Car insurance coverage, how much should I have? - PeachParts Mercedes-Benz Forum

Nate · #1 08-09-2006, 01:11 AM

Allright, I've been 16 and driving since Febuary 21, and March 2... Mommy paied for the first 6 months (THANKS!!!!!!!!!) Now it's my turn to foot the bill... We're paying on sunday, and I've got a few questions on how much coverage I should have.

The wisconsin minimum's are 25k bodily injury liability maximum for one person, bodily injury liability maximum for all 50k, and 20k property damage...
As per info.insure.com

I'm paying 110 a month for 250k BIL for one person, 500k BIL for all, and 100k property damage..

That's more then I "need", but is it more then I "should" have? The cost of insurance, and gas:fork_off: are killing me... I'm working 15+ hours for that months insurance... A little less then one weeks wages

Should I lower my limits to save money? I consider myself a safe driver, who doesnt screw around (cant afford the gas, I cringe when a situation arrises for me to accelerate quickly)

If you had a 16 year old, who's driving an old tank of a truck, what would you set the limits at?

I've got untill friday (realisticly) to lower them, because the office is closed on weekends

Thanks alot
~Nate

iwrock · #2 08-09-2006, 01:35 AM

I work in Insurance. I reccomend carrying 250-500 for bodily injury. I also reccomend 100 for property damage. Then, on UI\UIM-Bodily Injury, I reccomend carrying the same limits. This protects you in the event someone without insurance or is underinsured hits you. This is covering you...

However, the national average for coverages is 50k\100k for Bodily Injury, with 50k in property damage. This is matched with 50k\100k UI\UIM Bodily Injury.

I carry the 250\500 as I have alot of stuff I need to protect. I dont want to be sued out the ass and lose everything if I wreck. However, since I am a junior agent, I get a nice lil discount.

Anyways, in ur situation, I would Reccomend 100\300 for BI and 50 for property damage. And I would reccomend matching the UI\UIM-BI limited so that your protected too.

And Insurance companies can change anything about your policy-- anytime. It is just a matter of wether your agent will do it or not.

Nate · #3 08-09-2006, 01:47 AM

O yeah... Uninsured 50/100 Bodily Injury, 50/100 underinsured, 3k medical expense (6k with belts)

Every 6 months I pay...
$407 for Bodily Injury Liability, $162 for the property damage, $22.50 for the uninsured, $4.50 for the underinsured, and $36.50 for the medical expense.

Bill is $632.50 every 6 months...

~Nate

iwrock · #4 08-09-2006, 01:54 AM

If you have goo health insurance, you can drop the medpay. I dropped it because I have an awesome health insurance plan.

I would drop the Bodily Injury limits to 100/300, and 50k in property damage. That is what mose people our age have. You UI\UIM coverages are good too, its just I like to have them match my BI limits.

Remeber this though. If you do drop to the bare minimum, it wont be that much cheaper. It will save you $60 every six months, but thats only like $10 a month. I think that extra coverage is worth that extra few bucks.

You think your expensive.... One of my bosses clients has a Ferrari 360 Modena... That bad boy is 1400 every six months to insure.

And better yet, this will make you laugh. When we write a car, it has an endorsement called "High Performance". My 1996 SL600 has it. However, my bosses 03 E55 didnt have it checked... But for some reason, an 03 G55 has it checked... Weird.

Nate · #5 08-09-2006, 02:03 AM

well, that guy the Ferrari gets a new one if he crashes...

Nobody's buying me another 82 f150 (or anything else) should I crash...
Drop the medical expence ($36.50 every 6), and ask what my rate would be 100/300/50?

Dare I ask you what your company's rate would be? I'm in a 4wd V8 single cab f150, I dont have any tickets, I havent crashed....

Can you pm me with that information? What company do you work for?

tks alot
~Nate

iwrock · #6 08-09-2006, 02:10 AM

You got it.

I work for Farmers. I can quote you for the State of Cali. but I cant quote outside of Cali.

Do you have any discounts on you policy? I have Good Student, Persistancy, Auto/Home/Life policies, Multi-Car, and like one other I cant think of. I know good student is like 5% but hell its a discount. Multi lines (Home/Life) is like 21% discount (thank you dad for insuring the home), Multicar is like another 5-7%, and persistancy is like 10%. You should check on that to see if you qualify. Also, see if your insurnace company offer any discounts for classes you take with them.

For example with Farmers, we have the "Yes" program which is a video and a quiz, and you get signed off for taking it, and save a good deal of $! See if you vcan get that.

Nate · #7 08-09-2006, 02:32 AM

i got a 2.97 cumulative gpa

I should ransak my world studies teachers house

I'll ask about any programs I can take to save money also... I'm calling them on thursday, if my mom would let me lower my limits...

