civicdrivr

iTrader: (9)

My car insurance is due soon and Im trying to cut back on expenses and insurance is one of the targets.

Im currently paying $833 every six months for $50k/100k bodily injury liability and uninsured motorist bodily injury, $50k property damage liability and uninsured motorist property damage. I have a $500 deductible for both collision and comp.

Im 22yrs old and drive a 2003 CL-S 6MT. My last ticket was in July 2009 (84mph/65mph) and is currently the only ticket on my record.

Here are my questions:

1) Am I under/overinsured?

2) What company would you suggest?

Ive shopped around a bit too:

-Farmers is $817 every six
-State Farm is $819 every six
-Allstate is $664 every six (with platinum package)
-Progressive is $574 every six

All quotes were with the same coverages I currently have. Ive got Progressive for both of my motorcycles and they seem pretty good. My mother has had State Farm for nearly 20 years and loves them. The company I am currently with hasn't wronged me in any way, but I luckily havent gotten into any situations that would require their services.

Any suggestions other then go with the cheapest (Progressive)?

Sarlacc

under insured if you ask me...want to lower your rate, raise your deductible to $1000.

civicdrivr

iTrader: (9)

It would be $127 cheaper every six months raising my deducible, but if for some reason something does happen, I would have to come out of pocket another $500. Im not entirely sure its worth that.

Do you think I should look for $100k/300k liability?

Sarlacc

I would...you just never know what might happen, and what shady piece of shit might try and sue you for medical and damages...even for a simple fender bender.

Gfaze

I would bump up the coverage to 100/300k considering skyrocketing medical costs and the chance of being involved in a costly property damage accident such as a multiple car incident.

Have you looked into other companies besides those you listed? 21st Century, Mercury, and if you have a Costco membership, Ameriprise? I currently have Ameriprise because they beat out everybody else when I shopped for insurance.

Dr. Colorado

Jeebus your one speeding ticket really f-cked you.

I pay $800 every 6 months to Geico to insure my Porsche (which BTW is in the most expensive car category to insure, X or Y I forget) and my Element for $100K/300K with $500 deductible collision, $250 comprehensive with the uninsured/underinsured driver riders too.

civicdrivr

iTrader: (9)

Makes sense.

I had no idea about a Ameriprise/Costco deal. Thanks!

I can list the others as well

Between the ages of 16 and 20 I accrued 8 moving violations and four suspensions across two states.

Dr. Colorado

Sorry to hear man. That's why the 1st mod on my 911 after clear side markers was the Laser Blinder. I certainly don't advocate speeding but you get the picture.

teranfon

I can't really comment whether or not you are underinsured. You'll have to make that decision. I do agree with Sarlacc that raising your deductible is better than reducing coverage. I carry liability coverage of two million, and consider that the minimum. One mishap can cause extreme financial stress for years.

Increase coverage and raise deductible.

civicdrivr

iTrader: (9)

Speeding in itself wasn't my problem. It was other illegal activities that easily drew attention.

Doesn't matter though, I don't partake in that lifestyle anymore

Terry - Lowering my coverage wasn't really an option. I'm just searching around for the better rate with the same/better coverage than what I have now.

ttribe

Agreed. $100/$300 is minimum. If you drive where there are a lot of really expensive cars, you may want to raise it even more. Come to think of it, in my own case, where I work (but not where I live) I share the road with more than a few exotics and other high-end cars (Ferrari, Bentley, Lamborghini, etc.). While I don't PLAN on being the cause of any accidents with one of those cars, I'm guessing my $100K in liability wouldn't be enough cover one of those..YIKES.

Dr. Colorado

Good point. I'm more worried about taking someone out on the golf course with an errant drive or some yahoo drinking at my crib and then slipping and hitting his head or me running over some noob with my surfboard and slicing his scalp open with my skeg. That's why I carry a $5 million umbrella policy.

ttribe

Yeah, I've got an additional $1M umbrella as well.

