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$1,021 Savings on insurance

I saw a lot of insurance price discussions here. I'm paying $680 for full coverage, here's how. Today I was quoted $1,701 with a $500 deductable. I was able to

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Old 09-23-2011, 01:10 PM   #1 (permalink)
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Default $1,021 Savings on insurance

I saw a lot of insurance price discussions here. I'm paying $680 for full coverage, here's how.

Today I was quoted $1,701 with a $500 deductable. I was able to reduce the price to $680 by maxing the deductable to $2,000. ($1,021 savings annually)

I had no idea the deductable could have that kind of impact, so I wanted to share.

My last claim was in 1998, and I'm a cautious driver (and a careful parker) so I'm willing to bet on myself. If you are in the same category, you could consider this too.

This is through Met Life. I use Grundy for my other special cars. A Chevelle and a 1934 Ford cost about $600 combined, small deductable. The catch is that they limit usage. You can joy-ride all you want but you can't commute or run errends. The Z is my driver, so I don't qualify with Grundy.
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Old 09-23-2011, 01:14 PM   #2 (permalink)
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On a car i wouldnt max the deductable. On a bike however, i dont (and im pretty sure other riders are the same) plan on getting things fixed by insurence...so i maxed my deductable on the bike...although im paying $675 a year..lol
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Old 09-23-2011, 01:24 PM   #3 (permalink)
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Quote:
Originally Posted by Baconboy View Post
I saw a lot of insurance price discussions here. I'm paying $680 for full coverage, here's how.

Today I was quoted $1,701 with a $500 deductable. I was able to reduce the price to $680 by maxing the deductable to $2,000. ($1,021 savings annually)

I had no idea the deductable could have that kind of impact, so I wanted to share.

My last claim was in 1998, and I'm a cautious driver (and a careful parker) so I'm willing to bet on myself. If you are in the same category, you could consider this too.

This is through Met Life. I use Grundy for my other special cars. A Chevelle and a 1934 Ford cost about $600 combined, small deductable. The catch is that they limit usage. You can joy-ride all you want but you can't commute or run errends. The Z is my driver, so I don't qualify with Grundy.
Dude Im 31 & never needed to file a claim on a car before. Im currently on my second. The first claim was due to a giant hail storm that hit and pinged my WHOLE car up!! A tree top also snapped off and landed on my trunk breakin the spoiler and rear taillight along w denting the trunk. This all happened BEFORE MY FIRST OIL CHANGE! Now Im currently on my second due to a deer that jumped out in front of me. My advice is DONT CHEAP OUT ON THE DEDUCTIBLE!! Itll prob end up biting you in the ***.
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Old 09-23-2011, 01:29 PM   #4 (permalink)
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It's just math and probability.

If you save $1021 by switching from a $500 to a $2000 deductible, your deductible will increase by $1500 if you have a claim. Thus, if you can go more than 1.469 years ($1500/$1021) without a claim, you're saving money by using a higher deductible.

There's the math. You have to determine the probability of going more than 1.469 years without a claim.
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Old 09-23-2011, 01:48 PM   #5 (permalink)
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Most finance companies will not let you go over a $1,000 deductible on your car unless is in storage.

Like moto italia said "It's just math and probability". I think the probability will outweight the math.
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Old 09-23-2011, 01:57 PM   #6 (permalink)
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So.. like I said, I'm betting on myself because I'm careful and I take extra measures to protect my car from you people with low deductables.

I might get burned in the short term, but I'm sure to come out ahead in the long run based on my 17 year driving history and my 4 mile back-road commute.

I'd rather keep my 2k in the bank just in case I need it, as opposed to giving an extra $1,000 annually to an insurance company just in case I need it. Since I'm capable of absorbing a 2k hit on short notice, this is a good bet.
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Old 09-23-2011, 02:00 PM   #7 (permalink)
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Originally Posted by PapoZalsa View Post
Most finance companies will not let you go over a $1,000 deductible on your car unless is in storage.

