Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 01-02-2012, 11:00 AM   #41
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,971
Thanks for raising the question. I am looking at my renewals with Liberty Mutual, and the online quotes I have gotten so far from three other big name carriers are considerably less. I'll be dropping by some brick-n-mortar offices this week, and switching carriers (after 30+ yrs) if the lower rates are confirmed...
__________________

__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-02-2012, 12:25 PM   #42
Full time employment: Posting here.
 
Join Date: Dec 2010
Posts: 746
Quote:
Originally Posted by grasshopper View Post
I pay $97 a year on my 1995 Dodge Ram 4X4 with Progressive. Whats your credit score?

Living 30 miles from the Mexican border, requires a zillion dollar UIM limit. And like East Texas a Med-i-vac subscription, for those pesky rattlesnake bites.
Ah, come on, my rattlesnake wrestling friend to the south.... you must be carrying only the minimum liability limits (and probably just BI/PD) in addition to having a great credit score, defensive driving, and no claims. Right?

On a side note since the credit score topic has now surfaced - the nice thing about USAA - although they're probably not advertising it - is your credit score no longer counts against you if it's crummy and you're a 20+ year member. (I think it's 20 years.....) And I do like getting that check every year.
__________________

__________________
East Texas is offline   Reply With Quote
Old 01-02-2012, 12:57 PM   #43
Thinks s/he gets paid by the post
grasshopper's Avatar
 
Join Date: Oct 2010
Posts: 1,670
Quote:
Originally Posted by East Texas View Post
Ah, come on, my rattlesnake wrestling friend to the south.... you must be carrying only the minimum liability limits (and probably just BI/PD) in addition to having a great credit score, defensive driving, and no claims. Right?

On a side note since the credit score topic has now surfaced - the nice thing about USAA - although they're probably not advertising it - is your credit score no longer counts against you if it's crummy and you're a 20+ year member. (I think it's 20 years.....) And I do like getting that check every year.
I have 100/300 liability, 100/300 UIM is $6 a year. Heck the Dodge only has 125K and is 17 YO, sits in the barn and has 10 bags of trash in it to go to the transfer station Wednesday.
__________________
grasshopper is offline   Reply With Quote
Old 01-02-2012, 01:23 PM   #44
Full time employment: Posting here.
 
Join Date: Dec 2010
Posts: 746
Quote:
Originally Posted by grasshopper View Post
I have 100/300 liability, 100/300 UIM is $6 a year. Heck the Dodge only has 125K and is 17 YO, sits in the barn and has 10 bags of trash in it to go to the transfer station Wednesday.
It looks like you're able to enjoy another benefit of living in the boonies by having pretty affordable insurance premiums. It probably didn't cost you but just few extra dollars to go from state minumums to your coverage level. Good for you. I bet if you price 300/500 it's only a couple of dollars more......

<sidebar> I was so happy to find out we could have garbage pickup way out here. Well, it's not really "here". I take the bags down the road about a mile once a week and it's picked up at that point (it's a consideration for the garbage guy since we're pretty far out of the way). Having garbage pickup - priceless!
__________________
East Texas is offline   Reply With Quote
Old 01-02-2012, 01:34 PM   #45
Thinks s/he gets paid by the post
DFW_M5's Avatar
 
Join Date: Sep 2003
Posts: 4,982
Quote:
Originally Posted by grasshopper View Post


And like East Texas a Med-i-vac subscription, for those pesky rattlesnake bites.
Rattlesnakes or drug runners
__________________
DFW_M5 is offline   Reply With Quote
Old 01-02-2012, 02:01 PM   #46
Thinks s/he gets paid by the post
grasshopper's Avatar
 