Dr. Colorado

Great minds think alike

ttribe

Or paranoid minds do.

crazyasiantl

iTrader: (7)

interesting

im thinking of ditching state farm at the moment

i think im at 850/6 months on my Mazdaspeed3

/not to threadjack

Dr. Colorado

Is car insurance that much higher in Cali or do you have points on your record? Maybe just being in your early 20s?

neuronbob

1 mil umbrella here. If I hit someone (prays profusely to the car gods not to let that happen) and they find out my profession, I. am. screwed.

achenator

Same here. High earning potential for the rest of our lives and a lawyer will milk us forever. I currently carry $2mm and am thinking about upping it. I would think once you have the policy, adding a million or more extra wouldn't be that much. I currently pay about $850 for the 2 mill a year.

I pay about $1800 6mos for 250/500/300 with a $1k deductible on my F150, wifes's qx56 and the GT-R. Am scared to know what it will be once my boys start driving in a few years.

chill_dog

Random thoughts:

1) You're definitely underinsured. 100/300/100 is the new "standard". Think of what cars and medical bills cost these days.

2) Progressive is a substandard insurer, and will hurt you getting insurance from a standard company in the future. In other words, they insure those with problems. Coming from them doesn't look good.

3) You're ticket is hurting you. Wait to get quotes until it is three years behind you (ie. it doesn't count against you). Switching now is pointless.

Dr. Colorado

I pay $932 for $5 million a year. My FA said $1 million was too low.

oo7spy

I don't think that the ticket is hurting you too much as what you are paying seems to be pretty standard for your age and sex. I also don't understand how coming from one company to another looks bad. From your quotes, I would personally switch to All State. I have only ever had State Farm and have nothing but good things to say about them. However, I was hit by an All State client and they wrote me a fat check with no questions asked. I figure they probably do the same for their clients. I would only stick with tier one companies. The thing that is probably hurting you most no matter how stupid it sounds is your credit. I don't care to know if you don't want to share, but if you have bad credit, or less than great, they will rape you on that. Get 2 of your 3 credit scores over 750, I think, and you will have tier one credit. Once you have that, you will get the lowest rates possible. Hit 25 and you will get even better rates.

achenator

Hawaii vs. sue happy Louisiana. My Allhate agent recommended $3 mil but they wanted more financial info that I never got around to getting them.

AZuser

1) Like others have said, definitely under insured. Go with at least 100K/300K

2) Were these quotes online quotes? When I shopped around before, I've found that price quotes obtained over the phone/at an insurance agents office was often less than online quotes.

mrmako

If you are former military, you can get USAA. They are pretty good.

HeartTLs

iTrader: (5)

Guys with million dollar policies/umbrella coverage are overlooking that the OP is just 22 and probably doesn't own a home, business or have hundreds of thousands in the bank. If he were in a bad accident his insurance can potentially cover property damage if he's at fault (partially or full), settlement if he causes permanent loss of use (knee,shoulder,neck,back,etc) and full policy payout if he kills someone. Your insurance covers your medical/property bills otherwise. They can't go after his parents since he's 22 and no lawyer will purse a civil lawsuit because he has no assets.

OP stay 50/100 or go down to 25/50. Don't get a 1k deductible, you'll end up paying for more collision damage unless it's severe. Take a defensive driving course to reduce points + get a 10% INS discount and lastly switch to a cheaper company.

juniorbean

iTrader: (5)

We just redid our insurance (home and auto) and we added an umbrella policy. We were also able to increase our coverage while reducing our rates. Ended up going with Kemper insurance (through a local insurance agent who's also a friend). He looked at several of his companies and Kemper was the least expensive and offered the best coverage...


I've had 100/300 coverage since 16 years old. I'd never even consider going lower. The small difference in premiums is not worth it. Also, increasing the deductible saves money (assuming he does not have an accident). Since I've been married we've always had a $1000 deductible and so far, no accidents (knock on wood). We've saved a ton of money on our premiums over the years (figure ~$200/year for 10 years... so $2k more in my pocket). So, we've saved $2k but our deductible is only $500 more (IF we're ever in an accident). Seems like a win to me...

