Car Insurance. Got it or gamble and go without

Curious What insurance you have
Or
Do you gamble and drive with no insurance

I go with Geico

You better be careful. You're going to end up getting contained in you own thread labeled Terapind's Corner.


ZCore13

Quote: Zcore13

You better be careful. You're going to end up getting contained in you own thread labeled Terapind's Corner.


ZCore13

Spit take.

I just learned how important it is to not only have insurance, but to have uninsured/underinsured coverage. I was in an accident 4 months ago, and the other driver has $50,000 in liability coverage. State minimum is $25,000. But, my medical bills will probably reach $30,000 and it could have been much worse. Thankfully, I have $100,000 in UIM coverage, so I’ll be covered. If the accident were worse, the $100k still wouldn’t cover it, and I’d be stuck with the balance.

Quote: CrystalMath

I just learned how important it is to not only have insurance, but to have uninsured/underinsured coverage. I was in an accident 4 months ago, and the other driver has $50,000 in liability coverage. State minimum is $25,000. But, my medical bills will probably reach $30,000 and it could have been much worse. Thankfully, I have $100,000 in UIM coverage, so I’ll be covered. If the accident were worse, the $100k still wouldn’t cover it, and I’d be stuck with the balance.

You dont have health insurance??

ZCore13

I recently switched to State Farm after being with All State for almost forty years. After all those years of not filing a claim, All State wanted to increase my monthly premiums from $182 to $257 after a $2200 claim. State Farm was well over $100 a month cheaper with just a very small loss of coverage- my max coverage for my storage unit dropped from $5,000 per unit to $3500. Per.

Quote: Zcore13

You dont have health insurance??

ZCore13

I do, but that’s another nightmare after a car accident. If you go to the hospital, they must see you, but my own doctor refused to see me after I said I was in a car accident. They won’t even let you pay out of pocket, because they are not equipped/don’t want to be an expert witness in your case. The whole system is f***ed up. To get the balance of my care, I had to go to a place that specializes in car accidents, and they only get paid if there’s a settlement, so they won’t treat you without knowing how much insurance you and the other party have.

Quote: billryan

I recently switched to State Farm after being with All State for almost forty years. After all those years of not filing a claim, All State wanted to increase my monthly premiums from $182 to $257 after a $2200 claim. State Farm was well over $100 a month cheaper with just a very small loss of coverage- my max coverage for my storage unit dropped from $5,000 per unit to $3500. Per.

You’re in good hands... until you’re in an accident.

Quote: terapined

Curious What insurance you have
Or
Do you gamble and drive with no insurance

I go with Geico

Illegal in NYS to not have 'car insurance'. You do not need collision, if that is what you are asking. After my car is a few years old I drop collision. Also use GEICO. I do have a million dollar umbrella policy on top of my car liability policy.

Quote: SOOPOO

Illegal in NYS to not have 'car insurance'. You do not need collision, if that is what you are asking. After my car is a few years old I drop collision. Also use GEICO. I do have a million dollar umbrella policy on top of my car liability policy.

1) Your umbrella policy should be a good bit higher
2) You shouldn't acknowledge owing such a policy.

Quote: terapined

Curious What insurance you have
Or
Do you gamble and drive with no insurance

I go with Geico

Is it legal and technically possible to drive with no insurance in the US?

I can't vote in the poll as, here in the UK it is pretty simple: If you have a registered car, and it's not continuously insured for unlimited 3rd party damages, it triggers automatic prosecution that can result in the car getting confiscated and crushed... And criminal prosecution. Uninsured vehicles are routinely trapped in ANRP (automatic number plate recognition) checks.

There is no requirement for me to cover damage or injury to my own car or to myself. But, if I'm injured and it's totally my own fault and I have no cover, then my medical 'needs' are met by our 'free National Health service' That covers needs rather than wishes and is paid for by a national income tax ' National insurance' which also pays for all state benefits and state pension.

Quote: OnceDear

can result in the car getting confiscated and crushed...

Wouldn't make more economic sense to just sell it off?

It's not legal to drive a car without insurance, or a license, or the car being registered, but that doesn't stop a lot of people.
I've seen estimates that put the percentage of cars on the road without insurance at around 15%.
It's my understanding that people with good medical coverage can skip paying the uninsured driver rider as it is duplicate coverage.

Quote: OnceDear

Is it legal and technically possible to drive with no insurance in the US?