Join Date: Oct 2010
Posts: 1,670
Quote:
Originally Posted by DFW_M5 View Post
Rattlesnakes or drug runners
Oh no, the South of the Border citizens get the free copter ride. If I didn't join med-a-vac a $14k trip for me.
__________________
grasshopper is offline   Reply With Quote
Old 01-02-2012, 10:48 PM   #47
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
Quote:
Originally Posted by scrabbler1 View Post
You can elect to buy lower limits of UM and UIM than your BI liability limits (as long as they are at least the state's minimum FR limit, assuming UM and/or UIM are mandatory). For example, on my own car, I have 250/500 BI but have only 50/100 UM/UIM BI. This will save you some money while retaining some protection from those 2 coverages.
When you say "stacked" UM and UIM are you referring to the optional stacking of UM and UIM limits for multi-car policies? That is, if you have bought 250/500 for 2 cars you are actually buying 500/1000 for each car because the limits from one car can be added to, or "stacked," from one car onto the other one? In that case, the rate will be higher but you can drop the limits to give yourself equivalent (to BI) coverage for each car.
I think when our daughter leaves our insurance policy (when she's graduated/commissioned in May 2014 and gets her own USAA policy) we'd drop us geezer's UM/UIM as low as we could get away with. We just don't see the point of getting a pile of money for being injured ourselves if we're covered by Tricare, by personal assets, by pension, and (now that we're in our 50s) presumably by injury-limited longevity.

Of course I'm not familiar with the details of Tricare or VA coverage limits if we end up quadriplegics, let alone the limits or expenses. But it seems strange to use auto insurance for long-term care insurance-- wouldn't it be cheaper to buy some sort of separate LTC or "disability" policy? (I mean "disabled" as in "immobilized", not "loss of earning power". I don't need to insure earning power!) Guess I need to e-mail USAA about this one.

Here's the part where I learn to hate stacking:
Quote:
Coverage Limit Stacking option: Stacked option means the coverage limit is multiplied by the number of cars you have insured on the policy to increase the total amount of coverage available. Non-stacked option means the maximum coverage available is the limit on that particular vehicle.
UM BI: $500K/$1M stacked is $12.57/month. $1M/$1M non-stacked is only $10.83/month. So hypothetically we'd want to go with the cheaper premium since it results in the same coverage. But is that really the same coverage? ISTM that "$500K/$1M stacked" is the equivalent of "$1M/$2M" per car. So of course it would cost more.

And IIRC the prices bounced around with every renewal, requiring an alert customer to check each price each time. Of course now it's on a website instead of a phone call so it's not as painful to check. And maybe prices don't bounce around anymore... our premiums have been pretty stable for the last 4-5 years.

UIM BI similarly goes from $5.84/month to $4.83/month when stacking is removed. But stacking might double the "per accident" limit as well, so of course it would cost more too.

Quote:
Originally Posted by scrabbler1 View Post
Comprehensive is usually much cheaper than Collision, so you might want to keep Comp on your policy longer than Collision. You are free to drop one while keeping the other, as I did with my previous car from 1999 through 2007, when I traded it for my current car. Comp provided me coverage for annoying but more likely glass losses as well as unforeseen events such as theft, fire, wind, and water. Your cars may be a bit too new and valuable to drop Collision (maybe wait another year or two) but that is a judgment call.
We just bought the 2005 Prius for $17K a couple months ago, and the 2006 is probably worth about the same (the 2005 has a fancier CD player). At those prices we'd rather self-insure because we'd happily drive them with body damage. The premium savings pays for the windshields or headlights or mufflers and I wouldn't care about crumpled plastic. We've driven cars with collision damage before and we don't care about "pretty" as long as the car is safe.

The Prius key fob immobilizes the ECU and locks the front wheels, so a thief would have to carjack us or clone the fob or bring a flatbed truck. But nobody thinks Priuses are worth stealing, especially when ours are covered with beach sand & surf wax.

Fire, flood... yeah, that'd be a bummer. But they're garaged and again we'd rather self-insure. We're saving what we don't pay in collision/comprehensive premiums, too, so in our case the savings helps pay for a new car every 10 years or so.

Admittedly being Prius owners is new territory for us. We've spent most of the last 30 years buying cars for $8K or less and driving them into the ground. But we're not far away from the day when the Priuses are worth $8K, either, and we're willing to retain the risk until then.

