Cheryl G Kasson2d ago
Bronwyn Harris

Is anyone here good at insurance? I hate it because it feels like gambling and I hate gambling. It stresses me out.

Anyway I was asking my agent if there’s any way to cut costs and she said I don’t necessarily need collision coverage on a 2013 car that isn’t worth that much.

It’s not worth that much but it drives well and I don’t easily have the money to replace it so… what would you all recommend?

#carinsurance #insurance

Mar 25 at 12:45amWeb
Show threadCarsten Franke2d ago
@Bronwyn if you need a car and could not afford a replacement in case of an accident then the collision coverage is worth it... At the same time it is a cost that prevents you from saving for a new car...
Show threadAI6YR Ben2d ago
@Bronwyn The biggest thing to reduce your ongoing cost is raising your deductible higher. But, you need to make sure you have the cash to handle that deductible if you get in an accident. Over time, you will save a lot with as high a deductible as you can afford. I would not eliminate collision coverage myself, if you'd be in trouble not having it.
Show threadDiane2d ago

@Bronwyn

This isn't immediately helpful, and yes insurance is absolutely a form of gambling. Maybe drive less and see if you can get a less driving discount?

As for a long term solution to your insurance problems I'd like to suggest lobbying for polluter pays legislation.

https://makepolluterspay.net/about/

The increases in insurance rates are a combination of greed and more frequent and more expensive climate disasters — which are the oil companies fault.

About Make Polluters Pay

Make Polluters Pay is a campaign to build public support for climate litigation and other efforts to hold fossil fuel companies accountable.

Make Polluters Pay
Show threadBronwyn Harris2d ago
@alienghic oh I only drive 3000 miles a year! I have that.
Show threadDiane2d ago

@Bronwyn

I think the cut off for me for the discount was drive under 4,000 miles.

I looked it up the average for americans is around 13,000 miles driven per year.

Show threadBronwyn Harris2d ago
@alienghic fantastic. This will help then. I need to send them proof tomorrow.
Show threadDiane2d ago

@Bronwyn

You're welcome I'm kind of shocked I had an immediately useful idea.

Show threadBronwyn Harris2d ago
@alienghic I only drive 3000 miles a year! I need to send them proof of that because they have it at 5k
Show threadChefRaven2d ago
@Bronwyn one thing I will suggest is shopping around. We had Hartford for probably 15 years and we were very happy with them and our insurance went through the roof last year. I shopped around and ended up with American family connect through Costco and the prices were excellent and they have a really good reputation.
Show threadAndrew Drake2d ago

@Bronwyn one way of framing it that I found helpful was that insuring and not-insuring are both gambling, just with different odds/payoffs. House edge and bad odds but small bets vs. no edge but you're betting your entire car/house/whatever. Made it easier for me to stomach earthquake insurance even though it's a loss in expectation, since I can handle the insurance payments a lot more easily than I could handle losing my house.

If you get a deductible that's the highest loss you're confident you'd be able to handle, that should get a lower premium and will mean that you're only paying to insure risks you're not comfortable taking yourself.

Show threadsgt13722d ago

@Bronwyn

I reduced my ins cost by about 50% by going $100/300kvliability only on a car & truck that are only worth about $10-15k each. I also have a $2M personal liability umbrella policy

I was already getting a "low mileage" discount for driving each less than 2.5-5 miles/yr.

I can afford either pay for collision repairs myself or to scrap the vehicle & buy another, if I can't get the other party's insurer to pay for any collision damage.

Not a good idea if you can't.

Also note that if you go liability only, your insurer will have no interest in acting on your behalf to help you collect damages to repair your vehicle from the other party or his/her insurer because they will have no responsibility to pay for such damages for which they would want to be reimbursed. You'll have to do this on your own.

Increasing collision deductible decreases your premiums only marginally but any little bit helps provided you have enough $ to pay the deductible when & if necessary.