insurance re-newal ? - PeachParts Mercedes-Benz Forum

dwest · #1 09-23-2003, 05:42 PM

I searched and searched, still have this question -

I recently bot an 89 300CE, now has 160Kmi. It's beautiful, and I love it. It is my first MB.

My insurance bill just came. They want $950/yr for collision with a $500 deductable. I only paid $5k for the car. I see other similar cars available around the same price. The state made me pay sales tax on $10K, saying that was it's value.

Knowing how quick insurance companies are to "total" a car; if the unthinkable happens and I crash, what will be the value of the car? Paying that much in insurance to insure only 4-5K$ seems foolish. What do you think? I'm thinking of just forgetting the collision coverage. I can afford to replace the car if I have to.

Since I live in the people's republic of Massachusetts (indeed, Cambridge - the belly of the beast), shopping around is not an option, all auto insurance is identical and regulated.

Any advice?

Snibble · #2 09-23-2003, 08:02 PM

I was in same situation.. paying about $1100 every 6months! and I put in about $6500 into the car. What I did was drop the comprehensive and took the minimum. I, too, could get another car if mine gets wrecked... and didn't think paying something close to 25% of the purchase price every 6months.

TX76513 · #3 09-23-2003, 08:25 PM

Ditto - dropped to the minimum liability only and took out un-insured motorist.

TX76513 · #4 09-24-2003, 06:25 AM

If you get in a wreck with some jerk that doesn't have coverage and you rack up some serious meds, etc...that UM coverage will keep you out of bankruptcy.

Yes, that is the point I am trying to make - it's a very inexspensive way to reduce some of the risk - assuming the crash is not your fault. Like the deductible amounts you have to determine the amount of risk you can afford to take - A large deductible is essentially the amount of "self insurance" the individual feels comfortable with assuming.

You would be amazed at how many people are not insured
Oooh -did I mention this is my line of work?

jk