Quote:
Originally Posted by East Texas View Post
Nords, logon to USAA, go to the area where you can change auto coverages, and see if you can get $100k MedPay - and the premium. Wander back this way when you have the answer (I'm assuming you do not currently have that limit in MedPay).
ETA: Nords, just out of curiousity, see what the difference is in premium for you to go from your current Bodily Injury coverage to $1mil while you're on the website.
Interesting. MedPay coverage maxes out at $100K for $1.54/month. We don't currently carry the coverage because we feel that we're adequately covered by Tricare, pensions, & assets. Of course MedPay covers dental work and we don't have any dental insurance. This may be as much dental insurance as we'd ever be interested in having, and the price isn't bad-- $20/year.

Looks like going from $500K/$1M BI to $1M/$1M raises the monthly premium from $33.56 to $37.67. Presumably raising this coverage would also drop our umbrella liability policy premium a few bucks, but that coverage comes from Armed Forces Insurance so it's a separate phone call.

And this is why comparing coverages & companies is so much fun!
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 01-02-2012, 11:24 PM   #48
Full time employment: Posting here.
 
Join Date: Dec 2010
Posts: 746
Nords, you've been busy! Another reason we carry the $100k in MedPay (besides it being so darn inexpensive) is in case we have passengers in our car at the time of an accident. They might not have health insurance (or not be in-network) or maybe they have huge deductibles and co-pays. The peace of mind is worth it... especially if they're related to us!
__________________
East Texas is offline   Reply With Quote
Old 01-02-2012, 11:28 PM   #49
Thinks s/he gets paid by the post
 
Join Date: Nov 2009
Posts: 3,864
Quote:
Originally Posted by East Texas View Post
Scrabbler - not every state allows stacking UM/UIM and I have no idea if Hawaii is one of those states.
Most states do not allow stacking of UM/UIM. I do recall that Hawaii was one of the few which not only had stacking but offered it on an optional basis, meaning that those insureds who had multi-car policies could choose the stacked or non-stacked options. Most states which allowed UM/UIM stacking had it on a mandatory basis.

In my working days, I was the keeper of a spreadsheet which kept track of the UM and UIM features of each state such as those discussed in this thread. I have not seen this spreadsheet in over 3 years once I ERed from the company in 2008, however (not that I mind that, of course). I do remember many things from that spreadsheet but not always specific features about specific states, especially if I never worked on the state in my years there.

Along with the spreadsheet, I was the writer and keeper of a huge set of programs which calculated new UM and UIM rates based on each states set of UM and UIM features, so being the keeper of the aforementioned spreadsheet was useful and efficient. [But now someone else has to do that hehehehe.]
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is offline   Reply With Quote
Old 01-03-2012, 07:29 AM   #50
Full time employment: Posting here.
 
Join Date: Dec 2010
Posts: 746
There is one other topic that needs a few minutes of air time. If/when you need medical care, you are responsible for those medical bills. That's right... you. The doctor and hospital files with your health insurance as a courtesy. They also do the same with the auto insurance companies. Ultimately, the hospital, doctors, and other support agencies (e.g. ambulance, radiologists) look to you for payment if monies are not received from another source in a reasonably timely manner.

This is not the time to get locked in a "who did what" after a car accident. Especially if it draws out for an extended time and payments are not made, then the accounts could easily go to collection.

In Texas, even though auto insurance is mandatory, it's estimated 25% of the cars have NO insurance. Of the remaining 75%, it's estimated the vast majority of those cars only have the minimum coverage the state requires and fall into the "underinsured" category in case of an accident. The time to seriously think about whether or not you have the right kind and level of insurance is not when the car coming towards you moves over into your lane. It's tantamount to thinking about getting a storm shelter as you watch the tornado come over the hill. It's too late.

As for me and my family, each and every coverage as well as the limits of that coverage, have been thought out and weighed against eventually needing that coverage. It sounds like most of you do that also.

Insurance is all about risk. In my case, I hope for the best and plan for the worst. While I want to be cognizant of doing the right thing (e.g. carrying the right coverages and the right limits on those coverages) for anyone or anything I injure, I want that same level of responsibility for me, my family, and passengers in my car.

I realize times are hard and most folks are looking for ways to save on the bills. Before you look at cutting coverages on your auto policy, make sure you have all the discounts possible. If your state allows a safe driver discount, take the course. Make sure your car is rated correctly after you retire (changed from "work" to "pleasure") and you update your estimated annual mileage.

