i know its not just one or the other but lets say im spending about 10+ on a used car (bmw). what type of insurance would you suggest? my quote for liability was around 2gs/yr.
If you're paying cash and can afford to pay out of pocket to fix your car if/when you get into an accident, then just get liability.
If you have a loan you have to have full coverage.
I would personally carry at least comp/collision with a $1000 deductable if nothing else.
always full coverage
Just go without.
Ive got full coverage, and it has paid off- the first time you get a window broken or parts stolen, it will pay for itself.
just get liability and put money away in case something happens. insurance is a rip off.
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uninsured & underinsured motorist protection, & personal liability insurance absolutely.
comp & collision on a $10k car? depends on the price. more than $300 a year then no.
2k for liability on a 10k used car?
Ouch.
-Charlie
'06 Tundra - Toy Hauler -- '89 325is, 24v Track Rat --'76 2002, Summer wannabe DD/restomod thing -- '03 Z4, GI Joe Roadster playset -- '01 R1100S, Beemer -- '07 Mini Cooper S -- '10 328xi
Charlie - you need to learn a little bit about insurance if you think liability is in any way related to the value of the car!
Jesus Christ you kids are dense.
I know it has nothing to do with the cost of the car. I'm just wondering how awful this guy's record must be if it costs him 2k for f'n liability.
-Charlie
'06 Tundra - Toy Hauler -- '89 325is, 24v Track Rat --'76 2002, Summer wannabe DD/restomod thing -- '03 Z4, GI Joe Roadster playset -- '01 R1100S, Beemer -- '07 Mini Cooper S -- '10 328xi
damn i have a friend that lives in Long Island and Insurance is crazy for him. liability only for me on a e36 is only 846 a yr and im 20 but i also live in Wisconsin
Last edited by tsweers89; 02-06-2008 at 08:00 PM.
Comprehensive is usually a ripoff. You pay through the nose and then, in the event that you actually use it, you pay the deductible and then they raise your rates again anyway......just to recoup the money the just paid out. Insurance is the biggest ripoff ever. Just get the cheapest you can get and keep a little socked away.
Charlie the value does not correlate to liability insurance.
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No, it wouldn't. Liability insurance is based on the individual risk of the driver and the vehicle (not the value). The higher the risk that any certain vehicle will cause an accident and the damage caused; the higher the insurance.
Therefore it would be cheaper to get liability on an e30 compared to an e36 m3, but this has nothing to do with the fact that the m3 is more expensive. The same is true if you compare an e30 to a v8 full sized truck.
I always do the bare minimum liability. Comp and Collision are expensive because built into those costs are people (although good people) that sit in an office behind a computer trying to pay for all the kids they have. I bank all the cash and can now replace 10 of my cars. $35/month means I can pay for all kinds of repairs, if it happens. I call it, "self-insuring myslef". No one can take care of me like me. Not even State Farm.
08 Alpine on Fox Red - Bot 1.19.23 in Spearfish
97 Byzanz on Black M3/4/A - Sold 7.14.21 to Behzad of Newark
97 Byzanz on Magma M3/4/A - Sold 7.7.17Jerad in CO
98 TiSilver on Black M3/4/A - Sold 7.19.17 Jono driving it
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98 Arctic on Dove M3/2/5 - Sold 3.10.12 Kyle driving it
96 Techno on Black M3/2/5-Sold 6.13.09 Ross totaled it
Go with comp, but keep the deductible high. Basically, you want engine blowing up / car totaling protection.
"You know you're not the first..."
While liability is disconnected from the price of the car, I would never pay $2k/year in insurance to drive around in a $10k car. That's insane.
I'd rather take the bus/train/subway... which, fortunately for you, is a real option where you live.
I had liability-only insurance when I was a kid, because the plan was that I'd declare bankruptcy if something bad happenned.
As an adult, I'm not driving with anything less than full coverage.
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