Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am getting a new Forester and following is the insurance coverage and cost of this vehicle (NY resident, StateFarm)
.
I have old 2006 Sentra, bought it used and now clocking about $96K. The cost of insuring this vehicle for the same coverage above is $185/month (Forester is $112/month). When asked, the insurance agent told me that Sentra has no security features to speak of (compared to Forester with Eyesight), hence it costs more to insure.
Honestly, I do not want to pay $185/month for Sentra. That said, my spouse will use this vehicle to run local errands. She being a new driver, I am toying between keeping this coverage or not. The KBB value of this Sentra is about $5000, but the vehicle is very well maintained. I can not afford to total this vehicle in any case, not for financial reasons but for utility reasons.
What the experts here suggest me to do?
Thanks in advance.
(P.S.- I am not well versed with auto insurance, so consider me a noob when advising.)
I am getting a new Forester and following is the insurance coverage and cost of this vehicle (NY resident, StateFarm)
.
I have old 2006 Sentra, bought it used and now clocking about $96K. The cost of insuring this vehicle for the same coverage above is $185/month (Forester is $112/month). When asked, the insurance agent told me that Sentra has no security features to speak of (compared to Forester with Eyesight), hence it costs more to insure.
The safety features impact the liability and injury side, not the collision. If you look at the coverage side-by-side you should see that the Sentra is higher in the top section but should be lower in the bottom section. Reason being, the value of the Sentra is much lower so the max payout is also lower, which lowers the risk to the insurer.
Quote:
Honestly, I do not want to pay $185/month for Sentra. That said, my spouse will use this vehicle to run local errands. She being a new driver, I am toying between keeping this coverage or not. The KBB value of this Sentra is about $5000, but the vehicle is very well maintained. I can not afford to total this vehicle in any case, not for financial reasons but for utility reasons.
KBB value is irrelevant, insurance companies use actuarial tables that are based on actual market values, not reports from dealers who have a vested interest in inflating the values of vehicles.
Bottom line, if you need the second car and can't afford to replace it if it's totaled you should probably keep it covered.
All that being said, unless you've got a couple of DUI's and a half-dozen wrecks in the last couple of years, you're getting bent over on the Sentra. Maybe a little bit on the Forester, too. Go get some quotes.
183.39 - liability coverage to protect you if you are in an accident and someone sues/makes a claim against you for injury or damage to their car
103.59 - Personal Injury Protection - pays for your medical bills and lost wages if you are injured in an accident. This goes against your policy regardless of who is at fault.
19.75 - Additional PIP increases the payments to you if you are injured
Those three are all the same, regardless of the vehicle and are to protect you, not the car
68.52 - Comprehensive. This covers if your car is stolen or vandalized.
214.97 Collision. For damage to your car from an accident
The two are the ones that vary by vehicle. It seems unusual for a brand new car to be the same as a 2006.
But most of the cost is for the other parts of the coverage, not for what is on this specific vehicle.
The bottom 5 numbers are all coverages that protect you, not the vehicle, and they will also be more or less the same regardless of the vehicle.
I would keep the coverages as they are, because you certainly don't want to get sued if your wife is in an accident and not have enough liability coverage, and you don't want to not have enough coverage for her medical bills or wages if she got injured.
Collision on a 2006 (8 years old) with almost 100K in mileage I would think about dropping that and start working up my "new" car fund.
215x2 + 500 = $930 if KBB is 5K figure 4K from the if its totaled. and more or less any accident will be a total. Cause the general cost of repairing it will be over the 4K.
That's a 25% Cost to value . Do you have a 2nd car? that you can fall back on, share, borrow, rideshare, until you replace you car.
OP, do you bundle your car insurance with your homeowners or renters insurance? That's discount step one.
Step two is call an Allstate agent. I faxed them my policy details for two cars and home, an hour later they called to say they could svae me 1300 a year. For starters.
Each year the premiums go down because of no accidents.
Signed up for auto billing from my checking account, another ten bucks a month saved.
Platinum roadside assistance for three vehicles=42.00/year. I had to have one rig towed to the shop (no brakes) that was easily a 250 dollar flatbed tow. Covered by the roadside assistance. Worth every penny of that 42 bucks a year.
DH retired three years ago. No more 350 miles per week commute. Premiums went down.
I have found the key to getting cheaper car insurance is to have a higher deductible. I opted for $1000 deductible with the reasoning being, if damage is under a $1000, I wouldn't turn in a claim. Also if car is totaled, I can stand the $1000 hit. Let's say you go years without an accident, you will have saved the $1000 in less premiums paid.
I am getting a new Forester and following is the insurance coverage and cost of this vehicle (NY resident, StateFarm)
.
I have old 2006 Sentra, bought it used and now clocking about $96K. The cost of insuring this vehicle for the same coverage above is $185/month (Forester is $112/month). When asked, the insurance agent told me that Sentra has no security features to speak of (compared to Forester with Eyesight), hence it costs more to insure.
Honestly, I do not want to pay $185/month for Sentra. That said, my spouse will use this vehicle to run local errands. She being a new driver, I am toying between keeping this coverage or not. The KBB value of this Sentra is about $5000, but the vehicle is very well maintained. I can not afford to total this vehicle in any case, not for financial reasons but for utility reasons.
What the experts here suggest me to do?
Thanks in advance.
(P.S.- I am not well versed with auto insurance, so consider me a noob when advising.)
New York is an expensive state to insure a motor vehicle in and a good portion of that reason is because of the No-fault Insurance system that you have. However, even putting that aside, the overall cost of living in New York is greater.
One question that I have is this: Do you have good health insurance? If the answer is yes, I would be very unlikely to pay a premium for extra PIP insurance. Of course, that saves you only a minor amount. You might also consider expanding your property damage deductibles to $1000 instead of $500. Personally, I would eliminate the car rental coverage as well. Its something you should take care of own if necessary.
A final suggestion: In you concern to save money don't follow one poster's advice and go with Allstate. The company absolutely sucks when it comes to paying any disputed claim that involves any significant amount of money.
I'm not sure abt N.Y., but here in my state for an older car, or maybe any car?...you can ask for the lowest possible coverage that your state will allow. Right now on my 11 yr old VW Beetle, i'm paying alittle less than $500 a yr. But i also have my home ins w/them too. So i get that discount as well.. Try Allied Ins.
Good Luck.
Last edited by fresnochili; 08-25-2014 at 02:57 PM..
Reason: changed wording.
You're being a sucker. You've got almost every insurance you can get on a policy, most of which you will rarely if ever use. I worked for Geico for awhile, and we would often have to look at the applicant's claim history. I almost never saw PIP used, or rental car. Drop those. Think about it, I will assume you already have medical insurance. Why pay double for insurance. You could also up your deductables on comp and collision, and save some. However, increase you're liability limits. It costs just a few dollars more, but gives you a lot more insurance coverage if you are liable in an accident.
Remember insurance is not to cover every loss. Insurance should be to cover the losses you can't cover or can't afford to cover.
Finally, check the value of that car. Check what the wholesale value is or the dealer cost. That is often what you'll get from them if the car is totaled.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
.
