Going to insure a 951 very soon... Lowest possible payments ,need your suggestions!!!
10-30-2004, 10:40 PM
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Going to insure a 951 very soon... Lowest possible payments ,need your suggestions!!!
Hey guys,
I'm going to be getting a 944 turbo very soon, and I really need to know how I'm going to insure it to get the best and most functional deal for me and my car for the lowest price. First of all I'm a 19 year old male driver, so yeah I already know they're gonna screw me. However I'm hoping to limit my coverages by only getting what is really important and necessary for a 944, so I can avoid paying outrageous premiums. I have a perfect driving record thusfar, about 2.5 years on the road..lol not like that matters. Instead of taking the normal driving test, I took a class session with two driving tests. I scored a 98% on that, which helped lower my insurance rates. In addition I'm looking into furter classes in Defensive Driving, to help lower my rates further. Hopefully I'll be able to submit a good student record as well. I would be starting my own policy with no other drivers and no other cars, brand new.
I'm not gonna ask anybody to explain a ton of stuff to me, so I'm gonna put in here what I think is best for me for the 7 primary coverages. I've included a short explanation for each one, so you can look at my reasoning and logic. Here they are:
Bodily Injury Liability –
Because of the size and weight of the car, this coverage can be made lower than average. If the 944 struck an average vehicle on the roads today (midsize to large) more than likely it would do little damage. Firstly because it weighs 2,000lbs. Secondly, because of its ride height and bumper height, it is less likely to severely damage the passenger compartment of the vehicle it hits. Lesser IMO is safe because of these factors. I would like to have more, for my own financial sake, but I cannot afford to pay high premiums at this time.
Collision Coverage –
The 944 is subject to a much higher rate of collision damage due to its design and weight. However, because the car is 15+ years old the benefits of having a low deductable and thus higher premium on the car are outweighed by the advantage of a lower premium and more money in the bank. Why? KBB value for a 1987 944 Turbo in excellent condition with 90,000 miles is estimated at $4,650. ACTUAL value is probably $9,000. It is simply not worth it to pay high collision premiums when you will only get half of the car’s worth. Collision is a large portion of the premiums paid, so lowering this is a major priority.
Comprehensive Coverage –
If the car is stolen and not recovered, the insurance provider will still only pay book value, which is highly inaccurate. It makes more sense to save money on comprehensive and put it in the bank, or invest in anti-theft devices such as LoJack. The 944 is an easy to steal vehicle, but at the same time doesnt carry a high value. I think installing a killswitch will be great for theft prevention, as well as having The Club on it at all times. So I would go for low comprehensive coverage.
Medical Payments Coverage –
This is possibly the most important coverage for the 944 IMO. Occupants of the car may suffer more severe injuries on average due to the weight and height of the car. Passengers ride at a lower height, and in the event of a side-impact collision with a larger car severe injuries can result. The car with the least mass has the disadvantage in any accident, and the 944 is relatively light. Therefore I would definately carry higher than average medical payment coverage.
Property Damage Liability –
See explanation for Bodily Injury Liability. Coverage can be lower than average.
Underinsured Motorists Coverage –
It is always a good idea to have good underinsured motorists coverage. However, book value is extremely low, so more than likely the driver will have comparable property damage liability on their policy. Therefore coverage can be lower than average for the 944.
Uninsured Motorists Coverage –
Important but coverage does not need to be very high since the value of the car is low. Therefore below average for this.
Please let me know what you think, whether or not I'm overlooking something, or you disagree with my analysis. FYI, I would like to pay LESS THAN $250 a month if that is possible. Does anybody know of an insurance company that is a little more friendly toward younger drivers or sports car drivers. I'm just looking for tons of advice and suggestions, anything is appreciated.
Thanks a lot guys!
I'm going to be getting a 944 turbo very soon, and I really need to know how I'm going to insure it to get the best and most functional deal for me and my car for the lowest price. First of all I'm a 19 year old male driver, so yeah I already know they're gonna screw me. However I'm hoping to limit my coverages by only getting what is really important and necessary for a 944, so I can avoid paying outrageous premiums. I have a perfect driving record thusfar, about 2.5 years on the road..lol not like that matters. Instead of taking the normal driving test, I took a class session with two driving tests. I scored a 98% on that, which helped lower my insurance rates. In addition I'm looking into furter classes in Defensive Driving, to help lower my rates further. Hopefully I'll be able to submit a good student record as well. I would be starting my own policy with no other drivers and no other cars, brand new.
I'm not gonna ask anybody to explain a ton of stuff to me, so I'm gonna put in here what I think is best for me for the 7 primary coverages. I've included a short explanation for each one, so you can look at my reasoning and logic. Here they are:
Bodily Injury Liability –
Because of the size and weight of the car, this coverage can be made lower than average. If the 944 struck an average vehicle on the roads today (midsize to large) more than likely it would do little damage. Firstly because it weighs 2,000lbs. Secondly, because of its ride height and bumper height, it is less likely to severely damage the passenger compartment of the vehicle it hits. Lesser IMO is safe because of these factors. I would like to have more, for my own financial sake, but I cannot afford to pay high premiums at this time.
