11-28-2017, 02:12 AM
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#1
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Registered User
Join Date: Oct 2017
Location: New Jersey
Posts: 86
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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.
Last edited by pinksnyper; 11-28-2017 at 02:14 AM.
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11-28-2017, 03:03 AM
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#2
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Multi-Boxer Driver
Join Date: Nov 2010
Location: Orange Park, FL
Posts: 1,404
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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).
__________________
-Chris
2004 Porsche Boxster 2.7
1991 Porsche 911 C2 Targa 3.6
2017 Subaru Outback 3.6R
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11-28-2017, 03:06 AM
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#3
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Registered User
Join Date: Oct 2017
Location: New Jersey
Posts: 86
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Quote:
Originally Posted by Deserion
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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Highest limits. Covered by my umbrella too. I drove it too much for collector policy. Just feels odd paying $100 less than I pay for my $53k BMW.
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11-28-2017, 04:52 AM
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#4
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Registered User
Join Date: Sep 2012
Location: S. New Jersey
Posts: 1,239
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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
__________________
2002 S - old school third pedal
Seal Grey
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11-28-2017, 05:16 AM
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#5
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1998 Boxster Silver/Red
Join Date: Sep 2017
Location: 92262
Posts: 2,915
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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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11-28-2017, 05:22 AM
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#6
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Registered User
Join Date: Oct 2017
Location: New Jersey
Posts: 86
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Quote:
Originally Posted by Starter986
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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I'm in New Jersey, for starters. And yes I have 2 other cars and a home policy as well.
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11-28-2017, 08:08 AM
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#7
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Registered User
Join Date: Feb 2005
Location: It's a kind of magic.....
Posts: 6,261
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Quote:
Originally Posted by pinksnyper
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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You will think it is expensive until you use it. We had a parts delivery truck back into a parked customer's car, total accident damage came in at just over $9,000 for both vehicles; $238 to fix the truck, the rest to fix the Boxster......
__________________
“Anything really new is invented only in one’s youth. Later, one becomes more experienced, more famous – and more stupid.” - Albert Einstein
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11-28-2017, 08:09 AM
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#8
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1998 Boxster Silver/Red
Join Date: Sep 2017
Location: 92262
Posts: 2,915
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Quote:
Originally Posted by pinksnyper
I'm in New Jersey, for starters. And yes I have 2 other cars and a home policy as well.
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Do you have an insurance broker, or did you source your own policy? I've been using the same outfit, out of Thousand Oaks, for almost 2 decades. They contact me once a year if they've found me a less expensive policy.
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.
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11-28-2017, 10:52 AM
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#9
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Registered User
Join Date: Jun 2017
Location: Madison, WI
Posts: 114
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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.
__________________
'99 986 Ocean Blue Metallic
'87 924S, winter beater
'17 VW Golf Sportwagen, for when I need extra seats
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11-28-2017, 11:20 AM
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#10
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Registered User
Join Date: Jan 2014
Location: New Jersey
Posts: 1,631
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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.
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11-28-2017, 12:56 PM
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#11
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Registered User
Join Date: Aug 2005
Location: Sanford NC
Posts: 2,533
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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.
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11-28-2017, 01:03 PM
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#12
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Registered User
Join Date: Nov 2015
Location: New Jersey
Posts: 99
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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.
Last edited by Frank N; 11-28-2017 at 01:07 PM.
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11-28-2017, 04:08 PM
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#13
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Registered User
Join Date: Sep 2008
Location: Florida
Posts: 2,492
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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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11-28-2017, 05:27 PM
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#14
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Certified Boxster Addict
Join Date: Nov 2010
Location: Los Angeles
Posts: 7,669
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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.
__________________
1999 996 C2 - sold - bought back - sold for more
1997 Spec Boxster BSR #254
1979 911 SC
POC Licensed DE/TT Instructor
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