000 bodily injury. Then it more than doubled when I moved to FL, so I lowered my coverage and got it to $1200/yr.

I'd like $<800 a year for the coverage I have now.

I'll keep looking.

/GNG/ The rich should obviously pay more for car insurance, they can afford it. So what if they are generally more responsible and have less accidents? Thats not my fault. I'm entitled to cheap insurance. /GNG/

Detectorist
10-23-2012, 19:14
Well how do all these *******s drive without insurance? Both my sister and my father have been hit by drivers without insurance - my father spent several weeks in the hospital and was bedridden for months. He was hit by a drunk, going the wrong way on a one way street.

The guy never even went to jail!!!! My dad spent years trying to get money from that guy. Nothing. (He was even an illegal alien and still nothing!)

The lady that hit my sister went to the hospital to avoid arrest - never saw a dime out of her either.

Why the hell should I keep paying if they get off anyway? I don't have anything anyone can take from me.

You need to get Uninsured motorists coverage. Half the Hispanics in Florida drive without insurance...

Your call.

devildog2067
10-23-2012, 19:15
$7000+ in insurance over the years - for what?

Uhh... insurance?

If you knew you would need insurance, it wouldn't be insurance.

RonS
10-23-2012, 19:16
My wife was sitting in our car in the DMV parking lot waiting on someone. A teenage girl in a crew cab pickup wheeled into the lot and whipped into the space next to her. Taking out the rear quarterpanel and both doors on my wife's car. She hit so hard that my wife was slapped up against the inside of the door from head to calf. Three months later she still has numb patches on her neck and the side of her face. Our insurance paid the medical bills and is collecting the money from the twinkie's (parents) insurance company. Since my wife is a risk for internal bleeding the cat scan and ER visit alone was $9000.

There, one bill from one incident which most people would call minor and you would be $2000 ahead.

And yes, Murphy rules. Another true story. My grandfather was a farmer till he retired in '71 or so. He hated insurance and did everything he could to cut his costs including timing the vacation rates on his homes in Florida and Ohio down to the day. One year they were supposed to stay with family in Tennessee but they had the flu so they drove straight through to Ohio. They unpacked and he started un winterizing the mobile home including turning on the propane to the kitchen stove. The flex hose had gotten against a tin can of something under the cabinets and had corroded (brass against steel+tin or whatever tin cans are coated with). Boom, no trailer and two family members in the ICU burn unit. Also no insurance because the vacation rate didn't end until the next day.

Insurance sucks till you need it, then the paperwork sucks but the money is darned nice.

wizzi01
10-23-2012, 19:17
lol I pay almost 4k a year for a Mazda CX7. No points tickets or anything. Living in Detroit does not have it's perks. Also, my cx7 is the sv model no turbo.

SIG-O-MATIC
10-23-2012, 19:25
Uhh... insurance?

If you knew you would need insurance, it wouldn't be insurance.

No... it would be called Obamacare.

Big Bird
10-23-2012, 20:00
If you are under 25 just wait...you'll get a nice reduction around 25 and again at 30.

Also, if you get married it helps. (not worth it just for the insurance though...duh)

I know...when I was a young single young 2LT I had a MAzda RX7 and paid about $200 a month for insurance. Now I have a truck worth 4 times what the RX cost me back in 84 and my monthly rates are $65...all in. If I had a choice between gettin' old and suckin up some insurance premiums because I'm young and stupid I'd take the young and stupid any day of the week.

So pay up you young pups, quite your complaining, and enjoy your youth while you still have it...

JLB768
10-23-2012, 20:05
Four new vehicles, five year old home, and an umbrella, it's painful, but nessecary. Better to have it and not need it, than to need it and not have it.

LL6
10-23-2012, 20:08
Age, location and what you drive play a huge part of your payments. I drive a '96 Impala SS but it is categorized as just a Caprice. Your $7k would cover me for about 7 yrs of full coverage with USAA. :cool:

Rinspeed
10-23-2012, 20:10
I'm a firm believer that most people should switch insurance companies every three-four years.

Ruggles
10-23-2012, 20:14
Well how do all these *******s drive without insurance? Both my sister and my father have been hit by drivers without insurance - my father spent several weeks in the hospital and was bedridden for months. He was hit by a drunk, going the wrong way on a one way street.

The guy never even went to jail!!!! My dad spent years trying to get money from that guy. Nothing. (He was even an illegal alien and still nothing!)

The lady that hit my sister went to the hospital to avoid arrest - never saw a dime out of her either.

Why the hell should I keep paying if they get off anyway? I don't have anything anyone can take from me.

Cause some folks (i.e. you and me) do things the right way just because it's right. Sucks to be sure that everybody does not but then that is just how it is. Just cause every guy does not hold a door open for a lady does not mean you or I won't.

samuse
10-23-2012, 20:16
My insurance helped me out when I got sued over a TINY little fender bender.

I bent a guys plastic bumper in a parking lot, two weeks later him and his girlfriend were suing for spine injuries.

The accident was so minor it didn't even jar either vehicle. I rear ended him on the way out of the parking lot. I hit the clutch and was on the brake but I got his bumper with my license plate. I pulled my license plate back straight with one hand and called it good. He had a scrape and a ding in his rear plastic bumper (didn't even crack the tail light).

You never know...

crni4
10-23-2012, 20:33
Dirty little secret is that insurance business is the most regulated business out there. Not many other businesses depend on state government to allow them to increase prices. Also the average combined ratio for a property and casualty insurer is 105. That means that for every one dollar in premium the insurer payes out $1.05 in claims. Due to the very long "soft market" and ever increasing costs of medical inflation, most insurer are way worse than that. Even in hard markets, insurance companies make money thru investments not premiums. Think about your house policy for a sec. Over 30 years, you will pay about 45k in premiums. Now think about the value of the total loss of that house. 200-300k . So yes, you are paying for peace of mind that one large loss will not bankrupt you.