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Dyno Queen
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Discussion Starter #1
I am looking for insurance on a new car and I am going to use the absolute minimum being that it is a car that rarely sees the street. I remember a few threads a while back that had some bargain basement type insurance sites that seemed pretty legit, but I can't find it nor the sites. Any ideas?
 

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There really isn't one company that is ALWAYS going to be the cheapest for every person/car/situation.

Regardless of how often the car is used, you need to carry adequate insurance coverage. The 1929 Duesenberg accident that was reported today is a prime example of that. That car was driven on the road only a handful of times, yet it was hit and 3 people died.

I was hit in 1997 on the street that I lived on, with my house in sight. My vehicle at that time had 467 miles on it, and I had owned it a total of 10 days. ANYTHING can happen.

If you can't afford the insurance, you can't afford the car.
 

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There really isn't one company that is ALWAYS going to be the cheapest for every person/car/situation.

Regardless of how often the car is used, you need to carry adequate insurance coverage. The 1929 Duesenberg accident that was reported today is a prime example of that. That car was driven on the road only a handful of times, yet it was hit and 3 people died.

If you can't afford the insurance, you can't afford the car.
do you have a link to said accident?
 

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I thought all financed cars had to have full coverage?
that's right, and usually you can't have a large deductible either. you are not insuring yourself because you don't own the car, you are insuring the lender.

if you buy the car outright the you can get just liability. if it is in storage and NOT driven at all, I've heard there is a different insurance on that. but if you get caught driving with that type of insurance, it's like having none at all.
 

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Dyno Queen
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Discussion Starter #8
Re: Cheapest minimum coverage <a href=\'http://consumeralertsystem.com/cas/zx-hclick.php?hid=83\' target=\'_blank\'>insurance</a>?

I thought all financed cars had to have full coverage?
that's right, and usually you can't have a large deductible either. you are not insuring yourself because you don't own the car, you are insuring the lender.

if you <a href='http://consumeralertsystem.com/cas/zx-hclick.php?hid=334' target='_blank'>buy</a> the car outright the you can get just liability. if it is in storage and NOT driven at all, I've heard there is a different <a href='http://consumeralertsystem.com/cas/zx-hclick.php?hid=83' target='_blank'>insurance</a> on that. but if you get caught driving with that type of <a href='http://consumeralertsystem.com/cas/zx-hclick.php?hid=83' target='_blank'>insurance</a>, it's like having none at all.
The car is not financed, paid in full. Like I said, the car will only see the streets 1 night/week max. I could afford full insurance, but I have no want to have it. To me, the body is disposable, the only place that I have money is the drivetrain. I will have about $10k in the car by the end of the summer, but only about $2k of that is body/suspension.
 

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I can't stop typing...I can't stop typing...I can'
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Re: Cheapest minimum coverage <a href=\'http://consumeralertsyste

Insurance is not for every day incidents, its to save you from financial disaster. What happens if that one night you are out, and you cause an accident and total a M3, and a Mercedes SLK, and all you had was $10,000 liability coverage. Now you are out your car, and responsible for the other 2 cars you totaled.

If you are not to worried about the day to day incidents, just worse case scenario, you should get the same coverage you would get on any vehicle, but have a very high deductible (like $1,000 or $2,000) That way if there is a minor incident you don’t involve your insurance at all (and cause it to go up), but if there is a catastrophic event, you are covered.
 

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Dyno Queen
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Discussion Starter #11
Re: Cheapest minimum coverage <a href=\'http://consumeralertsyste

Insurance is not for every day incidents, its to save you from financial disaster. What happens if that one night you are out, and you cause an accident and total a M3, and a Mercedes SLK, and all you had was $10,000 liability coverage. Now you are out your car, and responsible for the other 2 cars you totaled.

