Insurance Question

[OceanView]

Most of our cars are now older and cars like mine with high mileage are worth a fraction of their cost when new.
I was trying to run some numbers and realize I am paying a lot for insurance.
My car is worth maybe $2000-$3000,
My deductable is $500,
My premium is about $404 for 6 months for full coverage.

If I got into an accident, it's probable that the car will be totaled as the cost to fix this car would probably be more than its' value so I would not get much from the insurance company.

I do have another car so I am contemplating on going from full to just liability coverage.
Thoughts?
What are you guys doing for insurance?

[BMR]

I carry liability only on the Camry; have for quite a few years now. Like you said, once it's value gets down to where the yearly bill is 1/4 to 1/3, it's just not worth it to me.

[fenixus]

either liability only or liability with comprehensive package (against theft and natural disasters).
full premium is not worth it.

OceanView, do you realize that I pay same as you do, only difference that I don't have full coverage? welcome to NJ haha
... and my insurance is really an inexpensive one ...

[Welfarewagon]

I have basic liability, $230.00 for 6 mo. but that includes multi-vehicle and a my house policy discount.

[zythr]

You may want to consider keeping Collision.

[mysterl33]

^^^ I agree, I was going to take collision coverage off my car but it was nice to have when I rear ended someone. Repairs came out to about 3.5k and only had to pay the $500 deductible. Not really looking forward to the insurance spike come april when my policy ends.

Right now I pay $538/6months Full coverage with $500 deductible. This is being under my parents insurance with 21st Century.

[fenixus]

haha $230 per 6 months, i'm so freaking jealous!

I have 2 cars now, both liability + comprehensive (no collision) with $500 deductible ($5k property damage, $15k/30k personal injury), cheapest it gets for me with local insurer is $2,000 a year funny

You really do NOT want collision coverage in NJ on an old car with premiums like that (collision is pretty much double or 50% more of above).

I hate NJ state for insurance price ... and traffic... and some stinky cities.

mysterl33, I may get a quote from 21st Century and see what I can get from them.

[mysterl33]

21st has been pretty good. It just sucks since there are no real agents haha mostly over the phone/online. But claim process was pretty easy. Just sucked waiting for an adjuster to come see the car.

[fenixus]

Originally Posted by mysterl33

21st has been pretty good. It just sucks since there are no real agents haha mostly over the phone/online. But claim process was pretty easy. Just sucked waiting for an adjuster to come see the car.

yeah, it's pretty much same with CURE (Citizens United Reciprocal Exchange).

I'm afraid I'm paying more for insurance now more because I've been into 3 collisions (only 1 was somewhat my fault, I hate that) in last 5 years ... and got at least 1 traffic violation on my record (had 2 more but made a deal with prosecutor in court so my record is clean of those).
My driver's license is clean, 0 points since at least 2 years in MVC (DMV in NJ), but insurance companies keep record of such things up to 5 years...

I used to pay very low insurance premium in past when I had 1 car (92 Buick Lesabre 3.8L), it was around $800 a year for comprehensive with CURE ... oh well, then a few collisions because of other ass holes and violations that were purely the result of my bad mood haha thank god parking violations do not give points haha

I will look into this deeper later this year. for now I paid off my premiums until May.

[projektvertx]

I have full collision coverage, 500$ deductible. I'm paying AAA 550$ a year and I'm 21 years old. My premium JUST dropped 120$ a year... Just to give you an idea how much cheaper it is to live in Michigan

[OceanView]

Originally Posted by projektvertx

I have full collision coverage, 500$ deductible. I'm paying AAA 550$ a year and I'm 21 years old. My premium JUST dropped 120$ a year... Just to give you an idea how much cheaper it is to live in Michigan

That's a great deal but I don't think I would want to live in the cold to get that discount

[projektvertx]

Originally Posted by OceanView

That's a great deal but I don't think I would want to live in the cold to get that discount

Yeah, Michigan is nice compared to Montreal (where I'm from)

[LynchburgCSI]

BIG QUESTION. How the hell are you supposed to choose an insurance company? All the rates are usually EXACTLY the same.

[Mister_Perkins]

I went from Viking Insurance to American Federated and saved $500.00 a year for all mine

[pmesfun]

My car is insured under my brother's(20) name, so its almost twice the price compared to the others. I'm just "using" the car. The only car that had liability was our Voyager.