HeartTLs

iTrader: (5)

You've been very lucky, i hope the streak continues. When you were 16 it made perfect sense because if you would have let say ran over someone as a minor your parents assets would be on the table. I currently have over 25/50 because I have a few pennies in the bank I'd rather keep to myself, but if it wasn't for that I'd consider getting 25/50.

oo7spy

I would stick with a lower deductible as well, but I drive around with lots of deer and people who aren't insured (read: illegal aliens). Something to keep in mind is that a lower rate for the same coverage isn't always better. How much hassle does a cheap company give you when you file a claim? How much does your rate go up? I have made 4 comprehensive claims, 3 animals & 1 uninsured. SF never asked a question and never raised my rates. Shit, I got a speeding ticket for 88 in a 70 when I was 17. Since I had taken DD within a year, I could not get it dismissed or non-disclosed from my insurance. Next bill came around and my rate when DOWN.

With most things in life, you get what you pay for so cheaper isn't always better. In fact is almost always isn't.

Will Y.

It depends on the circumstances-- some of us (including my firm) would if a defendant had good prospects or bankruptcy was unlikely. We have gotten personal injury defendants to pay money in addition to the insurance policies' proceeds, and we sit on judgments until defendants came up with assets 10-15 years down the road.

If a defendant caused a severe injury or death while driving drunk or racing, we will not settle for policy limits unless that policy is in six figures.

ttribe

Shameless plug alert: Need a forensic accountant for your damages calculations?

civicdrivr

iTrader: (9)

Dont worry about it, the more questions answered, the more I will understand.

Ive heard that in the past, and I am curious as to what the standard companies are.

My score is in the low to mid 700s.

Yea, these were online quotes. Two years ago before I got Geico I did online quotes then called around a few places and the quotes over the phone were ~$300 more then the online quote.

I wish

I took a DD course 12/2009.

Thanks, there are quite a lot of deer in my area and I drive a lot for work, especially at night down two lane, wooded highways. I don't want to raise my deductible since the money saved just isn't worth it to me if something were to happen.

The ticket should be off my record June 2012. Im still thinking about making the jump to another company since everywhere I look is cheaper for better coverage.

civicdrivr

iTrader: (9)

That just scared the shit out of me.

chill_dog

That was from a good personal friend of mine when he worked in insurance. I mentioned I was going to switch to Progressive, and he informed me of that. I went with someone else.

The standard insurance companies are the Tier 1 companies...State Farm, Nationwide, Allstate, Farmers, Safeco, USAA, Erie, Amica, etc. That list isn't exhaustive be any stretch. Ones to avoid are ones like Progressive and The General. Just call the local agent for any of those companies. You can also find a reputable independent agent that carries several lines and will do the leg work to get quotes from them to get you the best rates (of their available lines).

That said, I would still wait until that ticket comes off. Insurance companies frown on moving violations.

Will Y.

I'll remember to check with you for AZ & NV-based cases.
Don't drive drunk, don't drive recklessly (i.e. race on public roads) and you're much less likely to get into an accident, let alone sued because of one.

A higher policy amount will mean a plaintiff's lawyer will be more likely to settle for the policy limit rather than try the case to get a judgment in addition to the policy.

civicdrivr

iTrader: (9)

Makes sense.

ttribe

I was mostly joking, but I do perform that type of work and testify as an expert witness. Honestly, location of the case doesn't matter. We handle them all over the place.

HeartTLs

iTrader: (5)

Whoops I forget to mention the one hard ass law firm that's actually willing to go after something other than the easy insurance money. nice to hear that someone's firm still cares Will.

dallison

We pay around $220 every 6 months for each car with 100/300/100 with a $100 deduct for comp. and 250 for collision.

civicdrivr

iTrader: (9)

I wish my premiums were that low.

I was told by the State Farm guy on the phone that the thing screwing me over right now is my age and since Im a male.

My response:

"So if I cut off my junk Ill get a discount?"