If you are not to worried about the day to day incidents, just worse case scenario, you should get the same coverage you would get on any vehicle, but have a very high deductible (like $1,000 or $2,000) That way if there is a minor incident you don’t involve your insurance at all (and cause it to go up), but if there is a catastrophic event, you are covered.
The bare minimum in my state is $25k/$50k. I am probably going to use twice $50/100k... even though the car is almost strictly going to be a track car. None the less, it looks like safe auto is the direction that I may be taking. Big name, decent price...
 

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Re: Cheapest minimum coverage <a href=\'http://consumeralertsyste

Do you have any assets, like a second home or anything? If you aren't worth much, don't worry about hitting an M3 and only having $10,000 in property damage liability.

I used to think (when I sold insurance) that that was a bad idea, they can sue you out of your home and take your wages and stuff, but now that I'm an adjuster I see that they only really do that if you have, say, a second home like a beach house, which they can liquidate. They won't rob you of your only home just to pay a $20,000 excess that your policy wouldn't cover, they'll just take what you have and call it quits.

Ok so anyways just an FYI, the companies like Safe Auto aren't always cheaper- simply because they typically insure your more higher risk drivers. Just call around, get as many quotes as possible, try the big name companies too.

If you really want to save money, and don't mind if you wreck it and it's your fault and you'll have to pay all of it to fix it (or be out all of your money if it's totalled) because you don't have collision, then fine, don't get collision coverage. But I personally would keep it with like a $1,000 deductible on it, you're only talking a few extra hundred a year, unless you have a horrible record or live in a big city.

What I really, really would keep on it, is comprehensive coverage- your car will have a crapload of money invested in it, I would definitely document all of it with your insurance company, save reciepts, etc etc, that way if it gets stolen (which if it's a hot car there is a very strong likelihood of this) then at least your insurance company will help you out.

Comprehensive is cheap. I think on my Focus it's like $100 a year on my $780/yr policy, that's with a $500 comp deductible. I'd rather pay $100-200 a year for comprehensive than be out $10,000+ if my car gets stolen and my insurance company won't cover the loss.
 

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Dyno Queen
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Discussion Starter #13
Re: Cheapest minimum coverage <a href=\'http://consumeralertsyste

Jared: Thanks for the advice. I do have a fair amount of assets (esp. between both my girlfriend and I, who will be my wife before too long anyway), so I will not go absolute minimum.

As for carrying comp. with a high deductible, my driving record sucks from my first year of driving. I am 20 and in my first year I had 1 claimed accident and three tickets. Since then, I've had 2 tickets and one not at fault accident.... but that first year of driving really kicks my ass even being 4 years back. I guess you'll have that with a first car that will do 11s on motor and 10s on spray... heh. Anyway, my point is that it is just flat out not worth me paying out the ass for insurance on a car that will spend more time on a race track than on the street. I am not afraid of the car being stolen as it will be stored in my garage, not to mention the fact that crime is virtually nonexistant in my neck of the woods. If a car got stolen in this town we'd read about it in the paper for a month ;-)
 

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Re: Cheapest minimum coverage <a href=\'http://consumeralertsyste

Ahhh I see, well in that case, yeah it would probably make sense to do what you were planning on.

FYI most companies look at stuff you did in the past 5 years, so your stuff should start dropping off soon. And most companies give a huge discount once you hit 7 or 8 years driving experience. When I turned 24 I had my license for 7 years and I went from $1500 a year to $790 or so a year
 

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Re: Cheapest minimum coverage <a href=\'http://consumeralertsyste

As for carrying comp. with a high deductible, my driving record sucks from my first year of driving. I am 20 and in my first year I had 1 claimed accident and three tickets.
See from what I found that first $1,000 in coverage is the most expensive. I also don’t have a perfect driving record, I live in a very heavily populated area, and I am pretty young. I found that if I could raise my deductible from $500 to $1,000 it would have saved me about $100 a month. By raising my policy from like $25,000 to $50,000 in coverage only added like $30 a month.

Play with the numbers and see what the best coverage for the price is.
 
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