About the only thing worse than financing a depreciating assets is using credit to pay for dinner because we all know what dinner turns into in a day or two ...

 

It makes perfect sense what you said Jim. The thing is that we also pay for the sun here in SoCal, don't we? We could all live in Kansas, right? 80,000 dollar mansions, open roads, cheaper gas. But we live here - on credit many times. Because its much better here, weather, sun, beach. We buy nicer cars with more money that isn't really ours.

 

Brendan brings up a good point. I only have to insure my 928's for 6 months per year.

 

Whoa! I posted this just before I had to finish up a few things at work, come home, eat dinner, mow the lawn... but I wish I had stayed around.

I should have prefaced. I currently have collectors insurance. Agreed value for $380 a year. Liability was something like $250. And while I did pay cash for the car and I agree with Bill that this is not the kind of car one should take on a loan (unless you're REALLY good int he market), I still felt it deserved full covereage so that if I were to total it, I could easily find one of similar form that would replace my loss. And for an additional $150ish a year, I thought it was a pretty good value.

I was just trying to get a sense of how many went with an additional insurance rider. Looks like the answer is... "what modification? I thought this was stock!"

 

Wow.. my eyes are popping out my head here. I think I pay something like $380 per year on my 81' 928 for Liability/Comp. coverage only. I am with American Family Insurance. I am 26 with a clean driving record for the past 8 years, and my home owners insurance discount. Which companies do you guys use to get such great rates? I've never had an accident EVER. Hmm, looks like I am paying way to much. Considering I got my shark for a steal of $300, one years worth of insurance costs more than the whole car itself. (Granted, I will probably never find a deal on a 928 like that ever again. ) Thanks!

 

Once again, I think I need to interject in the info regarding "Liability" comp and collision.

1) Do you know what your Liability LIMITS are?

2) Do you have assets? House, 401K, Savings, Retirement.

3) Does that asset amount eclipse your liability amount in your auto policy?

If it does all those insurance dollars you pay out are simply a down payment on your bankruptcy in the event of a catastrophic liability claim.

I understand that in certain areas, your homes are only worth 100-200k, but please do realize that if you have 100/300 liability limits on your auto policy for Bodily Injury, an dyou really do injure someone, YOU are on the hook for whatever is assessed to you over the 100k per person, and 300 per accident.

Premiums paid is not the only important thing when doing research on your insurance.

I operate in CA, and I have no specific knowledge of your individual state insurance laws, you these phrases above are universal.

 

100/300 liability limits on your auto policy for Bodily Injury. Is a must I think.
If you hurt someone you are going to need it!
All you need is some old lady to stop on the highway (and YES they can do that)

 

BrendanC wrote:
"Once again, I think I need to interject in the info regarding "Liability" comp and collision.
1) Do you know what your Liability LIMITS are?
2) Do you have assets? House, 401K, Savings, Retirement.
3) Does that asset amount eclipse your liability amount in your auto policy?
If it does all those insurance dollars you pay out are simply a down payment on your bankruptcy in the event of a catastrophic liability claim. "


Brendan, I thought that's what the umbrella liability on your home insurance was for. Am I an idiot? (wouldn't be the first time)

 

Fogey,

Yep, Umbrella picks up where your normal policy maxes out. Do not be cheap when it comes to your umbrella. I think my $1,000,000 is $250/year. I am sure Brendan would agree.
It's a sue happy world.

 

Johnsonville Brauts and Leiny's come to mind?

 

Good point, but don't forget cheese curds! Yum!

 

Tomorrow only in Green Bay:
Brats, Hacker-Pschorr, & Cheese Curds all during a Supercharger Install party. This followed by a caravan to Road America to watch some racing.

I'll stay here, 4 months of snow is worth it!

 

While I am limited to my experience with Insurance law and rules in just a few states (CA, IL, and possibly WI), I will state that the liability that "comes" with your homeowner's policy is capped at 500,000. What if the claim is 857,000, which was the average DEATH claim amount paid out in 2001? Where will you get 357,000?

The personal liability umbrella of which I speak is a SEPARATE third policy which resides above your home and auto liability amounts. It also assures that an attorney (FREE) will be apointed by your insurance company come doom time.

Umbrellas are endorsed for all sorts of things, such as additional residences, more then two cars, boats, etc. All these are additional liabilities. The prices for the umbrella are between 120 and 250 a year.

 

I would caution that 100,000 will not stop anyone from comming after your assets if they amount to MORE the 100,000, and even if they don't, what about your income? CT houses aren't cheap right?

non-death claim amounts in 2001 were 387,000. So with 100,000 being passed out by your company per person, and them sending a letter saying "We have paid our agreed limit" - and you being on t he hook for 287,000 (average) - what did we even pay the auto premium on the 100/300 for? We may as well not even have paid for any insurance at all.

Its a waste of money if it doesn't cover you for the WORST CASE scenario. I deal with this conversation every day, and Auto insurance is so comodisized, and people "don't like insurance" or thier agents, that the real issues are ignored.

Nobody said they paid too much for thier insurance when they get the checks from the company. Nobody.

 

Brendan makes a very valid point and one which has crossed my mind as I have followed something like the Big Aston Marton down the 55 fwy toward Newport Beach If I slammed into that thing then bounced off the Turbo Bently in the next lane that could get expensive just on property damage alone!