Buying a z. Sky high insurance???

Red__Zed · 09-22-2011, 10:10 AM

^ that's a really dangerous idea if you have any assets besides the car.

m4a1mustang · 09-22-2011, 10:32 AM

Quote:

Originally Posted by Red__Zed

^ that's a really dangerous idea if you have any assets besides the car.

Very.

RunNgun · 09-23-2011, 12:14 PM

Quote:

Originally Posted by Red__Zed

^ that's a really dangerous idea if you have any assets besides the car.

Could you elaborate?

Zemurray · 09-23-2011, 01:09 PM

Quote:

Originally Posted by RunNgun

Could you elaborate?

I think they are referring to any potential liability claims, IE you are taking your girlfriend for a ride, run a red light, get t-boned, she gets injured significantly. Most medical on car insurance would be about 25k, but then the girlfriends medical bills would be 200k, which her family could sue your insurance to cover. If you get that liability too low, then when they run out of insurance coverage, your personal assets will be sold to cover the difference. The insurance company won't start paying out of the bodily/property portion without a lawsuit, once the lawsuit is started then you are liable for the judgement whatever it is. If the judgement is 500000, and you only had 50,000 in coverage, then you owe 450,000 out of pocket.

Thats the basic idea of what they are saying I believe.

RunNgun · 09-23-2011, 01:58 PM

Quote:

Originally Posted by Zemurray

I think they are referring to any potential liability claims, IE you are taking your girlfriend for a ride, run a red light, get t-boned, she gets injured significantly. Most medical on car insurance would be about 25k, but then the girlfriends medical bills would be 200k, which her family could sue your insurance to cover. If you get that liability too low, then when they run out of insurance coverage, your personal assets will be sold to cover the difference. The insurance company won't start paying out of the bodily/property portion without a lawsuit, once the lawsuit is started then you are liable for the judgement whatever it is. If the judgement is 500000, and you only had 50,000 in coverage, then you owe 450,000 out of pocket.

Thats the basic idea of what they are saying I believe.

Ah ok that makes sense. I guess the way I see it, even the 100k coverage could still be a drop in the bucket for any kind of damage, and being on the hook for half a million or a quarter million would still leave me screwed, so I might as well declare bankruptcy if someone sues me for everything I've got, which is pretty much the Z and a flat screen TV

theDreamer · 09-23-2011, 02:02 PM

Quote:

Originally Posted by RunNgun

Ah ok that makes sense. I guess the way I see it, even the 100k coverage could still be a drop in the bucket for any kind of damage, and being on the hook for half a million or a quarter million would still leave me screwed, so I might as well declare bankruptcy if someone sues me for everything I've got, which is pretty much the Z and a flat screen TV

Bankruptcy laws were changed 1-2 years ago, which most changes will carry over most debt even after bankruptcy is declared.

b1adesofcha0s · 09-22-2011, 11:04 AM

Insurance cost depends on the person. With the Z under my dad's name, it costs $75/month. If I were to put it under my name, it would have been $200/month

Waiz · 09-23-2011, 01:16 PM

Not going to read the long posts

OP you should shop around, you can find a better rate

RunNgun · 09-23-2011, 02:01 PM

Quote:

Originally Posted by Waizzz

Not going to read the long posts

OP you should shop around, you can find a better rate

I had to agree to a higher rate to get them not to carry any negative equity from my trade in. What this does is keeps my actual financed amount closer to what the car's worth. As a result, I can then simply refinance and get a loan to cover the car at a respectable rate. At least I hope it works out this way, unless they had me sign some sort of non-refinance clause or something heh.

RunNgun · 09-23-2011, 06:48 PM

Thanks for the insight, I'll have to consider it. I think a million is a bit extreme, just because I cant really imagine causing that kind of medical/physical damage to anything whatsoever, and even if a judgement was allotted for 1M dollars I'm not too confident any car insurance company would pay that much anyway, so it kinda seems like money wasted on my part.

chuckd05 · 10-02-2011, 10:34 PM

I have 1,000,000 in liability and pretty much tops in most others areas.. the price difference was not that significant at all and I know that anything that happens, (god for bid) I will have insurance to cover it... I don't recommend skimping in areas that could save your *** 10 fold later down the line...

if its a weekend cruiser and you drive very responsibly than MAYBE think about a bare bones policy but any other way I would get at least the middle of the road policy.

poorazn · 10-04-2011, 11:25 PM

Quote:

Originally Posted by chuckd05

I have 1,000,000 in liability and pretty much tops in most others areas...

