sunny5280 Posted March 15, 2015 Share Posted March 15, 2015 Please don't skimp on insurance coverage. During my time as an adjuster I saw several people financially ruined by having the lowest coverages. You should purchase as much coverage as you can comfortably afford. You should pay for the entire policy up front - it saves you money over monthly payments. You should shop rates every year at least. Staying with one carrier for a lifetime usually only winds up costing you money. After working there I have what we called "adjuster rates." 5 car policy - 2 Legacies, 2 sports cars, and a truck $657 for 6 months Full coverage on all of them except I take collision off the sports cars for the winter. You should never divulge your insurance coverage limits to anyone but family and your provider, but for the sake of helping others, mine are: $250/500k BI $250k Property Damage $100/300 UMBI $25k UMPD (never get more Uninsured Property Damage than your car is worth) My LGT with $250 deductibles comes out to $152 for 6 months or $25/mo if you break it down. I don't bundle policies as often times this doesn't actually save any money since it discourages you from trying to change carriers. We change insurance companies on average every 1.5 years. But I compare rates every 6 months. Keep in mind that insurance companies focus on advertising how many people switch to them. They do this by offering really cheap initial policies. And one thing that makes you look attractive and can keep your rates down is by having high limits. It makes you look more responsible and a better financial risk. Sorry to put this diatribe on here, but I always try to get info out on stuff like this since not a lot of people are well versed in it. I know I wasn't. I pay mine monthly as there's no cost to do so (with automatic payments) so I figure why not? As for the second part I'm curious as to why? After all the coverage limits are printed right there on my insurance cards. Not that I advertise them to anyone but I don't consider them PII. Though I probably wouldn't be posting this information if I wasn't using an alias on here. Link to comment Share on other sites More sharing options...
Zack Spec B Posted March 15, 2015 Share Posted March 15, 2015 24 M in Chicago driving a LGT. I pay 72 for full Link to comment Share on other sites More sharing options...
MrTris Posted March 15, 2015 Share Posted March 15, 2015 Curious what criteria causes 'financial ruin' and how lack of 'full coverage' was solely responsible. Let's say you owe on the car, and your lender is derelict in their duties to insure the asset in which they have an interest --- your car. You go out, and you total that car, or get into such a state of disrepair, you're more likely to default on the loan because there's nothing left in it for you-- who pays a car payment on a broken/dead car? That's precisely the scenario that I ended up with my LGT - Previous Owner knew it had a HG problem and instead of dealing with it (No coverage for that, anyway), stopped paying and let it get repossessed. Second, most state minimum coverages are pretty basic to cover the costs of "average" damages, both physical and medical, for a given accident. Unfortunately, there's more to it than that, these days. Your state minimums of 25k can be soaked up in the first five minutes of arbitration; medical injuries as a result of an accident, to which you are at fault, means that any ongoing medical care, such as rehabilitation, you (by way of your insurance company) are liable for up to three years. The property damage is the easy stuff -- it's paid once. The medpay portion pays for up to 36mos for medical bills and injuries attributable to that accident, per person. An average ambulance ride is $1000, just to get to the hospital. Then there's whatever shit they do while you're on the way -- that's not cheap, either --Once you get through the hospital doors into the ER, there's room fees, supply fees, OhGodXRays -- It all adds up REAL quick! So while you have State Minimum coverage, it really only puts a dent in the total attributable damages that can be leveled against you, for which your insurance company will pay, but will subrogate their losses against you, which basically means they will sue you for the excess of the damages above your coverage limits. The coverage limits are your insurance company's limit of liability and obligation to pay on your behalf. Anything else above that is not written off, or just forgotten; it's taken out of whoever is at fault. As far as coverage limits go, you don't really want everybody knowing what your limits are, especially people with whom you've just gotten into an accident. It's kinda like being rich -- you don't want people to know just how deep your pockets are, otherwise, well, look at every football or rap star -- see their problems? Yeah, it's because people know how much they just got paid. [ame]www.youtube.com/watch?v=gUhRKVIjJtw[/ame] Link to comment Share on other sites More sharing options...
landark Posted March 16, 2015 Share Posted March 16, 2015 Curious what criteria causes 'financial ruin' and how lack of 'full coverage' was solely responsible. Full coverage and minimum coverage are not the same. I was referring to folks who had low/minimum limits on their policy, not a lack of collision coverage. (as was stated above) I pay mine monthly as there's no cost to do so (with automatic payments) so I figure why not? As for the second part I'm curious as to why? After all the coverage limits are printed right there on my insurance cards. Not that I advertise them to anyone but I don't consider them PII. Though I probably wouldn't be posting this information if I wasn't using an alias on here. It's not a good idea to advertise your limits simply because if you are ever at fault for an accident and the other party claims injury and lawyers up, they are going to go after 100% of your limits. It makes it easier for the lawyers to focus in on the amount they are requesting and build a better case. Most of the time they know they won't get anything from the person outside of insurance. This is mostly in reference to minor injuries and involving pain and suffering. Major injuries: all bets are off. Link to comment Share on other sites More sharing options...