I can't vote in the poll as, here in the UK it is pretty simple: If you have a registered car, and it's not continuously insured for unlimited 3rd party damages, it triggers automatic prosecution that can result in the car getting confiscated and crushed... And criminal prosecution. Uninsured vehicles are routinely trapped in ANRP (automatic number plate recognition) checks.

There is no requirement for me to cover damage or injury to my own car or to myself. But, if I'm injured and it's totally my own fault and I have no cover, then my medical 'needs' are met by our 'free National Health service' That covers needs rather than wishes and is paid for by a national income tax ' National insurance' which also pays for all state benefits and state pension.

I'm not sure, but don't think you need insurance specifically. Can get bonded. Can get neither if you're financially responsible, meaning you have enough money to take care of all damages. That's the gist.

Quote: rxwine

Wouldn't make more economic sense to just sell it off?

Yes. It's pretty stupid IMHO. As an environmentalist, I'd prefer to see confiscated cars kept in service. I think it's seen as a greater deterrent. Don't insure the BMW and get your pride and joy crushed and get criminally prosecuted too for good measure.

Quote: OnceDear

Is it legal and technically possible to drive with no insurance in the US?

Its not legal. Many states now require you to have auto insurance before they will grant a registration. And, if you do not have a current registration your car will not last long. Even if your car does not get driven and sits on your driveway or yard it will eventually be detected and towed. The only way its legal to have an unregistered vehicle is if its in a secure garage (interior).

-Also police generally ask for proof of insurance on just about every traffic stop. -

I have Progressive. I used to have Nationwide but they tried to raise my rates a couple years ago and I realized I could save over $1000 a year with Progressive.

Michigan has some of the highest auto insurance rates in the country because we are a “no fault” state. What a racket. When I first moved here from Ohio I kept my Ohio insurance/drivers license for as long as I could.

I have USAA because it was way cheaper than Geico.

Don't ever get a mortgage through USAA, though. Their mortgage department sucks.

I have Progressive in PA where I live and recently purchased my first vehicle in Florida and had to determine how I wanted to handle it. Options were to Register it in PA and put it on my current policy which was the cheapest insurance option. But then I would have to drive it back to PA every year to get it inspected. As Florida has no inspection laws, I could register and leave it there, but I would have to buy a separate insurance policy.

I found out Florida rates are much higher due to high rates of accidents and car theft.

In the end I opened a 2nd Progressive policy in Florida and I am paying about 60% of my PA total for 3 cars for just 1 in Florida. All have the same coverage levels so it’s an equal comparison.

Overall I’m very happy with Progressive from a pricing standpoint.

Quote: Boz

I found out Florida rates are much higher due to high rates of accidents and car theft.

I’m also in PA and have insurance with Travelers. My premiums are less than $600/yr, but I don’t have collision.

PA rates are so low, in part, because of our limited tort statutes.

For those that aren’t aware, in Pennsylvania you can choose between a “Full Tort” and “Limited Tort” insurance policies. If you have a limited tort policy, you cannot sue in civil court for “pain and suffering” after an accident. Since limited tort policies are significantly cheaper, most people do not get full tort coverage, and as a result there are far less civil lawsuits after an accident, which makes everyone’s premiums cheaper.

I am assume by "gamble and drive without insurance" it means you sent the state $25,000 (whatever the minimum liability coverage is). Generally, speaking, when we talk about gambling in this forum, we are referring to legal gambling (i.e. not gambling on high school sports, not gambling on speeding for 1,000 miles without getting stopped, etc.)

I wouldn't do it (in the hypothetical scenario that I did have $25,000 laying around). Sure, you save money if you don't crash, but if you do, your $25,000, or a portion thereof, is gone, and that is the equivalent of MANY months of liability insurance.

But it is an option. When people say "insurance is required", that's not technically correct... you must have "proof of financial responsibility", which for 99% of the population, is an insurance policy. You are "ungambling" and the insurance company is the one who is gambling on you. You pay them a small amount in exchange for them paying out thousands of dollars every once in a while. Unlike most gamblers, the insurance companies have an edge. They estimate how much the claims will be, on average, for someone of your profile (age, driving record, etc.), and come up with a premium. It's the mathematical equivalent of you going into a casino and sitting down at single-zero roulette and telling the dealer "okay, I'll bet on 32 for a $1,000 payoff -- here's $25".