Car Insurance?

SkeletorSkeletor The Conqueror Worm ✭✭✭

I wasn't sure where to put this thread. Anyhow, I'm in the market for some new car insurance. I've got State Farm right now, and it's hella expensive. The coverage is decent, but I wasn't sure if there was some way I might "hack" it. Any companies y'all might recommend?


"I know how to despise mere cool intelligence. What I want is intelligence matched by pure, physical existence, like a statue." --Yukio Mishima

 

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Comments

  • ACH85ACH85 ✭✭
    edited June 2015

    I've been pretty happy with the gecko. My first experience with them is when they paid me, since someone they insured totaled my car. They were pretty cool about paying out full value for things like the brand new brake pads, rotors, and calipers that had twelve miles on them before my car was hit, as well as paying for a rental for a while. Since then, they've had good prices and good customer service. I'm sure there are cheaper options, since all that advertising is expensive, but it works for me. 


     


    The bigger hack than company IMO is if you can keep an emergency fund, jacking up the deductible to as high as they'll go to keep your premium down. In my case I don't really care if my insurance covers a $300 scratch or not. I want them to cover me in the event of catastrophe, or my liability if I plow into someone's Ferrari, and I save big by having a deductible that doesn't cover me for the littler things. But, you have to be cool with a few scratches on your car, or paying the damages from a minor fender bender that's your fault yourself. I think if you do the math it works out much cheaper in the long run for most people, but dangerous if you don't keep an emergency fund equal to or greater than your deductible... I'd rather pay a higher premium now than rack up credit card debt later without an emergency fund. BTW this is the reason why State Farm is expensive. All the "accident forgiveness" and such means a higher premium to start with. 


  • sparefilmssparefilms Post-human Construct ✭✭✭

    Highly informative, and one hell of a great strategy that should be obvious. Something I overlooked myself, but in my case the deductible would be more expensive than what I paid cash for my car!


     


     


     


    Skeletor I will say that Progressive has a ton of perks that stack up together to net you a big discount, BUT have one minor slip up and they can be snatched away. Neat thing about Progressive is that they have excellent classic car insurance if you already have a newer vehicle insured with them. We're talking better than full coverage for your classic, for around $300 per year tops.


  • ACH85ACH85 ✭✭
    edited June 2015


    in my case the deductible would be more expensive than what I paid cash for my car!




     


    I argue that misses the point though. Having to repair your car or buy a new-to-you cheap car in the event of an at-fault accident would suck, yes, but if you consider all the possibilities, hedging against that scenario really isn't why you buy insurance. There are things that would suck so much more. 


     


    If you "adjust" part of someone's Ferrari by just a couple inches, you can be on the hook for $50-100K in damages. That's a super minor fender-bender, just with the wrong car. And of course if you hit a person, or even if a person inside the car you hit is injured (or in some cases pretending to be injured,) you can be on the hook for far, far more.


     


    I calibrate my insurance for catastrophic surprises, not so I can avoid $500-1000 surprises. 


     


    Insurance companies like to sell you policies that help you avoid $200-500 surprises, offering "peace of mind." They paint a picture in advertising where the worst thing that could happen would be having an unexpected bill, when the reality is far worse. And worse yet, many policies with low deductibles have maximums far lower than would cover a personal injury or a totaled sports car. Then you get sued for all your assets and go bankrupt. But hey, at least you didn't have to pay $500 out of pocket to get your bumper put back on. 


     


    You can buy a policy with a high maximum and reasonable premium, simply at the cost of a high deductible. Sometimes you need to call them, as the options don't exist online, again because this isn't where they make their real money. They don't like being in the business of covering catastrophes. BTW even with my plan, most insurance companies still have a "glass rider" which covers broken windows for free without involving the deductible. 


     


    I believe the same logic applies to health insurance, and basically all types of insurance. 


  • SkeletorSkeletor The Conqueror Worm ✭✭✭
    Great stuff, guys. Thanks.

    "I know how to despise mere cool intelligence. What I want is intelligence matched by pure, physical existence, like a statue." --Yukio Mishima

     

    Let's be friends on MyFitnessPal!

  • sparefilmssparefilms Post-human Construct ✭✭✭

    While I agree implicitly with everything you said regarding vehicle insurance, I only agree within a particular context. I currently sport liability-only insurance, since I drive an extremely inexpensive car that I have no qualms working on myself. My health insurance enables me to opt out of PIP insurance with Progressive. My plan also has separate stipulations for at-fault vehicular damage, personal injury and property damage. With a new (or even slightly new-er car) I would probably be following the same plan you outlined, but as it stands now my insurance is merely to keep my driving legal and to cover any damage or injury I may inadvertently inflict.


     


     


    On the health insurance side of things, I use that as a tool. Health insurance can mediate costs of biohacking, within certain tolerances. Dental and vision supplemental insurance are staples as well, as these things are crazy expensive out of pocket for some twisted reason. Renter/homeowner's insurance is entirely preventative and to cover disaster or personal injury to others, obviously, and smartphone insurance is to protect your pocketbook from your own clumsy nature (I am intimately familiar with smartphone insurance, anyone feel free to PM me for advice in this area). 


     


     


    All in all this thread is great, and anyone else who has tips or insider info should help it grow!


  • I hadn't looked at policy in years, it was set with low deductibles and the minimum liability coverage... thanks for all the comments in this thread! time for some changes.


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