What to do about Insurance?

[crause]

After purchasing the 2000 this past weekend, I now have to make a decision on the insurance. I have collector insurance on my 75 and that is no problem because it is used very little. I could add my new one onto my family car insurance for about $1400 year. Grundy will cover it for $420 a year but I am concerned about the restrictions. I have heard nothing but good things about Grundy but would hate to have them decline coverage on an accident because I took the Vette when my wife and I went out to dinner. Any input would be great! :confused

 

[DRTH VTR]

I have AMEX insurance through Costco. It costs me $1200/yr for my 2002 Z06 and my wife's 2001 BMW 330xi. We have full coverage with $300,000 liability insurance. Idaho only requires $15,000 liability insurance!!!

 

[Pinky]

The insurance on my Corvette is lower (per year) than the Toyota Tundra - and it is lower than the Mitsubishi Diamante I used to have. I have Progressive insurance, NAYYY*

*Not affiliated, yadda yadda yadda

 

[medicine man]

Insurance? if you have money, assets etc you need an Umbrella policy. 15K, 300K will not replace my Motor home or my or my wife's medical bills if you are at fault. I am not an Insurance agent but I am prepared, I do not want to lose it all and end up with SS,1 car and my home. these are the only thing the court can not take.
Thanks Mike

 

[vett boy]

Insurance? if you have money, assets etc you need an Umbrella policy.
Thanks Mike

You are very correct,Many people fail to see the value of an Umbrella but it's by far one of the most important.
As far as auto insurance I go for real high deductables ($6000 on my 03) and I shop the living day light out it.
Remember no one in the insurance bus. is your friend.Treat 'em that wayad

 

[muddywaters]

I have reduced usage on both 88/99, Threy're not driven during the winter, so I have to lay them up for three months. Their still covered if they burn/are stolen and if someone runs into the garage door, the cost is a bugs ass under $1000.oo for both.....

 

[joe1975]

You Gotta Pay to Play. Good Luck with your New addition

 

[medicine man]

leaving a car in a garage ie, our jeep is like $18.00 every 6 mo and I can use it on the farm as much as I please. I don;t even take the key out of the ignition.
ThanksMike

 

[6 Shooter]

Full Coverage is the only way to go...

...put da money on the table, then go play!
​

L8TR - D

 

[99WhiteC5Coupe]

You are very correct,Many people fail to see the value of an Umbrella but it's by far one of the most important.
As far as auto insurance I go for real high deductables ($6000 on my 03) and I shop the living day light out it.
Remember no one in the insurance bus. is your friend.Treat 'em that wayad

I agree about the umbrella policy.

Vehicle and home insurance is the ONLY product where the industry repeatedly discourages you from using it and if you do use what you've paid for, you are threatened with price increases and/or cancellation.

 

[vett boy]

I agree about the umbrella policy.

Vehicle and home insurance is the ONLY product where the industry repeatedly discourages you from using it and if you do use what you've paid for, you are threatened with price increases and/or cancellation.

So is it safe to assume that you also believe most people in the insurance industry are bottom feeding scum suckers ?Lower than used car salemen and lawyers.I believe they are.But you do have to deal with it.like it or not.

 

[sgtrjs]

$1400 a year just to add the Corvette? That is pretty steep, it sounds like you need to do some shopping. I have to pay the "young and single" tax on my policy, and mine went up less than $800 a year. And since I store the car for a few months, I only pay about half of that when I drop liability/collision. If I want to drive the car, I just have to make a phone call and it's put back on free of charge for the day. Too bad I can't pull that off on a daily basis in the summer.

You can try to adjust the deductible to see how that changes the rate, but in my experience, it's not that much of a difference. I have always run $0 deductible on my policy, the difference in cost is negligible. I guess if you have a $6000 deductible it would drop, but the difference between $0 and $500 isn't that much and personally, I'd rather not have to pay that 500 bucks if something happens. I have MetLife and the deductible savings benefit thing, so my current deductible matches my benefit, but it had no noticeable change on my premium.

My agent is pretty cool, he watches my policy to see what he can do to lower the rates. He even called me to offer to drop the coverage on my C5 during the winter which I thought was pretty nice. I was going to do it anyway, but he beat me to it. He seems pretty honest to me, but I know he makes money based on what he sells to me, so honesty only goes so far. He has never tried to sell me something I don't need and looks out for my best interests.

 

[jrose7004]

Wow that insurance quote is high! I pay about $750.00 per year for full coverage with State Farm!

 

[99WhiteC5Coupe]

So is it safe to assume that you also believe most people in the insurance industry are bottom feeding scum suckers ?Lower than used car salemen and lawyers.I believe they are.But you do have to deal with it.like it or not.

