86na car insurance?

[Toran]

Hello Good People,

Here with another question on car insurance.
Here is my policy with Progressive. I am in my mid 40's with no claims in the last 10yrs. No traffic/tickets of any kind in the last 7yrs, and I only drive a few days a week!

Progressive Coverage & Premium Information
1986 Porsche NA
BODILY INJURY & PROPERTY DAMAGE LIABILITY $245.00

BI $25,000 EACH PERSON * $50,000 EACH ACCIDENT
PROPERTY DAMAGE LIABILITY * $25,000 EACH ACCIDENT

MEDICAL PAYMENTS $2,000 EACH PERSON $26.00

COMPREHENSIVE ACV LESS $500 DEDUCTIBLE $69.00

COLLISION ACV LESS $500 DEDUCTIBLE $206.00

RENTAL REIMBURSEMENT $31.00
UP TO $30/DAY FOR MAX OF 30 DAYS

Premium by Vehicle $577.00 Policy Level Coverages

Uninsured/Underinsured Motorist Bi $61.00
$25,000 Each Person * $50,000 Each Accident

Total Policy Premium $638.00 per year


***AllState Insurance said my policy was UNDER- INSURED, and I needed more protection coverage like***:

AllState Coverage & Premium Information
1986 Porsche NA
BODILY INJURY & PROPERTY DAMAGE LIABILITY

BI $100,000 EACH PERSON * $300,000 EACH ACCIDENT
PROPERTY DAMAGE LIABILITY * $100,000 EACH ACCIDENT

MEDICAL PAYMENTS $5,000 EACH PERSON

COMPREHENSIVE ACV LESS $250 DEDUCTIBLE

COLLISION ACV LESS $500 DEDUCTIBLE

RENTAL REIMBURSEMENT
UP TO $30/DAY FOR MAX OF 30 DAYS

Premium by Vehicle $514.14 per 6months Policy Level Coverages

Uninsured/Underinsured Motorist Bi
$100,000 Each Person * $300,000 Each Accident

Total Policy Premium $1092.92 per year


Is AllState trying to take me for a ride?
They are offering this price as a discount bundled to my home insurance.
I need some feedback from you 40yr+ drivers please!
AllState told me if I was in an accident and needed to pay the victims hospital bill it would cover $25K, and no more. And if the victims needed more that the victims lawyers would try to sue my estate such as house/saving/retirement.

AllState also said the under Ohio law you need to have at least the bare minimal coverage for all your registered vehicles regardless if they touch the street or not. Is this true?

T.I.A.

[jcommin]

I pay $140/yr for my 83 944. deductible is $1000. I also carry a separate $1 mil liability writer. This covers my other car as well. That cost is about $500/yr.


I use State Farm. My car is not a D/D - it is a summer car. I put less that 3000 miles on it annually. This year to date, about 1000 miles.

I called Hargerty and compared quotes with State Farm. Both were similar. I do not have an AV (antique vehicle). There is a classic category which is what I'm in. I took pictures to document the car.


I would give your company a call and ask what is available. I have learned over the years, if you don't ask, they would tell you.

Good luck

[Mr. Squid]

I worked in the insurance industry for a few years, and I would agree with the All State agent that you are "Under Insured" - In an serious accident where you are found at fault, $25,000 worth of medical bills will add up fast...a lot of agents will provide you with low liability limits so they can price cut the their competition and get your business, that is probably how you ended up with the low limits in the first place. The 100/300 policy offered by All State is probably more in line with what is needed. And as stated above if you wanted higher liability coverage you could add an umbrella policy.

Is the 944 your daily driver or a summer toy/project car? If it is not your daily driver I would remove the rental reimbursement, as you own another car you could drive if your 944 is in the shop. You are paying for something that is not needed. If it is your primary mode of transportation then it is worth every penny.

Another way for you to reduce the cost of your policy is to self insure more (increase your deductible). This in turn will lower the cost of your policy. If offered by the insurer you could go up to a $750 or $1000 dollar deductible. This sounds scary at first, and depends on what you are comfortable spending out of pocket. I personally have a $1000 deductible. I am the type of person that does my own work and knows people that work for and own body shops. If I ding up any of my cars, no one else involved, and the damage is minimal I will pay out of pocket to fix it. I am not going to submit a claim and possibly have my rates go up for years to come unless it is necessary. Not all insurers handle this the same way and it is best to ask questions and make the agent earn their commission.

The problem with insurance is that you pay for something you may never use, and that is why people don't like it. At the end of the day you could have the lower liability limits and never have to use them....but for me it is comforting to know that I have the higher coverage if needed.

This is just my point of view on insurance, and I don't expect it to fit the mold for everyone.

[ilikemy944]

I could be reading wrong, but it looks like you are covered up to $25k of property damage as well - so in essence, if you rearended my Cayman and only got me a check for $25k....

Also, my coverage for 100/300/100 is $490 a year on my 944 Turbo.
In fact, it is only $680 a year on my Cayman.

Maybe time to shop around?

[Mr. Squid]

Good point about the $25K property damage coverage....I don't know if you can replace a KIA for $25k these days...Lol

Location makes a big difference in price. If you are in the city of Cincinnati it will cost much more than in the suburbs. If I lived one town over my insurance would double...

Definitely Shop Around.

[Toran]

Good point Everyone!

Yes the Porsche 944 is my daily driver.
I now feel better about the 100/300/100 setup, but that price is like #@$%*!
I wonder if they can create a setup where the Porsche is covered in the Spring/Summer/Autumn, and the remaining months the policy would cover a truck.

[Bradical]

Yeah i'd say you are getting railed. I have almost identical coverage on my car from state farm at less than $300/yr

[djnolan]

$500 per year (each) for me...

[Toran]

God#$@*it!
And this is suppose to be a discount for having the home and car insurance on the same policy!
I will see what the rate is if I go from a $500 to a $1000 deductible
Plus I will ask about mile restrictions

Thanks!

[racer]

agree that the 25K coverage is pretty low.

iirc, my 944, under allstate, was around $500/yr, but we had multiple cars and home with them. When I got cheap, I put it on a mile restricted plan and the rate dropped to $250/yr

Considering the '86 has no safety discounts (airbags, abs) and sounds like your ONLY car, could be why they are charging more.. plus, of course, they are giving you more coverage.
Single v Married, miles driven, and all sorts of risk data are also behind it.

[DannoXYZ]

I'm in mid-40s, married, no kids, rent home in S.F East Bay area.
I drive my '85 944na about 2000-miles a year. Work from home, no commute miles.
Have $50k coverage to crash, destroy other people's cars. Deductible is $500.
Ends up around $380/6-months for my car and my wife's Corolla.