Toran

Hello Good People,

Here with another question on car insurance.
Here is my policy with Progressive. I am in my mid 40's with no claims in the last 10yrs. No traffic/tickets of any kind in the last 7yrs, and I only drive a few days a week!

Progressive Coverage & Premium Information
1986 Porsche NA
BODILY INJURY & PROPERTY DAMAGE LIABILITY $245.00

BI $25,000 EACH PERSON * $50,000 EACH ACCIDENT
PROPERTY DAMAGE LIABILITY * $25,000 EACH ACCIDENT

MEDICAL PAYMENTS $2,000 EACH PERSON $26.00

COMPREHENSIVE ACV LESS $500 DEDUCTIBLE $69.00

COLLISION ACV LESS $500 DEDUCTIBLE $206.00

RENTAL REIMBURSEMENT $31.00
UP TO $30/DAY FOR MAX OF 30 DAYS

Premium by Vehicle $577.00 Policy Level Coverages

Uninsured/Underinsured Motorist Bi $61.00
$25,000 Each Person * $50,000 Each Accident

Total Policy Premium $638.00 per year


***AllState Insurance said my policy was UNDER- INSURED, and I needed more protection coverage like***:

AllState Coverage & Premium Information
1986 Porsche NA
BODILY INJURY & PROPERTY DAMAGE LIABILITY

BI $100,000 EACH PERSON * $300,000 EACH ACCIDENT
PROPERTY DAMAGE LIABILITY * $100,000 EACH ACCIDENT

MEDICAL PAYMENTS $5,000 EACH PERSON

COMPREHENSIVE ACV LESS $250 DEDUCTIBLE

COLLISION ACV LESS $500 DEDUCTIBLE

RENTAL REIMBURSEMENT
UP TO $30/DAY FOR MAX OF 30 DAYS

Premium by Vehicle $514.14 per 6months Policy Level Coverages

Uninsured/Underinsured Motorist Bi
$100,000 Each Person * $300,000 Each Accident

Total Policy Premium $1092.92 per year


Is AllState trying to take me for a ride?
They are offering this price as a discount bundled to my home insurance.
I need some feedback from you 40yr+ drivers please!
AllState told me if I was in an accident and needed to pay the victims hospital bill it would cover $25K, and no more. And if the victims needed more that the victims lawyers would try to sue my estate such as house/saving/retirement.

AllState also said the under Ohio law you need to have at least the bare minimal coverage for all your registered vehicles regardless if they touch the street or not. Is this true?

T.I.A.

audi49

Mine is only $250 per year through Hagerty.com. ~1500 miles/year, garaged. I forget my coverage exactly but it was a reasonable level.

odonnell

Mine is something like $480 a year though USAA. I'm 22 and the 944 is my only car currently insured through them, about 6500 miles/year. I don't have comprehensive collision insurance though which is why it's that cheap.

Dougs951S

I'm paying ~900/year. I'm 22, the 944 is my only road car, non garaged, clean driving history, no comprehensive coverage, full liability coverage, free towing, no mileage limitations. Most of the cost is due to the fact that I live at an apartment complex in a college town and the car is out in the open, so considered a high break-in or theft risk.

BoulderGeek

I am an old fart, and I got my 944 insurance for free. Zero deductible, full comprehensive.

Second car discount applied. Just had to tell them I was married. :-|

fwb42

I'm in Oh. also, and got "agreed upon value ins. Premium was less than $300 a year on a value of $10K for the car (turbo). Check with an independent agent to see what's available in your area. Century was mine until I sold the car.
Fred

Toran

God#$@*it!
And this is suppose to be a discount for having the home and car insurance on the same policy!
I will see what the rate is if I go from a $500 to a $1000 deductible
Plus I will ask about mile restrictions

Thanks!

Tiger03447

Did you check out Geico? I have mine through USAA, but since it is in reconstruction, in a rented garage, I only insured it for full replacement against fire. It's very low.You can got through USAA if your family has a vet in it..like your parent..or grandparent.

mel_t_vin

I believe both are true statements.

BI $25K/person and $50K/accident is very, very, low...bare minimum, if you ask me. Consider net worth at this point in your life...cash, bonds/funds, stocks/funds, home/equity, cars, collectibles, etc. All of that is "on the table" to pay restitution to victims if you are found at fault. Not certain, but I don't think retirement accounts can be touched in a law suit. In any case, I suspect many/most folks are under-insured.

Unfortunately, in today's world, the more successful someone is [measured by net worth], the more susceptible they become to law suits, especially from those that feel entitled to wealth re-distribution. Adequate coverage, from higher auto liability limits and a sizeable umbrella policy that, when combined, approach your net worth, would go a long way to protecting your estate.

Probably time to speak with an attorney that specializes in wealth preservation.

Toran

Well said, thank you all for your input. This has and will continue to be a learning experience. Better to be safe than sorry, better to be educated rather than not.

Thank you All again!