Collision Coverage –
The 944 is subject to a much higher rate of collision damage due to its design and weight. However, because the car is 15+ years old the benefits of having a low deductable and thus higher premium on the car are outweighed by the advantage of a lower premium and more money in the bank. Why? KBB value for a 1987 944 Turbo in excellent condition with 90,000 miles is estimated at $4,650. ACTUAL value is probably $9,000. It is simply not worth it to pay high collision premiums when you will only get half of the car’s worth. Collision is a large portion of the premiums paid, so lowering this is a major priority.
Comprehensive Coverage –
If the car is stolen and not recovered, the insurance provider will still only pay book value, which is highly inaccurate. It makes more sense to save money on comprehensive and put it in the bank, or invest in anti-theft devices such as LoJack. The 944 is an easy to steal vehicle, but at the same time doesnt carry a high value. I think installing a killswitch will be great for theft prevention, as well as having The Club on it at all times. So I would go for low comprehensive coverage.
Medical Payments Coverage –
This is possibly the most important coverage for the 944 IMO. Occupants of the car may suffer more severe injuries on average due to the weight and height of the car. Passengers ride at a lower height, and in the event of a side-impact collision with a larger car severe injuries can result. The car with the least mass has the disadvantage in any accident, and the 944 is relatively light. Therefore I would definately carry higher than average medical payment coverage.
Property Damage Liability –
See explanation for Bodily Injury Liability. Coverage can be lower than average.
Underinsured Motorists Coverage –
It is always a good idea to have good underinsured motorists coverage. However, book value is extremely low, so more than likely the driver will have comparable property damage liability on their policy. Therefore coverage can be lower than average for the 944.
Uninsured Motorists Coverage –
Important but coverage does not need to be very high since the value of the car is low. Therefore below average for this.
Please let me know what you think, whether or not I'm overlooking something, or you disagree with my analysis. FYI, I would like to pay LESS THAN $250 a month if that is possible. Does anybody know of an insurance company that is a little more friendly toward younger drivers or sports car drivers. I'm just looking for tons of advice and suggestions, anything is appreciated.
Thanks a lot guys!
10-30-2004, 10:49 PM
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Well, in my opinion everything is necessary, if you truley love the car. Especially if you are going to drive it hard!
I went through this same procedure when I got my first 951 (was 18 then, am 20 now). I say the only way to really lower the costs is to put the car on your parent's policy, with you as the primary driver/shared primary driver. You could also just put it on your parent's policy and tell them you will be sharing the cars in the family, so that the cost is even lowered more...basically just not making you the primary driver on it.
Just my 2 cents. I was quoted $5,000/year if I tried to insure it all on my own. Instead, I have it on my parent's policy with me as the primary driver, which lowered the cost to about $2,500/year. Quite a savings, but still too expensive.
I went through this same procedure when I got my first 951 (was 18 then, am 20 now). I say the only way to really lower the costs is to put the car on your parent's policy, with you as the primary driver/shared primary driver. You could also just put it on your parent's policy and tell them you will be sharing the cars in the family, so that the cost is even lowered more...basically just not making you the primary driver on it.
Just my 2 cents. I was quoted $5,000/year if I tried to insure it all on my own. Instead, I have it on my parent's policy with me as the primary driver, which lowered the cost to about $2,500/year. Quite a savings, but still too expensive.
10-30-2004, 10:58 PM
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That is where I got the $250/mo from.
What I can do is have the car added to our family policy. My Dad got a quote the other day. With him as owner and driver of the car, it would be $939 per year. Back a few years ago when they added me to their policy, it spiked the car roughly $2,000 a year more than when I wasn't on it as a secondary driver. So I would be paying roughly $2,939 a year to my parents. Thats about $250 a month. The 944 was quoted with $250 comprehensive and $500 collision deductibles. Maybe we can lower the coverage on the 944 much lower to help reduce that $939.
Does everybody agree that it would be cheaper to have it on a shared family policy than on my own with very low coverage? THX
BTW: FAST REPLY!!!
What I can do is have the car added to our family policy. My Dad got a quote the other day. With him as owner and driver of the car, it would be $939 per year. Back a few years ago when they added me to their policy, it spiked the car roughly $2,000 a year more than when I wasn't on it as a secondary driver. So I would be paying roughly $2,939 a year to my parents. Thats about $250 a month. The 944 was quoted with $250 comprehensive and $500 collision deductibles. Maybe we can lower the coverage on the 944 much lower to help reduce that $939.
Does everybody agree that it would be cheaper to have it on a shared family policy than on my own with very low coverage? THX
BTW: FAST REPLY!!!
