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SummerOnTheWay1
SummerOnTheWay1
April 3, 2024

🚘🚗 Any Opinions On CAR INSURANCE Issues?

  • April 3, 2024
  • 16 replies
  • 8475 views

There has been many "discussions" about Car Insurance on this site.

 

Many of us are on a FIXED INCOME in Retirement or LOW INCOME still working.

 

Now there are OPTIONS like Public Transportation or maybe Uber. But I saw recently where Uber has been PULLING OUT of certain locations.

 

Anyway, would luv to hear from you guys!  👵

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    16 replies

    GailL1
    GailL1
    Community Champion ⭐⭐⭐
    April 3, 2024

    I think people should understand their insurance ( of whatever type) and buy what they need to properly protect themselves.  

     

    Now that might be adding more or eliminating something for better coverage for themselves.  

     

    For car insurance, many people only buy the minimum levels that the state requires for liability - some states legislate how underinsured/uninsured motorist (UM/UIM) coverage works with their current level of liability - for both property and personal injury.

     

    In the case of underinsured/uninsured motorist (UM/UIM) coverage, it protect you and your property just in case one of these types (underinsured/uninsured motorist (UM/UIM ) hits you. 

     

    And IMO, there are a whole lot of them out there - kind of scary to me.  

     

    I don’t know what the actual rates should be - we have a government body (DOI) in each state that is suppose to determine this factor when an insurance company submits their info for their rates or new rates.

     

    We all see the price of cars, we all see the repair or replacement cost of cars, we also see how a bodily injury to someone else would have dire financial consequences to the insured if deemed to be their fault.

     

    Problem is not everybody cares about protecting themselves fully because they may have very little - therefore it is up to the ones that have something to protect themselves fully.

     

    So should state legislatures set the minimum of coverage to a new updated average that rises over time?  

    Should they mandate having underinsured/uninsured motorist (UM/UIM) coverage to some reasonable limit so that the insured can lower their property coverage, the older the car gets and the value get lower?

     

    I don’t know - I just try to do what is best for me - and I can rely on things like raising my deductible to help out in premium cost.

     

    What auto insurance coverage does the state of Virginia mandate now?

     

    IT‘S ALWAYS SOMETHING . . . . .. . . . Roseanne Roseannadanna
      SummerOnTheWay1
      SummerOnTheWay1Author
      April 3, 2024

      (comment deleted by poster)

      GailL1
      GailL1
      Community Champion ⭐⭐⭐
      April 3, 2024

      WHY?  Isn’t it your premium dollars you are spending?

       I use a broker that writes for many different insurance companies and we go over the coverage available and the premiums/ discounts for each of those companies every few years (about 2).  

       

      Then I can always take my coverage page with the amounts blocked and search with other companies too.

       

      Car and Driver - Car Insurance Explained: Everything You Need To Know

       

      So 1st you need to figure out what is mandated, then what you need and go from there.

       

      People with older cars sometimes will drop collision because the premiums they are paying for the “collision coverage” is so out of whack with the value of the old car.  That’s just one example of a decision that can be made.  

       

      IT‘S ALWAYS SOMETHING . . . . .. . . . Roseanne Roseannadanna
        Tempest332
        Tempest332
        Community Champion ⭐
        April 4, 2024

        With the increase at my last company I cancelled with in '19, I figured I was paying just over 50 cents a mile on insurance cost, absurd no tix since '91, no claims since '94, & newest vehicle at the time was a 4 year old base model. 

          GailL1
          GailL1
          Community Champion ⭐⭐⭐
          April 4, 2024

          @Tempest332   What do you think are the kind of things that auto insurers should include in their risk calculations of premiums?

          What about the cost of repairs / the cost of replacements / medical cost / law suits / the age of the drivers and other statistical data that indicates higher risk?  What about credit score - If they are issuing you an annual policy and you decide to just pay by the month - aren’t they extending you credit?

          What about the congestion of cars in a certain area (your area)?  What about the car property crimes in the same area - theft / vandalism?

          So what kind of things do you think these insurers should include in calculations of premiums - everything that they pay claims upon probably ands that is a lot more than any person’s particular record of tickets and claims. 

           

           

          IT‘S ALWAYS SOMETHING . . . . .. . . . Roseanne Roseannadanna
            Tempest332
            Tempest332
            Community Champion ⭐
            April 5, 2024

            @GailL1  fact I drive < 6K/yr?  Good credit scores is obviously a farce in calculating rates. I'm sure I'm paying a just in case my $5K car hits my neighbors $80K Truck.  I didn't take risk management classes in college, so I wouldn't have an answer for that. 

             

            Used to be also they insured on calculated rate based on your expensive car, I also keep a older vehicle as a backup, they calculate as I'm driving both at the same time now.   When I had a girlfriend move in 20 years ago, she put me on her vehicles, her insurance dropped close to $300 a year (I was against the idea then I told her to go ahead).  

             

            I know they hate the unmarried, especially males... at any age.  My insurance NEVER dropped as I got older.  

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