Comments on: More Coverage, More Risk, Less Cost http://www.nodebtplan.net/2008/09/04/more-coverage-more-risk-less-cost/#utm_source=rss&utm_medium=rss&utm_campaign=more-coverage-more-risk-less-cost A personal finance blog teaching you how to live debt free and use credit wisely. Fri, 10 Feb 2012 15:18:07 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Weekend Roundup- Keeping Busy Edition | Think Your Way to Wealthhttp://www.nodebtplan.net/2008/09/04/more-coverage-more-risk-less-cost/#comment-4525 Weekend Roundup- Keeping Busy Edition | Think Your Way to Wealth Mon, 22 Sep 2008 11:25:16 +0000 http://www.nodebtplan.net/?p=700#comment-4525 [...] More Coverage, More Risk, Less Cost posted at No Debt Plan [...] [...] More Coverage, More Risk, Less Cost posted at No Debt Plan [...]

]]> By: Andyhttp://www.nodebtplan.net/2008/09/04/more-coverage-more-risk-less-cost/#comment-4253 Andy Sat, 13 Sep 2008 20:11:26 +0000 http://www.nodebtplan.net/?p=700#comment-4253 Some great tips and will include reference in my weekly wrap. Some great tips and will include reference in my weekly wrap.

]]> By: Frugal Babe » Archive » Welcome To The 142nd Festival Of Frugalityhttp://www.nodebtplan.net/2008/09/04/more-coverage-more-risk-less-cost/#comment-4133 Frugal Babe » Archive » Welcome To The 142nd Festival Of Frugality Tue, 09 Sep 2008 04:53:53 +0000 http://www.nodebtplan.net/?p=700#comment-4133 [...] from No Debt Plan shares about the changes he made to his auto insurance policy.  I think this is a great idea.  More overall coverage, higher deductible, lower [...] [...] from No Debt Plan shares about the changes he made to his auto insurance policy.  I think this is a great idea.  More overall coverage, higher deductible, lower [...]

]]> By: MoneyGrubbingLawyerhttp://www.nodebtplan.net/2008/09/04/more-coverage-more-risk-less-cost/#comment-3981 MoneyGrubbingLawyer Fri, 05 Sep 2008 10:26:28 +0000 http://www.nodebtplan.net/?p=700#comment-3981 @Kevin / Shaun - I looked in to umbrella coverage, but found the cost to be significantly more than just upping my auto coverage. The extra cost for increasing from $200k (our minimum required) to $1M was only about $105 a year for two cars, while a separate umbrella policy would have cost close to $500. @Kevin / Shaun – I looked in to umbrella coverage, but found the cost to be significantly more than just upping my auto coverage. The extra cost for increasing from $200k (our minimum required) to $1M was only about $105 a year for two cars, while a separate umbrella policy would have cost close to $500.

]]> By: Shaun Carterhttp://www.nodebtplan.net/2008/09/04/more-coverage-more-risk-less-cost/#comment-3950 Shaun Carter Fri, 05 Sep 2008 03:24:24 +0000 http://www.nodebtplan.net/?p=700#comment-3950 @Kevin - In re to MoneyGrubbingLawyer, that is a lot of coverage but that is what an auto insurance sales friend of mine has on her own vehicles and encourages me to do the same. However, she forgets I don't get the huge discount on coverage that she does. I think an umbrella policy would get a better bang for the buck in the million dollar plus coverage range. @Kevin – In re to MoneyGrubbingLawyer, that is a lot of coverage but that is what an auto insurance sales friend of mine has on her own vehicles and encourages me to do the same. However, she forgets I don’t get the huge discount on coverage that she does. I think an umbrella policy would get a better bang for the buck in the million dollar plus coverage range.

]]> By: Kevinhttp://www.nodebtplan.net/2008/09/04/more-coverage-more-risk-less-cost/#comment-3948 Kevin Fri, 05 Sep 2008 02:56:52 +0000 http://www.nodebtplan.net/?p=700#comment-3948 @Ricky: That is odd. Not sure why they would offer that, but what the heck! @Shaun: Makes sense in your situation. @MoneyGrubbingLawyer: That's a lot of coverage. Wow. Would an umbrella policy be better? @LAL: Wow. That's ridiculous for insurance... @Ricky: That is odd. Not sure why they would offer that, but what the heck!

@Shaun: Makes sense in your situation.

@MoneyGrubbingLawyer: That’s a lot of coverage. Wow. Would an umbrella policy be better?

