considering it's illegal to drive without insurance, I'd say you are paying for the privelage of driving.

 

Considing I'm paying taxes for roads and what not, I'm already paying for driving. Why would paying a company not associated with the State money translate into paying for the privilege of driving? Does that money get put towards road maintenance and construction, DMV stuff, etc?

 

When I started throwing big money in paint and parts on mine I asked my insurance company which is "Progessive" if they had a policy that covers show cars. They said I could by a 5k rider, of course that wasnt enough. Then he suggest that I could do stated coverage. By that I state the value of the car now with upgrades and pay the premium based on that value, you might want to ask your company if they could do the same thing. It wasnt to bad of a jump in my payment. Just a thought.

 

did you not read the first half of my sentence?

 

Well sometimes it's just not worthwhile to go to insurance.
Here's an example:

Someone hit my car while it was parked in a parking lot.
I go to insurance and they tell me it's $1100 worth of damage.
I pay my $500 deductable (All I had at the time).
Here is where it gets funky.
They take off bonuses and things from my policy and I pay $144 more every 6 months for 3 years.
That works out to $864 in total.
So $864+$500 = $1364... Thats $264 more than what the car would have cost me to get fixed out-of-pocket.

I had a legitimate claim to the insurance company for what I thought was a sizable amount of money, and they make an extra $264 off of me. Unless your car is seriously, seriously banged up, it's just not worth it. This is all on top of the insane premiums that I'm paying despite not having any accidents. Insurance companies have scammed way too much money from me, and I'm sure a number of other people are in the same situation. Even if they can't raise your rates, due to the way the policy is written, they can always remove discounts.

 

so yeah...a couple things

WARNING WARNING WARNING!!!
DO NOT BUY STATED AMOUNT COVERAGE!!!

also, take it from me...DO NOT LISTEN to your insurance agent...they don't know $HIT about insurance...

Stated amount is NOT the way to cover your car for more....
Stated amount is more for business vehicles that have a business need for insurance. Stated amount is to SAVE money on insurance not cover more if the car is worth more.
If your car is worth $20k, and you owe $10k on it and if it's totalled all you care about is getting the dern thing paid off...then the $10k stated amount is for you.

If you have an '05 GT mustang and it's worth $25k, you CANNOT ensure it on a stated amount policy for $45k or $50k or whatever you want... That's like saying someone with a '91 Civic thats worth $500 pays for a stated amount policy of $100k, totals the thing and gets $100k for a car worth $500 bucks-doesn't work that way on any level.

Policy say clearly if you total a stated amount vehicle you get the stated amount or ACV (actual cash value) whichever is LESS!

you can't just insure a stated amount vehicle for more than it's worth and get more if it's wrecked...it doesn't work that way.

and as far as paying taxes and stuff on roads as a privelage to drive...yeah that kinda sucks...but you pay taxes for public schools regardless if your kids go to public of private school, or go to school at all-even retirees pay school taxes...same things on road...
we buy insurance to protect other people if that 16y/o kid in that other post with the new GT thinks he's cool and plows into mrs. minivan mom and kills someone...

it's a necessary evil...
don't like the price of insurance? write your congressman...rates are LARGELY controlled by the DOI (dept of insurance)
and if you live in a PIP state-yeah you're getting screwed...PIP is a big ole' problem and all of the states that have PIP statutues pay more in insurance premiums than tort-states (i think).

i hate insurance especially working here...it sucks-it's stressful and time consuming, but it pays well and i know a lot about cars and financing and insurance because of it.

again DO NOT pay for STATED AMOUNT POLICIES if you're looking to get MORE than the ACV of your car...for that you need CPE (custom parts and equipment coverage)

 

You know, you could always self-insure! Just put a huge chunk of money in a special account and never pay premiums again! I'm not sure of the actual way it's done... but look into it if you don't like the insurance business!