10-30-2004, 11:09 PM
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I do liability with underinsured and uninsured on my 951s, the cars are worth too little for any comp or coll, when the insurance payments pay for the car in 2 years! With nice liability coverage (way above state minimums) and some nice discounts I pay under 100/month. With comp/coll, even with a high deductible (and at that point, why bother, you're paying 1/4 the value of the car before you even get above your deductible!) I'd be over 2k a year, and that's flat out dumb on a car worth under 6k. If you park in a garage at home and don't park in parking lots in worse areas, little risk of theft on these old, low-value vehicles.
Check out one of Bondurant's teenage driving or highway safety courses in AZ, insurance companies like them and they're fun, and it's right down your street.
Get on the family policy, but make sure that you won't hurt the rest of the family's rates if you get a ticket or accident (some discounts work that way, like no accident history, etc). I'm with State Farm, just fyi.
With my coverage I'm still right around 100/month on my own policy, not too much increase above when I was on the family policy.
Sam
Check out one of Bondurant's teenage driving or highway safety courses in AZ, insurance companies like them and they're fun, and it's right down your street.
Get on the family policy, but make sure that you won't hurt the rest of the family's rates if you get a ticket or accident (some discounts work that way, like no accident history, etc). I'm with State Farm, just fyi.
With my coverage I'm still right around 100/month on my own policy, not too much increase above when I was on the family policy.
Sam
10-30-2004, 11:24 PM
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I'm in Scottsdale. How old are you Sam?
How about this. Would it be better to be paying a secondary spike charge for being on a 96' Dodge Caravan. Plus my Dad being primary on the 951. Or would it be better to just list me on the 951 wrapped up into one charge. Rather than paying the spike on the Caravan PLUS the cost of adding the 951 for my Dad to drive.
We have 3 cars as of now on our Liberty Mutual policy.
Thx
How about this. Would it be better to be paying a secondary spike charge for being on a 96' Dodge Caravan. Plus my Dad being primary on the 951. Or would it be better to just list me on the 951 wrapped up into one charge. Rather than paying the spike on the Caravan PLUS the cost of adding the 951 for my Dad to drive.
We have 3 cars as of now on our Liberty Mutual policy.
Thx
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11-01-2004, 02:37 PM
#8
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I submitted an application at InsWeb.com and got about 5 quotes from various agencies. From $400-800 every six-months. Then a guy from InsWeb called and offered me a $200 deal, so I took it! 
11-01-2004, 02:52 PM
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They are not all the same and cheapest rate is not necessarily going to be the best deal. If you never get into accidents, great -- but if you're accident-prone like me, you want the insurance that will pay up when it's time to pay. The cheapest insurance company will do everything they can to not pay up -- in which case, what's the point of buying insurance in the first place?
11-01-2004, 04:09 PM
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A lot of people in the asset protection industry srongly recommend against putting a child on the parents policy.
The reason is when junior kills someone or worse maims someone the parents as owner of the vehicle get sued. After the $50,000 of insurance runs out, the parents house, etc. is subject to judgment.
The reason is when junior kills someone or worse maims someone the parents as owner of the vehicle get sued. After the $50,000 of insurance runs out, the parents house, etc. is subject to judgment.
11-01-2004, 07:20 PM
#11
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First off, Most of the logic in the first post is as flawed as the weight estimate it's based on. A 951 weighs roughly 300 lbs and for the most part is a very rigid structure.
I'll have to agree with Tom R. on the risk to the parents, I don't own a vehicle with less than $1M in liability coverage. Medical bills can reach this amount very quickly. When my son starts driving, he'll have his own policy or a bicycle, his choice.
I'll have to agree with Tom R. on the risk to the parents, I don't own a vehicle with less than $1M in liability coverage. Medical bills can reach this amount very quickly. When my son starts driving, he'll have his own policy or a bicycle, his choice.
11-01-2004, 07:59 PM
#12
If you want the lowest possible payments get the state minimums.
If you want to get insurance to actually protect yourself you can't look at trying to save money by skimping on coverage. It's a lot cheaper to pay for the maximim liability coverages than to be sued for someone's $300,000 medical bill after you hit them.
If you want good advice call an agent and let them fully explain each coverage option and what it protects you from.
The only part of your post I agree with is declining the collision but to do so you must be prepared financially to walk away from your car as it sits as a burning pile of rubble on the side of the road.
If you want to get insurance to actually protect yourself you can't look at trying to save money by skimping on coverage. It's a lot cheaper to pay for the maximim liability coverages than to be sued for someone's $300,000 medical bill after you hit them.
If you want good advice call an agent and let them fully explain each coverage option and what it protects you from.
The only part of your post I agree with is declining the collision but to do so you must be prepared financially to walk away from your car as it sits as a burning pile of rubble on the side of the road.
11-01-2004, 10:34 PM
#15
Look at the bright side. When you're 49 years old and have a perfect driving record, rates will go down :-). I pay about $50/month for 100/400/100 with $500/$1,000 deductibles with Farmers. This includes a multi car and home discount. Now, my 19 year old son with 3 moving violations is another story ....