How do we fix the insurance problem?

[barbara L]

Insurance is out of control.

My home insurance is $940 per year. My car insurance is $80 per month and my daughters is $240 per month (with $1,000 deductible). I pay $45 per month private health insurance for my kids.

It is my opinion that one of the ways that could help is if any medical expenses we had could be used as a deduction from our income each year.

I think we should take it off of the top. Kind of like the deduction they are giving for the hybrid cars.

Right now I would have to pay over $5,000 each year in medical expenses in order to get the tax break.

Car insurance is mandatory in California. I wish we could set up some type of account for it so that if we never used it we could get some of the money back.

What are your ideas?

[abowers]

Re: How do we fix the insurance problem?

I have some small discount through Geico for being a good driver for the past 5 years. 22 years old, No accidents, no tickets, I've taken the defensive driving course, and I have a 2006 Ford Focus. In Princeton, NJ this is costing me 1100/year (my share) on a plan with my sig. other. If I were on my own plan I would have been something like $2000 through Geico.

On a side note, I moved here from Rochester NY in July -- with everything the same, but living in Rochester, my insurance on the brand new car, from Geico would have been $650/year.

Man, NJ is an expensive place to live!

[Optsol]

Re: How do we fix the insurance problem?

You've probably already tried this -- but you can review your covereages to squeeze out a few hundred bucks.

If you have any 'points' assessed against you, you can write a letter to appeal them. Slim chance -- but it's worth the try.

[cercis]

Re: How do we fix the insurance problem?

You should check with the state. I've been told by attorneys in OK that they don't have car insurance, they "self-insure". Meaning that they posted a bond for a certain amount and that's all they have to do.

I never looked into it because 1) I can't afford to post a large bond and 2) I'm not prepared to argue my case each time I have to provide proof of insurance.

[Fern]

Re: How do we fix the insurance problem?

Car insurance: I now pay just $400 for car insurance. I drive a 99 Honda Civic but recently dropped the collision, saving me $104 annually. It's dirt cheap becus of the following discounts with MetLife:
* passed the safe driver online driving course, which gives you 10% discount for 3 consecutive years, then you can retake the course
* passive restraint (airbags)
* anti lock brakes
* clean record/no claims made in x number of years

Homeowners: $700 a year. I get a bit of a discount cus i also have this with MetLIfe

[abowers]

Re: How do we fix the insurance problem?

I am still paying a ridiculous amount for my car insurance... I have discounts for tons of things: the anti lock brakes, i have airbags, side curtain airbags, the good driver discount, a discount for belonging to an organization that gives me about $100-120 off/year. I can't drop collision because this is a brand new car... and because in Princeton, everyone has expensive cars (lexus, mercedes, bmw, audi, everywhere) I don't want to skimp on coverage and be responsible for damage on one of THOSE cars. It's just an expensive area to live I guess. (As I said, my insurance would be half of what it is now if I were still in upstate NY).
Booo.