I agree with the need for insurance - and plenty of it. I have always maintained high levels of vehicle, home, and umbrella coverage.

The industry employees often discourages their customers from making a claim, implying that it "will cost you". The industry has influenced members of the news media run stories how you should not file claims for "small" things (even though you have paid in advance for the coverage). Even a telephone call to an insurance company claim center to inquire about your coverage will hurt you in future ratings because some companys consider an inquiry an "event" that will raise your rating cost.

As a whole, I do not like the insurance industry and their methods. Talk to anyone who has had an auto accident that was someone else's fault - and had to go through hoops to get the vehicle repaired with original parts and no hassle.

 

[Vettepirate]

Up here i pay 270CAD/month for my z06, which i consider pretty good. My bank would have me paying around 400, luckily the company im with seems to specialise in good prices for younger drivers.

My record is perfect and i intend it to stay that way, but im still worried ill get one of those power-tripping cops that decides 10kph over the limit is too much. At 22, you can imagine the insurance hike for a speeding ticket, not to mention the instant 'little punk in daddys car' impression.

I have a great distrust for any industry that makes billions a year and is not forthcoming when money is rigthfully requested. I can only hope that my exorbitant payments will someday be of use to someone, and not simply be pocket lining for someone that does nothing except ask for too much.

I call auto insurance sanctioned piracy. Granted the government regulates the industry but not enough in my opinion. Its one thing to charge a guy my age that much per month for that kind of car, but there are people who are charged that much for much worse, and it would not surprise me if these folks got bad service along with their account-draining fees.

Every family seems to have at least one bad experience with insurance providers. It seems to be one of those universal constants.

Sorry for the rant, hehe.

 

[joe1975]

An inquiry on my home owners was considered an event,doesn't seem legal does it.

 

[Patrick]

Up here i pay 270CAD/month for my z06, which i consider pretty good... At 22, you can imagine the insurance hike for a speeding ticket, not to mention the instant 'little punk in daddys car' impression....

Its one thing to charge a guy my age that much per month for that kind of car, but there are people who are charged that much for much worse, and it would not surprise me if these folks got bad service along with their account-draining fees.

VettePirate,
You are unfortunately penalized because of your age. The good news is that when you turn 25, your rates should come down (10 years of driving experience is usually the benchmark.) The bad news is that you are in exactly the demographic group (Males, 16-25 years of age) that represents the highest risk group when it comes to accidents.

That's not a slight on you, personally. It's just the hard, cold facts of an actuarial table that an insurance company looks at. Setting aside the potential for a "power-tripping cop" to possibly ruin your day, you are taking the right approach in being a careful driver who shows responsibility when it comes to insuring a performance sports car. If it's any consolation, that positive perspective will reward you. Its just the duration until you turn 25 and move into a new risk category that's a PITA.

As for the customer service issues you raise, yes, you make a good point. Insurance companies are all about doing everything they can to minimize their risk, not necessarily yours. The only thing you can really do is shop your policy around.


-Patrick

 

[Vettepirate]

I can certainly accept that a person my age will be charged that much, it makes sense. I can say that i am a prudent driver, but i understand their point here.

However, i cant begin to enumerate the stories i hear about horrible service, ridiculous excuses, and even more ridiculous prices. As far as im concerned, those profit margins should go towards paying the consumer back after years of no-claim driving.

 

[Patrick]

However, i cant begin to enumerate the stories i hear about horrible service, ridiculous excuses, and even more ridiculous prices. As far as im concerned, those profit margins should go towards paying the consumer back after years of no-claim driving.

There are definately those stories. Unfortunate, but true.

The only advice I can give you about this is that, as a consumer, you can shop your policy around and find competing insurance companies to make you offers, and stress their level of customer service. Again, your age and the fact that you drive a C5 may conspire you again, Vettepirate. You'd previously indicated the company you go with has very good rates for someone in your demographic group (males, less than 25 years of age.) That tell me it may be a niche they can cater to, and other insurers may not be able to meet their rates.

At any rate, as I said, the fact that you are a careful and prudent driver is definately going to pay dividends. Congratulations that you're able to afford a C5 and the insurance on said C5, at 22! (I'm a bit envious, as I could not have done that at 22.)


-Patrick

 

[Vettepirate]

At any rate, as I said, the fact that you are a careful and prudent driver is definately going to pay dividends. Congratulations that you're able to afford a C5 and the insurance on said C5, at 22! (I'm a bit envious, as I could not have done that at 22.)

-Patrick

Thanks. There is definately an appeal to owning this kind of car at an early age. I always wondered what it would be like to own a great automobile like this, and now i know. Its not a rare car like a Lamborghini, but it definately fits the bill for those of us who will never see that kind of vehicle in our driveways.

Now all i need to find is a nice girl.