I have State Farm as well (in Maine), I pay $43 a month on my '05 MCS. High coverages, $100 deductible. I'm 42 and haven't had the greatest driving record due to speeding tickets but it had been 3 years since I had my last ticket when I switched to State Farm.

 

Whats the deal with all the super low deductibles. Wouldn't you get quoted a substatially lower rate with a $500 or $1000 deductible?

I know that some people treat insurance as a sort of level payment plan for repairs. But I believe that the definition of insurance is to prevent the unusual catastrophe from bankrupting you. If I get a scratch it sucks but I pay it out of pocket, it does not cause a hardship on me because I plan for unexpected mishaps and circumstance .......and then everyone wonders why thier rates are so high.

 

That is a great rate!!! I wish I could lower mine, but living in Florida it just isn't going to go down. Maybe I should change where I "live".

 

Sure, I too plan for unexpected mishaps, and I might save a few bucks with a higher deductible, but at a premium less than $550/year, I'm fine with my $0 comp/$250 collision. If my premium was in the $1,000s per vehicle as some have noted, I could see that as a possible valuable option, but the savings were not enough for me.

 

A lot of that depends upon who really owns your car. If the bank or a credit union "really" owns it, then some of them force you get a minimum $250 deductable. If you "own" it, you can do whatever.

 

Really? anyone else have that experiance? I know that they force comprehensive insurance for anything that you are still payin for but I have never heard of them actually stating which deductible to get.

such a low deductible would add cost, egnough cost that if i was financing that I would got to another bank that doesn't stipulate such conditions even if thier rate was slightly higher....just seems like that would hurt thier loan "sales"

 

I don't like high insurance deductibles, period. In the 10+ years I have been with State Farm, I have always maintained a $250 deductible max in my car policies. And this is regardless of whether I own the car outright or not.

My '05 MCS is being financed by Capital One Auto Finance and they don't "impose" a minimum insurance deductible amount. The other MINI is paid off and I still keep the $250 dec on it. In the years I have financed and leased cars, I have never seen a minimum insurance deductible requirement. May be in some states that is the case, but not in Florida, at least not with standard leases or consumer loans.

I personally don't see the benefit of having a high deductible. But to each their own.

 

Planecar, yeah really. I financed some cars through a credit union, which did have lower interest rates than banks, and they insisted on a minimum $250 deductable. Can't speak for anyone else. I think the reasoning is that if the deductable is to high, then you might not get it fixed and since "they" really own the car, they WANT it fixed.

C4, as to higher deductables, the reason, I believe people do that is to avoid the higher cost of insurance for accidents. I can speak about LM which this thread is talking about ... don't know about other insurance companies but it comes down this.

If your accident is more than $750 in property damage, ins goes up like 30% next year. Next accident and after, it about doubles each time (more or less) percentage wise. They keep track for some number of years. If your household is accident prone, it can quickly get out of hand.

If you get a small fender bender, is it worth it to claim it? A couple of $800 bills is going to make for a pretty big hike for the coming years. So, if you decide to NOT claim it, then get $1K deductable, suck it up, and your rates go DOWN. $1K deductable is cheaper than $100 or $250. So, if your paying say $2K for insurance and say you get two accidents, thats probably going to be close to $4K for the next few years.

Thats the theory.

 

I pay 591.00 per Month.
with MAIF..

2 Speeding tickets (1 - 30mph over, 1 - 9 mph over )
1 ticket for following state trooper so close on his ***, I smelt something unpleasent..
1 suspension.

I'm 19.
Been driving since when I was 17.


Yup.
I pay my car payment AND THAT BS INSURANCE....... leading me to be broke everymonth.

Anyone in MD, have a suggestion on which insurance company I should use? I'm about to drop coverages on my car....

 

I thought maif was where you go when no one else will insure you?

 

Same here. Checked it but it doesn't save enough to make me want a higher deductible. Oh, and I too understand the concept of insurance.

 

I paid $38 a month with Allstate for my 03 S. 2 - 40 yr olds with $500 deductible. Several coverages thru Allstate. I've been with them since I was 16 and no accidents in 20 years.

