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Originally Posted by lrjohnson
It time for an semi-annual car insurance payment. Which is making me think about switching. I'm on Progressive, getting aquote, and I need to know: What do I need as far as coverage?
A 2000 Saturn SL1 with 35000 miles, annual maybe 5000 miles. Owned outright.
84 Chevy Blazer, driver my Guy, age 33, SPOTLESS record. Owned outright.
We do want uninsured motorist coverage-we think that's a safe way to go. Is that right?
We figure no comprehensive or collision on the Blazer-is that right?
I'm less sure on the saturn. It would Kelley Bluye Book "private sale" at $4600, supposedly, but the truth is if I (or someone else) totalled it, I would be lookling for used cars is the $8000 or more range. I could do that out of me EF but I would be grumpy about it. Should I get some comprehensive, or collision?
I know it's really a judgement call and up to people personally, but I would welcome input, on coverage or anything auto insurance related.
Right now we are paying $534/6 mo for:
* basic liability 15k person, $30k accident,
* uninsured motorist injury 15k person, $30k accident,
* uninsured motorist property $3.5k/accident,
* comprehensive on saturn deductible 250,
* comprehensive on saturn deductible 1000.
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In my opinion you are underinsured. What if you totaled a 3 month old Caddy, 30k?. What if the main wage earner of a family was permanently disabled or died? I think your liability needs raised. I have 100k/300k and hope it is adequate.
Comprehensive & collision is trickier. If I understand it correctly the insurance will only pay what the vehicle is worth not what it would cost you to get another vehicle (unless of course you could find an exact replica of the one you own) so chances are you will be out some money even if the other insurance company is paying. You might want to look at how much you save by not having it vs how much out of pocket costs would be if you did have it.
I am not an insurance person but I did have a client with $50k of medical debt due to an underinsured motorist (15k, the minimum in our state) hitting her. Unfortunately he died in the accident and had no assets anyway so she is stuck trying to pay off the bills.
Maybe someone who works with insurance can help more. Just my .02.