Auto Insurance

[rbunnymom]

I am looking to reduce expenses and am trying to figure out the best coverage for my vehicles. I spoke with my agent and got his advice but am wondering if you can share what coverage you have and why? I could definitely get lower insurance with lowering my coverage but is that the wise move?

[CW&M Mom]

Full coverage on our van as we have a loan. Only liability on our heap of trash car. It's on it's last leg..and I don't think they would put comp on it at this point anyways.

We go with triple A ...so we already get free towing from then anyways.

[JulieDB]

We have Geico because the offer a military discount and we can use it in all states, except I think for MA.

[shetlandponyluvr]

It isn't a wise move to go with low liability limits, especially if you own a home or other high value assets. For instance, say you cause an accident with $100,000 in injuries & property damage to someone else. They sue you. If you carry low liability limits, say $25,000/$50,000, guess who's responsible for the remainder? You are. It's possible they could garnish your wages for quite some time, or put a lein on your house, etc. So my advice is, shop around for the best rate, delete comprehensive & collision on your vehicles if you want (provided you can replace them with cash if they were gone), but don't lower your liability limts.

[Merczilla]

I've been with Allstate for 29 years. Anytime I've checked elsewhere, I can't get lower rates than what I already have....maybe because partly for the length of time I've been with them with no claims ever. Personally, I find insurance a ripoff ever since they made it mandatory. Anyhoo..what I have on all vehicles is:
Bodily injury: $100,000 each person
$300,000 each occurrence
Property damage: $50,000 each occurrence
Auto Medical payments: $100,000 each person
Auto Comprehensive: Actual cash value, $100 deductible

I do not carry uninsured motorist...that just about doubles the premium payments. You end up having to sue anyway, so it's pointless....to me anyway. My vehicles are all older (1982 on back) so no collision. Runs me a little over $200 per vehicle per 6 month period. I have the maximum I can have for medical payments. My BIL was in a wreck several years back and only had $5000 medical. That didn't go very far, so I made sure I upped mine.

I'm old, , so have very little faith in the "system". If anything serious ever happens, I know I'll have to end up in court anyway, so I just carry the bare minimum that I have to have.

[rbunnymom]

Thanks for the information. I checked around and could save perhaps $20 month if I change companies and keep the same coverage which doesn't seem worth it for the hassle. I am happy with my insurance company. My only choices are to lower limits (which doesn't sound good - mine are about the same as merzilla accept for medical payments) or to drop comp/collision on the older cars. When I asked my agent about this though he said the value of the car was still good enough to keep even though they are older model cars.

[Jen1]

I personally think liability only insurance should be illegal and is not worth the paper the policy is writen on. Just my opinion. Though these policies can be cheap coverage for an old/beater car, it wouldn't nearly cover you in case of accident as PP mentioned.

Also, if oyu have no medical coverage, getting extra-ordanary medical is a great idea. It doesn't cost a whole for piece of mind.

[Merczilla]

What year are your cars? Your agent may just be blowing smoke to keep his commision/bonuses up. I'd check Craigslist and maybe Ebay for what your vehicles are selling for these days. Bluebook doesn't mean anything. They're only worth what someone will pay for them. BB may say it's worth $8000, but looking elsewhere (dealer-used cars, CL, etc.) they may only be going for $4000. It may be worth it to drop collision.

[TeePee]

I work with that gorgeous Mayham guy

I don't sell mini limits polices.

That being said, a little extra money each month for peace of mind is worth a whole lot. Do you trust your agent? Do you have a good working relationship with the office when you need them?

You might save a little each month but I bet you in a year or so, if you switch that saving will equal out to increases.

[FunnyFace]

Is raising your deductible an option? It's always good to ask the difference between $250, $500 and $1000.