Insurance + Old 80 series

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Jun 25, 2003
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Rixeyville, VA
First off, i know this isnt super technical and almost put it in chat but i figured it does have to do with vehicle values, rebuild/repair costs etc. so what the heck.

After two very small fender benders this last year i just got my new insurance price and it went from 900/year to 2300/ a year for me, a 19 year-old male in a 94 fzj80 with 248k miles.

I am considering dropping my collision coverage to ease my insurance price. I figure if i total it, its only valued at 4-5k with the mileage so in three years of insurance prices i would pay that off and with a new ARB about to be installled it should help minimize damage if i am in the most common type of accident, a frontal one.

Also, if at around 300k or so my engine needs a rebuild, i will go ahead and do that and at that point i will put collision back on it b/c the value of the rebuild.

Wanted to know if this sounded like a totally stupid idea or a pretty smart one for saving some money.

Sorry if this is a repost, i searched and didnt find much along these lines.

Brandon.
 
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The main question here is, if it was involved in an accident that totaled it, would you have the cash to lay down for a new ride? If not, you need to keep full coverage. Maybe look for a different company. Insurance varies WIDELY in price from co. to co. But at 19 with 2 claims, it wont be cheap anywhere. Don't worry, it will go back down in 6 years:D
 

TX_TLC

 
 
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What is your deductible? And I assume these two "very small fender benders" were both your fault?

How much did they pay out for these combined?

At 20, in my old S-10 I had an accident (no fault) that ended up getting me dropped...be ware!
 
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Josh83 said:
The main question here is, if it was involved in an accident that totaled it, would you have the cash to lay down for a new ride?
Not to sound like a wiseass, but by the looks of his sig, he shouldnt have a problem! :D
 
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Look there's always more than one way to skin a cat.

Have you ever heard of a PMB? Public Mail Box.

I travel for a living, so I really don't live in any one location. My insurance is in Texas but live in Ca (neat trick, I should open a PMB in Florida), $300 a year for a 93 LC, $283 for a 96 LC, and $153 FOR A 186mph truck. Of course I only carry liability.

I don't want to give you bad advice, but IMO the big deal is personal liability; max it out for an extra $13 a year.

I use Hartford.
 
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At 19 with 2, I can't believe you are getting off so cheap.

I agree with TX TLC. What is your deductible. Get the full cov and raise your deductible to a $1000 or even $1500.(I have $2000 on mine.) It sounds like a lot, but it will bring your rates down considerably and concievably you could come up with that amount of money if you really had to.
 

TX_TLC

 
 
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Boston Mangler said:
Not to sound like a wiseass, but by the looks of his sig, he shouldnt have a problem! :D
Careful..this is a sensative subject for him.... ;)
 

Darwood

 
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ultimauk said:
Look there's always more than one way to skin a cat.

Have you ever heard of a PMB? Public Mail Box.

I travel for a living, so I really don't live in any one location. My insurance is in Texas but live in Ca (neat trick, I should open a PMB in Florida), $300 a year for a 93 LC, $283 for a 96 LC, and $153 FOR A 186mph truck. Of course I only carry liability.

I don't want to give you bad advice, but IMO the big deal is personal liability; max it out for an extra $13 a year.

I use Hartford.
So where do you tell your insurance company it is that the truck lives? Also under which state is the truck registered? I smell insurance fraud either that or your insurance company is real easy going. :eek:
 
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First off, TX Tlc, its not REALLY a sensitive subject for me....i take it pretty lightly most of the time, they arent really my trucks anyways. But anyways, both were my fault, rear ending people. I never got charged but the insurance company doesnt care at all. My deductable is at 1000 right now, maybe i'll take it to two thousand. Also, if i totalled the truck today i would have enough money on my own to get some type of transportation.

Tomorrow i will be calling them to talk it over and if they wont come down i'll start looking for a different company.

Plus, being on the outskirts of DC doensnt help im sure.
 

OZCAL

 
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Cruiserhead05 said:
I am considering dropping my collision coverage to ease my insurance price. I figure if i total it, its only valued at 4-5k with the mileage so in three years of insurance prices i would pay that off and with a new ARB about to be installled it should help minimize damage if i am in the most common type of accident, a frontal one.

You've got the right idea. But if you decide to "self insure", follow through and put the $$ you save in insurance premiums aside in savings in case you do damage your 80. That way you aren't completely caught out. That and strap a huge piece of foam rubber to your front bumper :flipoff2:

Good luck,

David
 

Brentbba

Former Golfer
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Higher deductible is one route. Shop companies is another.

Believe it or not, with me (47) and wife (51), neither of us with an accident or ticket, it's more expensive to insure my '94 LC than her 2002 Lexus GS300!

Bend over my young friend if you want full coverage! :D
 

Rookie2

 
 
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I'd be interested to know how much of a break you get by dropping your collision. Probably less than 15%. At age 19 with two wreaks under you're belt, behind a 5500 pound vehicle... the insurance company sees you as a driving time bomb. I wouldn't think the replacement cost of your $4500 vehicle is driving those rates.
 
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Rookie2 said:
I'd be interested to know how much of a break you get by dropping your collision. Probably less than 15%. At age 19 with two wreaks under you're belt, behind a 5500 pound vehicle... the insurance company sees you as a driving time bomb. I wouldn't think the replacement cost of your $4500 vehicle is driving those rates.
Comprehensive and collision equal 43% of my premium.
 

Rookie2

 
 
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firetruck41 said:
Comprehensive and collision equal 43% of my premium.
He only mentions dropping collision, not comprehensive (theft, uninsured motorist... etc), and I doubt your premiums are $2300 a year, so as a percentage, your collision is probably more than 15%. Point being is that I think what's driving the $2300 is age and driving history and the potential to cause major damage to another vehicle or person, rather than the replacement cost of his rig. I could be wrong.
 

CreeperSleeper

Cascade Cruisers
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Other way around, collision is always going to be more expensive than comprehensive.... Like the coll is prob 40% and the coll 3%.
 
Joined
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I'm assuming that since you have collision coverage you also have comprehensive coverage. I just dropped both collison & comprehensive on my '94 4Runner & I also lowered my coverage limits to the middle (I think I had $100K/$300K - I just went 1 below that) & it lowered our insurance quite a bit. I carreid collision & comp on both my truck & Eric's truck & we had to have the highest limit due to my DD being leased - once i financed that I was able to lower my limits. And as others have said, raise your deductible - that will also lower your premium. Look at it this way, generally once you turn 24 your insurance will go down. Start surfing for insurance quotes on the web - you'll be surpised how much the premiums differ by.
 
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Jim_Chow said:
The only way to signifiantly lower your rates while keeping the 80 is to get married and have kids. :)

And I don't think it's worth it. The kids part anyway. I'd rather do pretty much anything than have kids.
 
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