@LAL: Wow. That’s ridiculous for insurance…

]]> By: LivingAlmostLargehttp://www.nodebtplan.net/2008/09/04/more-coverage-more-risk-less-cost/#comment-3932 LivingAlmostLarge Thu, 04 Sep 2008 22:12:00 +0000 http://www.nodebtplan.net/?p=700#comment-3932 Yeah it's call it's not worth driving. Our insurance for liability is about $1200/year now that MA has opened up to competitive insurance. For the past 3 years we've been paying state regulated insurance for $2400/year. So adding on collision on our cars would current add on $600/year but previously have gone about $4k or the cost of one car. Now it might make sense but the value of the cars are still decreasing. So I don't think it's worth it. Maybe the next cars we drive. We're still on our first cars ever. How many people can say that? We did not inherit a car either from our parents ever. Yeah it’s call it’s not worth driving. Our insurance for liability is about $1200/year now that MA has opened up to competitive insurance. For the past 3 years we’ve been paying state regulated insurance for $2400/year.

So adding on collision on our cars would current add on $600/year but previously have gone about $4k or the cost of one car.

Now it might make sense but the value of the cars are still decreasing. So I don’t think it’s worth it. Maybe the next cars we drive.

We’re still on our first cars ever. How many people can say that? We did not inherit a car either from our parents ever.

]]> By: MoneyGrubbingLawyerhttp://www.nodebtplan.net/2008/09/04/more-coverage-more-risk-less-cost/#comment-3919 MoneyGrubbingLawyer Thu, 04 Sep 2008 18:41:07 +0000 http://www.nodebtplan.net/?p=700#comment-3919 Kevin, we've recently done some re-jigging of our car insurance as well. One of our cars is probably only worth about $3,000 and we had planned to eliminate collision on that one, but it would have saved us less than $100 for the year, so we decided the small cost was worth the coverage. Upping your deductible is a great way to bring your premiums down, as long as you're willing to take that risk (I am). The only thing I wouldn't scrimp on would be the amount of third party bodily injury coverage, as that's what I'm really concerned about. We've got $1m coverage, and I wouldn't want to go any less- even a relatively minor accident can result in claims well in excess of $100k. Kevin, we’ve recently done some re-jigging of our car insurance as well. One of our cars is probably only worth about $3,000 and we had planned to eliminate collision on that one, but it would have saved us less than $100 for the year, so we decided the small cost was worth the coverage.

Upping your deductible is a great way to bring your premiums down, as long as you’re willing to take that risk (I am). The only thing I wouldn’t scrimp on would be the amount of third party bodily injury coverage, as that’s what I’m really concerned about. We’ve got $1m coverage, and I wouldn’t want to go any less- even a relatively minor accident can result in claims well in excess of $100k.

]]> By: Shaun Carterhttp://www.nodebtplan.net/2008/09/04/more-coverage-more-risk-less-cost/#comment-3915 Shaun Carter Thu, 04 Sep 2008 17:45:33 +0000 http://www.nodebtplan.net/?p=700#comment-3915 I drive a car worth less than $2,500, and paying for collision coverage just doesn't make sense because I am a young adult - albeit with no tickets whatsoever and rates are high for my age group. I pay $600 per year for PLPD, and would pay over $2,000 per year if I added collision. I drive a car worth less than $2,500, and paying for collision coverage just doesn’t make sense because I am a young adult – albeit with no tickets whatsoever and rates are high for my age group. I pay $600 per year for PLPD, and would pay over $2,000 per year if I added collision.

]]> By: Rickyhttp://www.nodebtplan.net/2008/09/04/more-coverage-more-risk-less-cost/#comment-3907 Ricky Thu, 04 Sep 2008 16:28:03 +0000 http://www.nodebtplan.net/?p=700#comment-3907 My wife and I recently increased our collision deductible, and for the same reason. We left our comprehensive deductible low because it covers things you have no control over. When we bought our house we changed insurance companies in order to have our auto and home owners insurance through the same company. We recieved a pretty signifcant discount for having both things covered with the same company. Our insurance company also offered something that I had never heard of before or since for that matter. I had always carried the required state minimum coverage on the liability portion of my insurance, but our insurance company told us that if we doubled our liability coverage we would receive an additional discount on our home owner's coverage. The discount outweighed the additional cost for the increased auto coverage, so it was a no brainer. I still have no idea what is in that for the insurance company, but I'll take it! My wife and I recently increased our collision deductible, and for the same reason. We left our comprehensive deductible low because it covers things you have no control over. When we bought our house we changed insurance companies in order to have our auto and home owners insurance through the same company. We recieved a pretty signifcant discount for having both things covered with the same company. Our insurance company also offered something that I had never heard of before or since for that matter. I had always carried the required state minimum coverage on the liability portion of my insurance, but our insurance company told us that if we doubled our liability coverage we would receive an additional discount on our home owner’s coverage. The discount outweighed the additional cost for the increased auto coverage, so it was a no brainer. I still have no idea what is in that for the insurance company, but I’ll take it!

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