Insurance

86 911 · 86 911's Garage

I am thinking of buying an '81 Isuzu I-Mark from my school's auto shop for $100. I just took a look at some inusrance rates for that car with minimum coverage and it's $101 per month

. WTF??? I understand why my Porsche is a little higher per month, but $100 a month for a $100 dollar car seems ridiculous! I'm not even going to drive it every day either. Does anyone else think this is a bit ridiculous? Does anyone know of an insurance company that can probably insure me for at the most $50 a month? I have a clean record, no accidents, etc. I've checked with Unitrin Direct, Allstate, 21st Century, and State Farm. Who can I check out that's acutally CHEAP?
Sorry for the rant. I just think $100 a month for a $100 car is ridiculous.

legion · 04-16-2006, 04:13 PM

Try upping the coverage a little when you get quotes. It turns out that people who get bare minimum coverage usually end up costing the insurers a lot more in claims than people with a decent amount of coverage. They charge accordingly.

id10t · 04-16-2006, 06:24 PM

Raise the deductibles, or screw the ins. on the car itself (theft/totaling it) and pay for the medical and "fix other peoples stuff" insurance on it... but still raise the deductibles...

stomachmonkey · 04-16-2006, 06:39 PM

It's 2006. Car is 25 years old. Qualifies as a classic. Get collectors insurance for it.

Scott

Steve Carlton · 04-16-2006, 06:56 PM

Your insurance quote had nothing to do with the value of the car as it was for liability only. You can do as much harm to another with a $100 car as with an expensive one. If you're living at home, your parents could be at risk if your insurance is insufficient to cover a claim exceeding those low limits (I think).

craig06 · 04-16-2006, 08:28 PM

i have my insurance at http://www.oneshopinsurance.com they have a couple of insurance companies here so it's cool.

snowman · 09:41 PM

Just don't hit me, please!!!!!! Get some decent coverage or stay the f off the road. If you can't afford it, stay the f off the road. Get a real job, make some money and then buy some ins or be ready to cover at least half a mil out of your own pocket.

That or get mexican insurance. IE I got no stinking insurance man. At least my uninsured motorist ins will cover that.

Moneyguy1 · 04-16-2006, 11:21 PM

snow...

That is why God created "uninsured motorist coverage" and "underinsured motorist coverage". Here in AZ if you don't have this, you are gambling.

Depending on the individual's age, it might be worth while to see if the car could be registered and insured under the parent's policy with the kid as the primary driver. That way, proper coverage could be obtained at possibly a lower rate than the kid getting the insurance solo.

stomachmonkey · 04-17-2006, 03:13 AM

The car absolutely makes a difference in cost. It's based on the accident rate for the indivudual model. ie: a Firebird can cost more than the equivalent Camaro if Firebirds get into more accidents than Camaros in a given year.

# of cylinders, FWD, RWD, AWD, Turbo, 4-door, convert, etc.... The insurance co's have a variable for just about everything including your credit rating.

Insuring under the parents is a bad idea. You can be 45 yrs old and if you are getting insurance for the 1st time you'll be in assigned risk paying thru the nose.

Better to pay it in your own name as early as possible on a POS and get established.

RoninLB · 04-17-2006, 03:57 AM

Quote:

Originally posted by snowman

At least my uninsured motorist ins will cover that.

uninsured motorist coverage of $1M is about $25-50 around here and well worth it if med costs are high due to an accident. A few weeks in a comma + assorted other damage could easily cost over $1M from 1st rate care. It's the best deal out there imo.