~Nate

Hatterasguy · #8 08-09-2006, 01:30 PM

Thats not bad at all. I have been paying $200 a month since I started driving at 17. I have 250/500/100 and no collison on my car. Stuff's expensive on the east coast, all my friends pay the same or more.

But when I turn 21 this month it should drop a lot! M3 time!

riethoven · #9 08-09-2006, 01:42 PM

I remember my Principles of Risk professor in college saying to get as much insurance as you can afford. I agree with him. With an old Mercedes it is not worth getting collision because they are going to give you nothing for it if you wreck and it is your fault.

Since we switched to the Mercedes our insurance has gone down by about $800 per year because I dropped the comp and collision. However, I actually increased my liability to 250/500 from 150/300.

You are an inexperienced driver. Go slow, watch out for the offensive drivers and you will do just fine. They say the number one cause of accidents is inattention. There are too many knuckleheads talking on the phone and not paying attention.

That is why insurance is cheaper for us old married folk. We have more miles behind the wheel and that brings better judgement when you get into a tough situation.

Brian Carlton · #10 08-09-2006, 07:51 PM

Quote:

Originally Posted by justinwrock

Then, on UI\UIM-Bodily Injury, I reccomend carrying the same limits. This protects you in the event someone without insurance or is underinsured hits you. This is covering you...

I carry the 250\500 as I have alot of stuff I need to protect. I dont want to be sued out the ass and lose everything if I wreck. However, since I am a junior agent, I get a nice lil discount.

Excellent recommendations.

The discussion on UI\UIM is worthwhile to repeat. You absolutely must carry the same UI\UIM coverage as you do liability............unless you believe that the other drivers out there are better drivers than you are and carry better coverage than you do.

I, too, carry 250/500/100 with the same UI/UIM.

I just signed with AIG for six months. Got all four covered for comprehensive and three of four covered for liability, PIP, and UI/UIM for a grand total of $1030. I can't drive the fourth........but I can rotate the fourth with any of the other three every 30 days. I'm real pleased with it.

iwrock · #11 08-09-2006, 09:37 PM

Quote:

Originally Posted by Brian Carlton

I just signed with AIG for six months. Got all four covered for comprehensive and three of four covered for liability, PIP, and UI/UIM for a grand total of $1030. I can't drive the fourth........but I can rotate the fourth with any of the other three every 30 days. I'm real pleased with it.

How does that work?

I have all of my cars covered at 250/500-100k. This has matching UI/UIM limits too, and having the matching limits adds like $10 each vehicle every month.

I have the ML320 and the SL600 at full coverages. I have $500 deductibles on these cars too. The ML is about 340 every six months, and the SL is about 420 every six months.

The 190E and the 300TE are just liability, and its a HUGE moola saver. My TE is about $320 every six months to insure, and my 190E is about $400 every six months to insure. (My sister has a ticket)

I keep my rates down by having my autos, life, and umbrella all with one company. They discount me huge by doing that.

Larry Delor · #12 08-09-2006, 09:50 PM

I like to have rental car coverage on at least one of mine. It's cheap enough, and can come in real handy!

iwrock · #13 08-09-2006, 09:52 PM

K5!!!

I have this on the SL and the ML. $50 a day when the car is in the shop isnt bad.

Brian Carlton · #14 08-09-2006, 10:26 PM

Quote:

Originally Posted by justinwrock

How does that work?

I have all of my cars covered at 250/500-100k. This has matching UI/UIM limits too, and having the matching limits adds like $10 each vehicle every month.

I have the ML320 and the SL600 at full coverages. I have $500 deductibles on these cars too. The ML is about 340 every six months, and the SL is about 420 every six months.

The 190E and the 300TE are just liability, and its a HUGE moola saver. My TE is about $320 every six months to insure, and my 190E is about $400 every six months to insure. (My sister has a ticket)

I keep my rates down by having my autos, life, and umbrella all with one company. They discount me huge by doing that.

Well, I really don't need four vehicles. I'm the only driver. So, one of them is "in storage" for a period, at least 30 days. It has comp but no liability coverage. I can keep the plates.

The other three have comp as well and full liability and UI/UIM coverages plus 150K PIP.

I don't have collision on any of them which helps the rates dramatically.

My rate includes the defensive driver discount which I now realize has expired.

To insure the four of them in NY for $2K per year is simply fantastic. Nobody can beat that rate.

Hatterasguy · #15 08-09-2006, 11:34 PM

I think thats how my dad has my two cars set up. One is in storage yet there is coverage on it so they don't pull the plates.

30 days is also the min I think, but I go much longer.

Actualy having two on at the same time only costs me like an extra $50 a month over one. I was surprised, still I'm cheap both are never on at the same time.