Like moto italia said "It's just math and probability". I think the probability will outweight the math.

This is the most important statement in the thread

If you financed your Z then the bank is going to contact your insurance company to change the deductible.
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Old 09-23-2011, 02:04 PM   #8 (permalink)
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I would rather be safe than sorry, $2k is too high of a deductable for me to be comfortable with.

Lucky for us California people we have the option of buying insurance from Wawanesa so my insurance is less than yours and my deductible is only $500
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Old 09-23-2011, 02:35 PM   #9 (permalink)
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When I was shopping for insurance on the Z I found prices varying between companies from $600 - $2100. This is with the same coverage package at each company. Yes your deductable will vary the price but I've found the biggest variable so far is the company themselves. It's pretty clear that the company that quoted me $2100 didn't want my buisness. Best thing to do is to shop around. I personally believe if you aren't switching car insurance companies every two years, you are paying too much.
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Old 09-23-2011, 02:49 PM   #10 (permalink)
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Quote:
Originally Posted by Waizzz View Post
I would rather be safe than sorry, $2k is too high of a deductable for me to be comfortable with.

Lucky for us California people we have the option of buying insurance from Wawanesa so my insurance is less than yours and my deductible is only $500
Jealous. Here in Massachusetts, the government is involved in "regulating" insurance cost.. but let's not turn it into a discussion about how helpful goverment intervention isn't. Moving to California in order to get Wawanesa insurance company wasn't really an option for me. Over-all tax burden, job market, and hippies trump auto insurance.

As for the $1,000 limit.. I have a credit union and they rock, but your mileage may vary.

I don't see why this is so controversial. Do the math and look at your driving history. It's not every day that I get to make a $1,000 bet on an outcome that I have control over. My odds are 6:1 but that's only because I factored in my teenage years. This is just more incentive to drive safe.

I'm just sharing my numbers because a lot of people here are concerned about high costs for the Z insurance.
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Old 09-23-2011, 02:52 PM   #11 (permalink)
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Quote:
Originally Posted by Baconboy View Post
... Since I'm capable of absorbing a 2k hit on short notice, this is a good bet.

This is the key part and it's true for any insurance. Most of us here will pay more in insurance premiums (house, car, etc.) over the course of our lives than we get paid back in claims.

So the higher the deductible you can go the better off you will be in the long run as long as you can absorb the loss in the short term.
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Old 09-23-2011, 03:11 PM   #12 (permalink)
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Quote:
Originally Posted by Waizzz View Post
Lucky for us California people we have the option of buying insurance from Wawanesa so my insurance is less than yours and my deductible is only $500
I thought that was impressive, so I googled the ins co. They ask a lot of questions about your driving history and usage on the first few pages of the application. They are making the same assesment as I am, and betting on you being a good driver who cares about your car.
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Old 09-23-2011, 03:13 PM   #13 (permalink)
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I'm picking up my Z in Florida, and driving it back to Massachusetts. I shouldn't be jinxing myself like this.
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Old 09-23-2011, 04:01 PM   #14 (permalink)
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wow, that's a high deductible. you realize if you are at fault, your deductible will probably cover a big chunk if not most of the repair. $500 is standard.
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Old 09-23-2011, 04:26 PM   #15 (permalink)
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They are making the same assesment as I am, and betting on you being a good driver who cares about your car.
You right, all insurance companies make assesment on the drivers and the cars that they drive. So is not only you, take for example that I had a 2001 Integra, no accidents just a windshiled replacement however my premium kept increasing every year when it should be decreasing.

So one day I called the insurance company, clean record however that car was the #1 stolen car in the nation for like 5 yrs in a row. The reason my premium was so high for that type of car.

Now we all can be good drivers and care about our cars but you never know what idiot driver is coming or going that might cause and accident, and you be involved in it. Worst case scenario, hit and run. Who pays the deductible? You!

Myself would not be betting on luck because $hit happens!
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