sunny5280 Posted March 16, 2015 Share Posted March 16, 2015 It's not a good idea to advertise your limits simply because if you are ever at fault for an accident and the other party claims injury and lawyers up, they are going to go after 100% of your limits. It makes it easier for the lawyers to focus in on the amount they are requesting and build a better case. Most of the time they know they won't get anything from the person outside of insurance. This is mostly in reference to minor injuries and involving pain and suffering. Major injuries: all bets are off. Admittedly I am not an insurance expert. However I was involved in insurance litigation and my attorney knew exactly what the coverage limits were of the party we were suing. Link to comment Share on other sites More sharing options...
BostonLGT Posted March 16, 2015 Share Posted March 16, 2015 07 LGT Limited 5MT- FULLY Insured in Boston for $110 per month. (and this is with a speeding ticket on my record.) Since you live in CT, I hope you are planning to go with full coverage. Most people in Southern New England drive like morons... But before you make your decision, make sure you do a LOT more research on this site. There is a HUGE difference between the GT and 2.5i, in almost every way (minus passenger safety), so do yourself a favor (especially since you're still in college) and research the crap out of these cars before you buy. Also, if you check out a car and need help deciding whether it is a good buy or not, post a new thread to this forum. We are always willing to share our $.02! Link to comment Share on other sites More sharing options...
alex0856 Posted March 16, 2015 Share Posted March 16, 2015 Full coverage with state minimum coverage amounts. $331 a month Link to comment Share on other sites More sharing options...
MrTris Posted March 16, 2015 Share Posted March 16, 2015 07 LGT Limited 5MT- FULLY Insured in Boston for $110 per month. (and this is with a speeding ticket on my record.) Since you live in CT, I hope you are planning to go with full coverage. Most people in Southern New England drive like morons... But before you make your decision, make sure you do a LOT more research on this site. There is a HUGE difference between the GT and 2.5i, in almost every way (minus passenger safety), so do yourself a favor (especially since you're still in college) and research the crap out of these cars before you buy. Also, if you check out a car and need help deciding whether it is a good buy or not, post a new thread to this forum. We are always willing to share our $.02! Funny side note -- most insurance companies do not draw a distinction between GT and non; rates are identical. The only information contained is that it's a MY200x Subaru Legacy. "4WD" is really the only thing that counts against you (since they think you'll use it to go "offroad") Link to comment Share on other sites More sharing options...
ras06LGT Posted March 16, 2015 Share Posted March 16, 2015 Full coverage with state minimum coverage amounts. $331 a month Ouch! I thought I had it bad at $160/month for full coverage, high coverage limits, and a clean driving record in Detroit. Link to comment Share on other sites More sharing options...
alex0856 Posted March 16, 2015 Share Posted March 16, 2015 I've got 3 tickets and an at fault accident. 21yo male, no credit history at the time of my last renewal. Not on parent's insurance. My rates should drop tremendously in May, since the accident hits the 3 year mark. Dunno if my newfound credit history will help. I recommend finding an agent to help you out. It's the easiest way, they'll do all the shopping for you. I also agree tremendously with Tris. At 19, this car will be a huge financial responsibility. Unless you've got a great job with no intention of going to school, or if mom and dad are paying for everything, this is not the car for you. Frankly, I could not afford my LGT if I didn't have room mates. I can afford the payments, gas, and insurance, but the maintenance is killing me and I've been paycheck to paycheck since January. My car annihilated my savings. Currently 2.7k into it on top of the $9500 price tag, with another 1k in the foreseeable future. I didn't know what I was getting into when I bought the car, and in hindsight I should've looked for another Honda. That being said, I love my wagon dearly and it puts a huge smile on my when I fly in and out of corners and put douchebag Civics in their place. Smoked a brand new Mini last night, and the guy turned out to be my neighbor Plus, I have a good chance of becoming a manager within the next 6 months, which will put me at $20 an hour or more. Once that happens, my car will be a bit more practical for me. Keep your '00 for now. It's a great car. Link to comment Share on other sites More sharing options...
BostonLGT Posted March 16, 2015 Share Posted March 16, 2015 Funny side note -- most insurance companies do not draw a distinction between GT and non; rates are identical. The only information contained is that it's a MY200x Subaru Legacy. "4WD" is really the only thing that counts against you (since they think you'll use it to go "offroad") I wonder if there is anything you can do to change that... Oh wait, you can switch insurance companies... Link to comment Share on other sites More sharing options...
MrTris Posted March 16, 2015 Share Posted March 16, 2015 Full coverage with state minimum coverage amounts. $331 a month Jesus! Were you prior SR-22? Are you on an Assigned-Risk, or recently off an Assigned-Risk plan? If not, I'd shop around, like, right now. Link to comment Share on other sites More sharing options...
alex0856 Posted March 16, 2015 Share Posted March 16, 2015 I shop around all the time. I just have a crappy driving record. Link to comment Share on other sites More sharing options...
