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Insurance Costs...

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Old 04-07-2005, 12:15 PM
  #11  
rednblackdawg
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Default RE: Insurance Costs...


ORIGINAL: Whitey_McNasty

I am gonna take all my speeding tickets and staple them together and release it as a NOVEL...

Insurance is a racket...

Check the laws in your state, but in many places insurance is one of two options... the other is to be able to show financial resposiblity... for instance you can put 10G's in the bank and not have to have insurance at all...

However this does not protect you from injury/death lawsuits... but IMO I would rather risk it...
I would highly recommend against this. First off, in almost every state, insurance is mandatory. In fact I cant't think of one state where it is not. Also, if you can do it legally, even a small accident can take that 10g. That sounds like a good and stupid way to go bankrupt.
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Old 04-07-2005, 12:28 PM
  #12  
Whitey_McNasty
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ORIGINAL: rednblackdawg
First off, in almost every state, insurance is mandatory. In fact I cant't think of one state where it is not. Also, if you can do it legally, even a small accident can take that 10g. That sounds like a good and stupid way to go bankrupt.
I think if you look you will find that the laws will say insurance "or proof of finanical resonsibilty"...

Simple math and statistics here;

Insurance at the rate of $200 a month over 5 years is $12000.00

You put $10K... (used to be $10K in Cali but that was a long time ago) in the bank, have it certified as proof of finanical responsiblity, and then put your $200 a month in the account.. in 5 years of driving the likely hood of having a lawsuit do to injury/death is pretty damn small... and after 5 years you have $22,000.00 In 10 years you will have $34,000.00 and that is if you dont invest or count interest.

Its a Statistics game and that is where the Insurance companies are getting over like fat cats...
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Old 04-07-2005, 12:34 PM
  #13  
Whitey_McNasty
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ORIGINAL: n4ggs
its is outragous that bill gates has to have car insurance...
He doesn't... He has money and lawyers... thats IS insurance...
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Old 04-07-2005, 12:43 PM
  #14  
rednblackdawg
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Default RE: Insurance Costs...


ORIGINAL: Whitey_McNasty

I think if you look you will find that the laws will say insurance "or proof of finanical resonsibilty"...

Simple math and statistics here;

Insurance at the rate of $200 a month over 5 years is $12000.00

You put $10K... (used to be $10K in Cali but that was a long time ago) in the bank, have it certified as proof of finanical responsiblity, and then put your $200 a month in the account.. in 5 years of driving the likely hood of having a lawsuit do to injury/death is pretty damn small... and after 5 years you have $22,000.00 In 10 years you will have $34,000.00 and that is if you dont invest or count interest.

Its a Statistics game and that is where the Insurance companies are getting over like fat cats...
I have read many insurance statutes (probably many more than you). I know of none. Alabama did have that provision until 2000. Now it is mandatory even there. The law that you are talking about is an old outdated law that has been repealed in most states. As far as the whole put it in the bank thing. Trust me on this. That 34,000.00 would be gone if you hit someone. Look at my numbers now. Lets say you hit a inexpensive car, 15,000.00 for instance. The car is totaled and the driver is injured but not bad. The first 15g goes in the settlement for property damage (the car). The person you hit is 50 years old. The driver was not hurt bad but he has 4g in immediate hospital bills (that is very easy to run up). We now have 15g left. What about future pain and suffering? (any attorney will ask for that and get it). If he is paid a dollar a day for the rest of his life expectancy, that is 9,125.00 By the way most attorneys ask for between 2 and 5 a day depending on the injury. Now we are down to a little over 5g. Here comes the wife's consortium claim. She will get about 2g leaving you with 3g before you pay your attorney who defended all of this and kept the nimbers down this low. He will want about 200 to 250 an hour which translates to about 7g. I have not even accounted for the bad faith claim against you for not carrying insurance and having so little in the bank to show financial responsibility. By the way insurance companies hire a lawyer for you avoiding all of this mess. Some people like to learn the hard way.
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Old 04-07-2005, 01:08 PM
  #15  
Whitey_McNasty
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I dont disagree... I have always carried insurance...

I was using those numbers as an examle. But the idea is that, the odds of ANY of that ever happening are small... Maybe not as small as getting hit by lightning or being eatin by a shark in Idaho, but they are certainly smaller than getting pulled over twice a year for going 15-20 over the posted...

I concede that it has been a VERY long time since I looked into any of the laws... but it is quite possible that those statutes are no longer..

In my town, there are approx 100,000 vehicles driving the roads per day. the average number of accidents per day here is approx 7...

thats pretty good odds...
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Old 04-07-2005, 01:18 PM
  #16  
rednblackdawg
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ORIGINAL: Whitey_McNasty

I dont disagree... I have always carried insurance...

I was using those numbers as an examle. But the idea is that, the odds of ANY of that ever happening are small... Maybe not as small as getting hit by lightning or being eatin by a shark in Idaho, but they are certainly smaller than getting pulled over twice a year for going 15-20 over the posted...

I concede that it has been a VERY long time since I looked into any of the laws... but it is quite possible that those statutes are no longer..

In my town, there are approx 200,000 vehicles driving the roads per day. the average number of accidents per day here is approx 7...

thats pretty good odds...
I agree. It is not everyday that people have accidents. It is just that one time is all it takes. House fires are not a common occurrence either but you can bet your a$$ I have homeowners insurance. You would not believe the people I see get roasted every day because they carried too little or no insurance because they thought they would take the gamble. Don't get me wrong. I am an attorney and just like every other attorney I know, I think Insurance companies are pure evil. They are just a necessary evil.
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Old 04-07-2005, 09:32 PM
  #17  
jkilgore
 
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I'm 47 and have a clean driving record (two tickets in the past 8 years, but took defensive driving so they don't show up on my driving record). I pay $790 a year for my 2005 Mustang GT. I suppose being an old fart has some advantages, but I'd be willing to pay several times my current insurance rate if I could take about 20 years off my age!
At least I don't feel 47!
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Old 04-08-2005, 03:05 AM
  #18  
Fatblazer
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Wow, You guys are lucky. Man I am 21, 2 accidents 5 tickets within the first 1 of my license. I have been clean for 4 years now. Full coverage on 05 GT Mustang, A massive $4750 a year. Talking about depression
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Old 04-08-2005, 11:45 AM
  #19  
ChristopherCamel
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23 years old...no accidents, no tickets...$2150 a year for insurance..i plan for this to come down in the future as i get older...i expected this to be rather high and i make good money at work so its not a problem really..just a nuisence that it is higher than it used to be with my older mustang
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Old 04-08-2005, 04:00 PM
  #20  
gotan05
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Trust me I feelyour pain. I'm 23 with 2 tickets. My insurance quote for my 05 was $5000 a year. So now I have to put the car in my dads name and now i'll never be the "original" owner, even though I'm paying/and driving it.
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