Collision insurance in expensive state
My current insurance is nearly 740 for the year here in expensive NJ. The car is 3 weeks in my possession. Dropping collision would take it down to mid 500s. I think it's crazy to spend nearly 8% of the car's value on insurance if I don't have to. Am I crazy for wanting to carry the risk of fixing my car on my dime should I cause an at fault accident? Not looking for legal advice just wanted to check what everyone else is covering on these old(ER) cars.
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What are the limits for the comprehensive for that price? I was paying $1300/yr on mine for comp/collision (100/300/100) with one of the two big "direct" insurers (only car on that policy), but dropped that to $360/yr by putting it on a collector policy with my 911 (both garaged, not driven much).
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Just changed carriers and they directly quoted without collision. I asked why and they said age. I countered with ... it is still worth $10k give or take... I put collision back on. An extra $200-$250/year.
My reasoning: it wouldn't take much to get over deductible and the 250/yr though I suspect they would total at a very under valued price I hate paying insurance Now they want me to put a driving behavior tracker in it as well |
I added the 98 a few months ago. The 12 Edge Sport is the only other vehicle on the policy. The Boxster has 100/300 coverage. Designated it primary driver rated at 24,000 miles a year. Cost me $264 a year.
$700 sounds high. Did I mis something? Do you have any other vehicles on that policy? |
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Tried AAA, once. Once. Do you receive a good driver discount? Multiple vehicle discount? Multiple policy discount? Any other discounts to which you might be entitled? You might be leaving money on the table. |
That doesn't seem too bad. My 986 and 924S are both around $650/yr. Dropping collision would save me about $200/year each. That's something, but it's not like its crazy expensive either.
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I've found pretty good rates in NJ with High Point, Liberty Mutual and now Travelers over the years. Last time I switched I found out that insurers can look at your credit rating and if it's good they will reduce your rate. I learned that when I switched from Liberty Mutual to Travelers. Liberty Mutual wasn't using my credit rating and I was paying a lot more. When I found out about it from Travelers, Liberty re-quoted me based on my good credit but still couldn't match Travelers so I switched.
You can also select the limitation on lawsuit or Tort Threshold option in NJ which could significantly reduce your premiums. That is something you should discuss with a competent insurance broker or other professional advisor before just doing. |
What is your deductible? Could you afford to total your car? What is your record? Is collision necessary for uninsured motorist coverage?
Rates vary wildly by state. I went from the Washington DC area driving 12k a year daily to and from work 15 miles in dense traffic to rural NC retired 8k pleasure only and my rates went up by 50%. I expected them to go down. But rural accidents are really really expensive and the number of uninsured is much higher. |
That's about what I was paying in NJ for my 04s. That was with NJM.
You could rack up 5k in a fender bender real quick on these cars. |
Try adding three boys under 25 to your policy...no accidents and still $3.3K/6months for 5 cars, only one of which is newer than 2005.
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Unless you can "self-insure" the car (i.e., afford to replace the car on your own dime), you really need collision insurance.
This is especially important in regards to an uninsured or under-insursured loss. My first Boxster was totaled by an under-insured driver (who had only the minimum $15K liability coverage). She caused over $20K in physical damage which maxed out here insurance so there was nothing left to pay my claim so my collision insurance covered my car. |
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