MrTris Posted March 16, 2015 Share Posted March 16, 2015 I shop around all the time. I just have a crappy driving record. Crappy as in, 3+ speeding tickets, at least one no proof ins, plus a neg2 and/or reckless 3rd? Link to comment Share on other sites More sharing options...
alex0856 Posted March 16, 2015 Share Posted March 16, 2015 Ah you must not have seen my earlier post. 2 speeding tickets, 1 failure to obey traffic sign, and an at fault accident. Always had proof of insurance. Link to comment Share on other sites More sharing options...
landark Posted March 16, 2015 Share Posted March 16, 2015 Admittedly I am not an insurance expert. However I was involved in insurance litigation and my attorney knew exactly what the coverage limits were of the party we were suing. That may be something they get into on the litigation side, I dunno. But we were told never to give them to anyone - especially the claimant attorney. The exceptions would be with extensive property damage or severe injuries when there are concerns that the limits will be well below the total damages. Link to comment Share on other sites More sharing options...
CloudSeed777 Posted March 17, 2015 Share Posted March 17, 2015 Full coverage with state minimum coverage amounts. $331 a month WTF? Buy a bike. Link to comment Share on other sites More sharing options...
alex0856 Posted March 17, 2015 Share Posted March 17, 2015 It'll drop tremendously in May and then again in December. Link to comment Share on other sites More sharing options...
SMielke Posted March 17, 2015 Share Posted March 17, 2015 I pay 157 for full coverage with roadside assistance. I'm 24 with a speeding ticket. But I have a multi policy discount since I have renters insurance on my account. I have an 06 5eat LGT Link to comment Share on other sites More sharing options...
alex0856 Posted March 17, 2015 Share Posted March 17, 2015 As an insurance producer, I can tell you that your rates will be better when you're over 25. On that note, you have alot of things that you need to accomplish before you're really ready for LGT ownership. Goto school, get a good job. Save your money. For now, get a car that gets you back and forth reliably -- that's not the LGT. My insurance agent told me the over 25 rule isn't really a thing anymore, since rates are computer generated. It just generates your rate and factors in your age. Basically I was told 25 isn't the magic age anymore. Link to comment Share on other sites More sharing options...
MrTris Posted March 17, 2015 Share Posted March 17, 2015 My insurance agent told me the over 25 rule isn't really a thing anymore, since rates are computer generated. It just generates your rate and factors in your age. Basically I was told 25 isn't the magic age anymore. It still is, for the most part, although, it depends largely on the actuarial data for that particular insurer. At 25, yes, you'll see a drop. When that accident falls off, yes, you'll see a drop. When your credit score improves, again, you'll experience the benefits all over. When you start making $20/hr, well -- Welcome to a whole new lifestyle. Link to comment Share on other sites More sharing options...
alex0856 Posted March 17, 2015 Share Posted March 17, 2015 I can't wait. I thought 15 an hour was great Link to comment Share on other sites More sharing options...
ras06LGT Posted March 17, 2015 Share Posted March 17, 2015 I had high hopes for a rate drop once I hit 25 year old, but saw nothing. Then again, I live in the metro Detroit area and we have rates that are 165% higher than the national average, so that doesn't help. I bought based on the coverage I wanted (for auto and renters), with the price being a secondary factor, but the range of quoted rates was astonishing. For 26 y/o with clean driving record, good credit, and an average miles/year, full coverage on my 2006 LGT ranged from $450-1500 per 6 months for comparable coverage limits. I know each company has their own "formula" but that spread is pretty wild. Link to comment Share on other sites More sharing options...
MrTris Posted March 17, 2015 Share Posted March 17, 2015 I had high hopes for a rate drop once I hit 25 year old, but saw nothing. Then again, I live in the metro Detroit area and we have rates that are 165% higher than the national average, so that doesn't help. I bought based on the coverage I wanted (for auto and renters), with the price being a secondary factor, but the range of quoted rates was astonishing. For 26 y/o with clean driving record, good credit, and an average miles/year, full coverage on my 2006 LGT ranged from $450-1500 per 6 months for comparable coverage limits. I know each company has their own "formula" but that spread is pretty wild. Michigan is . . different, when it comes to insurance because it's a no-fault state, plus, the other thing about coverage extension based on who you live with. So, yeah, y'alls rates are gonna be much, much higher, due to the greater propensity for loss. Link to comment Share on other sites More sharing options...
ras06LGT Posted March 17, 2015 Share Posted March 17, 2015 I've also found that most of the low intro rate companies (because I was broke in college) just keep bumping up the rates every year. I don't ever think I've seen a rate decrease when renewal came around (unless I switched companies). We'll see how it goes with my current policy since they were definitely not the cheapest out-of-the-gate. Link to comment Share on other sites More sharing options...
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