Insurance musings...

[Nexus-6]

Got my first bill today from State Farm. Pleasantly surprised at how reasonable the Viper is to insure.

My annual bill breaks down like this these days in order of most expensive to insure to least. Note that all cars are insured as "weekenders" (save the Lightning) and will collect less than 2K miles per year (that's a stretch really). Most have declared values (higher than high book) so this could be even cheaper if I wanted to risk that by going with book (not gonna happen).

Annual cost :

'02 BMW M Coupe - $1213 (DV = $50K)
'02 Viper GTS - $1105 (DV = $75K)
'01 BMW 325Ci - $1070
'94 ZR1 - $1030 (DV = $50K)
'01 Camaro SS - $998
'01 Lightning - $860

28 years old, married...my multicar discount helps a TON (my biggest discount) + no tickets.

Believe it or not (I was in shock) I got money back initially from just adding the Viper!

Best State Farm envelope I've ever opened....

Anyhow, I've noticed some folks wondering what the norm is and what the curve looks like so thought I'd toss in my $0.02 I've seen lower and higher so I guess I probably fall somewhere in the middle.

I stick with State Farm for one simple reason - I can drive my cars whenever I want (within the 2k range which doesn't happen). I can drive to work. I can drive to lunch. I can drive (and park) anywhere without breaking any sacred insurance rules. With classic car insurance I was looking at saving around $300 yearly - not worth it considering the stiff limitations they often impose...

Anyhow, just fyi...

 

[Don Hiltz]

My insurance company (Geico) annually asks the present mileage on my Viper, as well as the estimated annual mileage driven. I too had thought of using some latitude on my estimated mileage, but became concerned that, if I were to have a serious accident, Geico could deny liabilty based on falacious information provided by the insured (ME).

Granted that an exact mileage estimate can not be provided, I feel strongly that I must answer with a legitimate "guess".

While I have no idea as what is what percentage of error is acceptable, I don't want to find out the hard way.

Just my opinion.....

Don

 

[Nexus-6]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Don Hiltz:
Granted that an exact mileage estimate can not be provided, I feel strongly that I must answer with a legitimate "guess".
<HR></BLOCKQUOTE>

What I do is state a flat limit of 2K per car per year. Each car rarely sees 1200 miles each year so that gives me plenty of room in case I take a trip or go to a show.

 

[Don Hiltz]

That's the smart way to go. If you're going to err, make it on the side of caution.

Don

 

[malcoll]

Nexus,
You might want to closely read the section of your Agreed Value policy titled "Loss Settlement".
I'd bet that you will find that the policy will paid the Agreed Value or Market Value.... whichever is LESS.
That means you have to keep your appraised value current all the time.
I definitely agree to go with a major insurer and a standard auto policy, but I stay away from agreed value. It's easy enough to prove to your adjuster the true value of your vehicle and that is not always book value.
I know I've said it before, but when my 1989 XJ-S convertible totalled..... the book value was $8,900, within two days of the initial total loss offer I was paid $12,300 based on research I provided to the adjuster.
Check your policy, Texas policy may be different. But be fully informed.
Nice stable by the way....
Lance

 

[Nexus-6]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by malcoll:
Nexus,
You might want to closely read the section of your Agreed Value policy titled "Loss Settlement".
I'd bet that you will find that the policy will paid the Agreed Value or Market Value.... whichever is LESS.
That means you have to keep your appraised value current all the time.
I definitely agree to go with a major insurer and a standard auto policy, but I stay away from agreed value. It's easy enough to prove to your adjuster the true value of your vehicle and that is not always book value.
I know I've said it before, but when my 1989 XJ-S convertible totalled..... the book value was $8,900, within two days of the initial total loss offer I was paid $12,300 based on research I provided to the adjuster.
Check your policy, Texas policy may be different. But be fully informed.
Nice stable by the way....
Lance

<HR></BLOCKQUOTE>


Thanks!

I have checked that with my agent before - I too have heard that and wanted to make **** sure. I have in writing confirmation that I will be paid declared value should (heaven forbid) to worst come to pass.

I too wonder if it's a state to state thing...I went in almost 100% sure they were going to tell me the same thing (lesser of the two) but that wasn't the case. Dunno...I do know that they've taken good care of me so far but of course, they should. I've given them no reason to do anything other than collect $$!