NJ Car Insurances deductibles.... (attorney, property taxes, living)

[luckyram]

What level is everyone choosing?? Anyone choose higher ded. and wish they hadn't?

I was at $500 ded for collision/comp and then went up to $1000 but still find the premium is crazy. I think I'm going to have to raise it up to $2000 or $2500 just to get it in the manageable range....and only one car is a newer one.

Lifelong NJ resident but this state really sucks (as we all know) when it comes to car ins. and property taxes and it just keeps getting worse.

[Kiru]

Originally Posted by luckyram

What level is everyone choosing?? Anyone choose higher ded. and wish they hadn't?

I was at $500 ded for collision/comp and then went up to $1000 but still find the premium is crazy. I think I'm going to have to raise it up to $2000 or $2500 just to get it in the manageable range....and only one car is a newer one.

Lifelong NJ resident but this state really sucks (as we all know) when it comes to car ins. and property taxes and it just keeps getting worse.

Have you shopped for a better insurance conpany? State Farm is pretty cheap. I am at a $500 deductible. I pay $250/month for a financed 2016 Subaru and a paid off 2011 Kia. Both have full coverage with a (low) $25k liability coverage. At the deductible levels you’re mentioning, I don’t see how you’ll afford to pay it if you can’t afford the monthly payment. If you’re not financing, you can consider dropping collision, maybe just on the old car. That will lower the premium but of course then you aren’t covered except when you’re not at fault and you’re going through the other person’s insurance company. It’s just your comfort level.

[luckyram]

Originally Posted by Kiru

Have you shopped for a better insurance conpany? State Farm is pretty cheap. I am at a $500 deductible. I pay $250/month for a financed 2016 Subaru and a paid off 2011 Kia. Both have full coverage with a (low) $25k liability coverage. At the deductible levels you’re mentioning, I don’t see how you’ll afford to pay it if you can’t afford the monthly payment. If you’re not financing, you can consider dropping collision, maybe just on the old car. That will lower the premium but of course then you aren’t covered except when you’re not at fault and you’re going through the other person’s insurance company. It’s just your comfort level.

The newer one is financed so I have to keep a certain level of coverage. Also, in my case the min. liability allowed by insurance co. is $100K. Your $25K is really low which would explain the lower rates but I think that's way too low a threshold and would be used up really quickly if any claims came up. Also, do you have the no limitation or limitation on lawsuit option (the no limitation option is more than double the premium cost - I'm betting you have the limited one)? This is why it's so hard to compare unless doing an apples to apples thing.

I did look into dropping collision on the older car but it was only costing $200 a year....didn't seem worth it to drop when repairs are so costly. However, all the other stuff (liability, uninsured, PIP, etc ) is where a lot of the cost is and some required levels are dictated by my ins. co.

[Kiru]

Originally Posted by luckyram

The newer one is financed so I have to keep a certain level of coverage. Also, in my case the min. liability allowed by insurance co. is $100K. Your $25K is really low which would explain the lower rates but I think that's way too low a threshold and would be used up really quickly if any claims came up. Also, do you have the no limitation or limitation on lawsuit option (the no limitation option is more than double the premium cost - I'm betting you have the limited one)? This is why it's so hard to compare unless doing an apples to apples thing.

I did look into dropping collision on the older car but it was only costing $200 a year....didn't seem worth it to drop when repairs are so costly. However, all the other stuff (liability, uninsured, PIP, etc ) is where a lot of the cost is and some required levels are dictated by my ins. co.

I have the limited liability for lawsuits. I actually just went through an accident-related lawsuit - we were not at fault and State Farm agreed. The other family sued anyway and it ultimately settled with them taking the $25k policy limit. To be honest, after that experience I was happy to have $25k - I vehemently despise the idea that those money grubbing a-holes made a profit off their own irresponsible actions and meanwhile we're out on vacation time, pay, our brand new car is devalued, and my poor hubby is left with anxiety, albeit slight, when driving. Ugh, don't get me started!


Of course, the flip side is we'll probably be screwed if we're ever at fault. I'll just have to never be at fault then, right? It was amusing though - the State Farm attorney told us we were living like 18 year olds with such a low limit.


Good luck with the insurance. I know it's tough - do bundled policies if you own a house. That might give you a break on the homeowner insurance at least.