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Discussion Starter · #1 ·
i've had the rado for a few years now, with full coverage.. its a 90 g60 w/ around 83k, and i'm 18 going on 19 in ocboer.. i'm trying to figure out insurance crap still.. but its really confusing.. i live in mass btw, i assume it varies from state to state..
i want to know if it makes sense to have collision (optional, if i crashed by myself, or someone w/o insurance hit me), when it would cost me significantly more per year (750-1000).. when the book on my car must be around 3k.. so in about 3-4 years, i would have paid more than book value on my car in collision payments.
currently i am on my mom's insurance, and she is the primary driver on both our vehicles (making it cheaper for me), and i am the secondary on both.. i have put a lot of money into into the car in parts-- suspension, wheels, charger etc., but all that is not insured..
so if i totaled the car, my fault, i probably wouldnt even claim it.. because i could get more money parting out the car, than i could from the insurance company. then again, even if i destroyed everything on the car, not having to pay collision for a few years would have saved me the money they would be giving me for the car, BUT the 'points' on my insurance would not go up, since i wouldnt be claiming the accident, therefore saving me more money in the future..
sorry for the long post, but i figured you all could help me out..
thanks


Modified by compleckz at 10:17 PM 5-18-2004
 

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Re: what to have for insurance coverage? (compleckz)

There is a formula out there somewhere that calculates when you should dump full coverage. It's somewhere around 7-10 years of the car. Not worth it for a car that is 14 years old.
I recently switched insurance. I don't drive the corrado much so I have the most basic coverage allowed by law. I pay $136 / 6 months.
 

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Re: what to have for insurance coverage? (hamtonp)

Yeah, i figure that if you get into an accident and it is your fault you should take the loss and pay for it yourself. Your gonna end up saving on insurance premiums in the long run anyways so its not worth it when your paying high premiums in the first place.
 

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Re: what to have for insurance coverage? (VR6 'raddo)

Quick question about collison insurance...if you drop it (my 93SLC w/125k is liability only), do you get any compensation if the car is stolen? My ladyfriend goes to college downtown in a rough area and I always get nervous when I am parking the car overnight. Is it possible to have liability and comprehensive, and not collision? Or is comp/collision a package deal? Thanks...I'd like to know this cause the rate diff. between liability only and collision is VERY significant.
 

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Re: what to have for insurance coverage? (compleckz)

Quote, originally posted by compleckz »
i so if i totaled the car, my fault, i probably wouldnt even claim it..

Acually if your car is totaled by you or another party. CLAIM it! (Until you drop full coverage) The reason being is you have the option to buy back the car.
EXP.
93 SLC 120K miles 4K (KBB) another 4K in upgrades / mods.
It is totaled by your self or another party. insurance will give you the 4K its worth acording to KBB or NADA. You at that point have the option to "Buy back the car". Which means you get to keep it but with a salvage title. They usally charge you what they could get from the scrapper. so 500-1000 they will subtract from your pay out. Now you part out the car. Allready putting you 3-3.5K ahead. So CLAIM it!....... Next thing keep all recipts for Mods etc. They are elegible for 6months to 1 yr after install (depending on insurance group) for full reambersement. I have State Fram and there is 6 months. DO NOT give them the title until they have agreed to the price you want.
I wreck my truck in Nov 03 I got them from 2500 to 6800 (You can allways bargain) Have pictures of your car and its condition on file etc.
http://****************.com/smile/emthup.gif
 

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Re: what to have for insurance coverage? (SLCDub)

SLCDub, you can get comprehensive(fire and theft) without collision, this is what i currently have on my vehicle and saving a ton of money
 

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Re: what to have for insurance coverage? (VR6 'raddo)

in ga you cannot have comp without collision. tried it. Oddly im forced to have uninsured motorist/property since my other cars have it.
check your laws.
Here's the deal progressive gives you $1K (WITH RECEIPTS) for aftermarket parts. On my camaro i put a composite GM hood and spoiler on, about $1500 (USED) to replace it. So i had to add to my aftermarket policy to cover it. Another $11/6 months iirc. Well worth it. Of course thats after your deductible. The hood new is $1800 and the spoiler $660 unpainted so i wanted some sort of extra coverage given the crazy drivers around here. At least the cash i got in it. I might raise it more to cover the aftermarket engine parts soon that will raise it to like $100/6months though.
Wise to cover your bases. Aftermarket parts usually have an absurd cap with deduct on most base policies (per car)
 

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Discussion Starter · #9 ·
Re: what to have for insurance coverage? (mrkrad)

well i ended up dropping collision... but keeping limited collision which was only $40/year extra.. something like if i'd less than 50% at fault.. but still it was partially my fault.. thanks everyone
 

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Re: what to have for insurance coverage? (compleckz)

Insurance varies alot by state and by company.
I have liability and comprehensive on my Corrado and my Passat. But, I had State Farm in the past and they wouldn't let me put comprehesive on my 88 Audi 90Q. They said it was too old (a couple years ago).
In WV, if your car is totalled, you don't have the option to buy it back from the insurance company. You can, however, go to the salvage auction and bid on it your self. I used to work for a rebuilder/car dealer, so I've bought several salvaged cars from auctions. BTW, you have to be a dealer or have your own car be auctioned, before you can bid on cars at a salvage auction.
I don't really think it is worth the differnce to have collision on a car over 10 years old, unless maybe it's a show car with alot invested.
 

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(Shikaroka)

I would run liability coverage and just add comprehensive coverage to cover you for things like fire/theft/vandalism and hitting deer as well total theft of vehicle...subject to your deductible
And just set it at $250...its what I do...
Last month whe my windshield took a boulder from a semi truck...I just called one of these mobile glass places, insisted on a factory windshield and picked a company that paid up to $250...didn't cost me a dime.
 

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Re: (Shikaroka) (TeutonicVR6)

Bring this thread back from the dead.

This is a topic that is of interest to me. It sounds like it is not worth it to have Full Collision on a 14/15 year old car when damages could easily exceed the KBB value of the Corrado. I am all in favor of Comprehensive here in MA as it covers glass, $0.00 deductable.
Any thoughts on the Limited Collision? It would only be an extra $40 per year.
Jim
 

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Discussion Starter · #13 ·
Re: (Shikaroka) (jpawl)

yea i went with limited collision... no fuggin clue what it covers... but it was only $40extra/year like u said...
 
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