I pay $180 a month for an M3,Z3 and Honda P/U. I don't plan on the 06 MCSC being more than $40 a month.

For the most part deductibles will not move the cost much--some, but not a whole lot. Most of the movement in cost is in the liability coverage and I wouldn't recommend lowering that. When looking at deductibles, it's all in if something happens, what can you afford. When I was just starting out I kept my deductible lower as coming-up with a larger sum if needed would have been a big deal, but as I got older I raised the deductible.

I adjusted claims for a few years and I saw so many folks with $1000 deductibles that had problems coming up with the money when they needed too. The cars sat at the shops and the storage fees snowballed.

 

Called them today to get a quote, for 1 year they want 1,500. Thats with 10% off because of owning a mini. I pay 470 every 6 months right now from Progressive, I think I'll stick with them.


Howard

 

I used to have progressive but I've got kicked out once
and after that I've been with maif..

I really think it's time for me to look for an insurance company with something better than 591 per month..

 

Geico quoted me with $554...
State Farm - $657
Progressive - $714
AIG Hawaii - $600
Waiting on quote from all state.
USAA - $473 (selected/starts on Mini arrival - dropped Geico)


whose MAIF?

 

Maryland Automobile Insurance Fund,

MD requires you to have insurance. If commercial companies won't touch you, then the Government of MD will.

 

We keep high deductibles on all our policies. They have made a difference in the overall costs in our case. But, we also make sure that we have the cash for the deductibles tucked away in a savings account we can't get to very easily in case something happens. Not everyone is in a position to be able to do that.

We haved owned the cars outright since purchase.

I know with homeowners insurance they are really cracking down and cancelling policies for multiple "small" claims. (At least what they consider small claims.) Does the same sort of thing happen these days with auto insurance?

 

USAA quotes for my 22 year old son (no reported accidents/tickets):
based on 20,000 miles a year - Asheville, NC, Multi car discount

2004 MC $281 every 6 months
2004 MCS $311 every 6 months

this with $250 on coll and comp and 100/300/100 coverage. BTW most financial institutions require a $250 deductible or less while they carry the note. Also no rate break until 25 on males, 23 on females.

 

I have Liberty Mutual right now. I currently live in NJ and I am 21. They offered me the cheapest rate with good coverage. I am paying 2700 a year for my 05 MCS. All other places wanted 4K+ for the same exact car! Can someone please give me more info on this deal? I did not get anything in the mail yet for this and would like to know if I am able to get this deal as I am a current customer. More info would help!

Garrett

 

I lowered my deductables so that out of pocket expenses for the likes of windshields would be zero. State Farm (my insurer) does not provide windshield specific coverage.

 

State Farm does provide zero deductible glass coverage here in Florida. Glass coverage here is enforced by state law.

 

If i was an insurer I wouldn't come close to you....with that record in 2 years of driving you are an accident waiting to happen.

Why is it worth $600 a month to drive a brand new car. Do you realize that if you drove a used car with liability insurance only and saved the $700 a month for only 3 years and put that money into a good mutual fund that you would be a millionare at age 60!.........That is a million dollar car you are driving around....is it worth it?

 

By the mere fact he is in MAIF means that he IS uninsurable, Getting a another car won't change that fact. Getting a better driving record will

 

lol....not being from MD i just assumed that maif was some little known insurer....I looked it up

The Maryland Automobile Insurance Fund (MAIF) was created by the Maryland State Legislature in 1972 for the purpose of providing automobile liability insurance for those residents of the State of Maryland who are unable to obtain it elsewhere in the private insurance market. MAIF is an independent agency of the State of Maryland, and as such, reports directly to the Governor and is responsible to the Maryland State Legislature. Rules governing MAIF are set out by law in Article 48A, Annotated Code of Maryland. Operating funds for MAIF are received from the insurance premiums written with MAIF. MAIF receives no State Funding and any debts or obligations of the Fund cannot be deemed to be debts of the State of Maryland.

Wow.....How intresting.....A state sets up and provides insurance for those who are uninsurable!

 

Which means that I, along with the other taxpayers, are subsidizing their bad driving