Just curious, why did you go with a 1mil in liability instead of a 1 mil umbrella as the umbrella is broader coverage since liability doesnt end in a vehicle...

UNKNOWN_370 · 10-03-2011, 02:10 AM

My Z went from $100 a month full coverage to $125 after my accident. I renew in a month. Legts see if it stays or gets worse???

Red__Zed · 10-03-2011, 06:07 AM

Quote:

Originally Posted by UNKNOWN_370

I'm paying $150 a month after an accident. My Z had been totalled in may. I was paying $120 a month. I renew in 2 months. Let's see what happens then?

Quote:

Originally Posted by UNKNOWN_370

My Z went from $100 a month full coverage to $125 after my accident. I renew in a month. Legts see if it stays or gets worse???

Thechidz · 10-03-2011, 02:48 PM

ok, so I have 2 claims and 2 tickets over the last 3 years, so I expect to pay more. But over $300 per month with geico seems excessive to me. And geico is the cheapest in ny state. I just don't understand how my insurance premium can more than double going from a $24k '07 Murano to a $30k '09 z?

09-22-2011, 11:04 AM	#7 (permalink)
b1adesofcha0s A True Z Fanatic Join Date: Jan 2011 Location: MD Posts: 40,963 Drives: HypeTrain Choo Choo! Rep Power: 143	Insurance cost depends on the person. With the Z under my dad's name, it costs $75/month. If I were to put it under my name, it would have been $200/month __________________ Project: b1adeZmobile (2009 370Z) \| Uprev Tune by AAM Competition \| Berk Exhaust Project: b1adeZmobile 2.0 (2014 C7 Z51) \| Corsa Xtreme Exhaust

10-02-2011, 10:34 PM	#11 (permalink)
chuckd05 A True Z Fanatic Join Date: Oct 2009 Location: NY Posts: 2,391 Drives: No longer a Z Rep Power: 21	I have 1,000,000 in liability and pretty much tops in most others areas.. the price difference was not that significant at all and I know that anything that happens, (god for bid) I will have insurance to cover it... I don't recommend skimping in areas that could save your *** 10 fold later down the line... if its a weekend cruiser and you drive very responsibly than MAYBE think about a bare bones policy but any other way I would get at least the middle of the road policy. __________________ 09 370Z 6M PW - FBO Best 1/4 mile = 12.926 @ 109 SOLD -- 08 BMW 135i - FBO 12.1@120mph SOLD -- white 09 e92 335 Coupe Mtech - 11.9 @ 119 :-)

10-03-2011, 02:48 PM	#15 (permalink)
Thechidz A True Z Fanatic Join Date: Sep 2011 Location: NY Posts: 1,009 Drives: Nissan 370z Monti Bl Rep Power: 17	ok, so I have 2 claims and 2 tickets over the last 3 years, so I expect to pay more. But over $300 per month with geico seems excessive to me. And geico is the cheapest in ny state. I just don't understand how my insurance premium can more than double going from a $24k '07 Murano to a $30k '09 z? __________________ I <3 my car

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09-22-2011, 10:10 AM	#1 (permalink)
Red__Zed A True Z Fanatic Join Date: Jul 2010 Location: window seat Posts: 28,940 Drives: Mostly on two wheels Rep Power: 121	^ that's a really dangerous idea if you have any assets besides the car.

09-23-2011, 01:16 PM	#8 (permalink)
Waiz A True Z Fanatic Join Date: Apr 2010 Location: SoCal Posts: 9,262 Drives: Z33 & GE8 Rep Power: 461	Not going to read the long posts OP you should shop around, you can find a better rate

09-23-2011, 06:48 PM	#10 (permalink)
RunNgun Base Member Join Date: Sep 2011 Location: USA Posts: 80 Drives: 2011 370z black AT Rep Power: 15	Thanks for the insight, I'll have to consider it. I think a million is a bit extreme, just because I cant really imagine causing that kind of medical/physical damage to anything whatsoever, and even if a judgement was allotted for 1M dollars I'm not too confident any car insurance company would pay that much anyway, so it kinda seems like money wasted on my part.

10-03-2011, 02:10 AM	#13 (permalink)
UNKNOWN_370 A True Z Fanatic Join Date: Jul 2009 Location: ny'r livn in tx Posts: 8,687 Drives: well over 130m.p.h. Rep Power: 14859	My Z went from $100 a month full coverage to $125 after my accident. I renew in a month. Legts see if it stays or gets worse???