There is something else that keeps coming up. A red car is not more expensive to insure. Unless it's a Lamborghini.
__________________
East Texas is offline   Reply With Quote
Old 01-03-2012, 08:49 AM   #51
Thinks s/he gets paid by the post
 
Join Date: Nov 2009
Posts: 3,864
Quote:
Originally Posted by East Texas View Post
In Texas, even though auto insurance is mandatory, it's estimated 25% of the cars have NO insurance. Of the remaining 75%, it's estimated the vast majority of those cars only have the minimum coverage the state requires and fall into the "underinsured" category in case of an accident.

.......

I realize times are hard and most folks are looking for ways to save on the bills. Before you look at cutting coverages on your auto policy, make sure you have all the discounts possible. If your state allows a safe driver discount, take the course. Make sure your car is rated correctly after you retire (changed from "work" to "pleasure") and you update your estimated annual mileage.
While I did not have the chance to review Texas policy limit data in my years of working, I was able to view it for nearly all other states. In the voluntary insurance market, the most common limit from the reasonably large sample of data I reviewed was 100/300 with 250/500 and 50/100 not far behind. Those in the voluntary market rarely bought minimum limits.

In the Assigned Risk market, however, the one for bad drivers and whose rates are generally at least twice those in the voluntary market, the lowest limit (FR) was by far the most common, and understandably so. But the A/R market is not a big part of the overall insurance market (it depends on the state, of course).

So for you to say, "the vast majority of those cars only have minimum coverage..." if you are referring to the overall insurance market makes no sense to me as someone who reviewed policy limt data for more than 20 years.

That being said, having a sufficient amount of UIM insurance coverage is a good idea. UIM, as I mentioned in another post, varies a lot by state not only for rates but for how the coverage works (and I do not recall Texas' rules). Some states it acts like a fill-in coverage between what the at-fault (i.e. other) driver has and what your "comfort level" of coverage is. In other states it acts as an add-on coverage to whatever the other driver has. In a few states it is a hybrid of the two (tough to explain). In the first case, the coverage is relatively cheap while the second case it is more expensive. This is separate from the "stacking" issue which can exist or not exist with either type of payout rule I just described.

Making sure your car (and you as the driver) are properly rated is alwyas a good idea. I recall when I turned 25 my insurance company mistakenly changed my "use" class from pleasure to work, partially offsetting the great savings I had by turning 25. I pointed this out to my agent and he immediately got me rated correctly. Depending on the state you live in, [as you pointed out] you may be able to take a short accident prevention course or defensive driver course (now available on line in many areas) and earn a discount which lasts 3 years. Adding an anti-theft device can save you money on your Comprehensive premium.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is offline   Reply With Quote
Old 01-03-2012, 03:36 PM   #52
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
Quote:
Originally Posted by East Texas View Post
I am curious, so please post back, as to how much your health insurance carrier covers for ambulance and MedFlights (I think both are always out of network).
OK, here's what I found out. I spoke with my Health Ins carrier and they said they would cover me for Med Flights and Ambulances with a $35.00 co pay. Both in and out of network.

I also spoke with my Car. Ins company, (Geico). They said that under PIP the max coverage with them is 10K and I get that if I have UIM or not. The opitional Med Pay is availabe and also has a max of 10K pay out so I see no reason to have Med Pay as my Health Ins. carrier covers anything that PIP doesn't.

So as far as I can see there is no need for UIM coverage in my case.
__________________
Work is something you do to get enough $ so you don't have to....Me.
73ss454 is offline   Reply With Quote
Old 01-03-2012, 05:09 PM   #53
Full time employment: Posting here.
 
Join Date: Aug 2005
Posts: 942
I went on line today to check out MedPay here in Florida. What it said was it only pays 20% of that which PIP does not cover. My policy for only $10,000 of coverage with PIP cost $128.26 per yr. for only $10,000 coverage, and covers up to 80% of medical costs up to $10,000. So in reality here. Buying MedPay here would only fill in the $2,000. Not a biggie.

My UIM runs $362. a year for only $100,000 coverage, whereas my UIM in Arizona for $500,000 is $200 a year (with five times the coverage)
You guys who are paying $40 or $50 for your UIM, I want to move there.

I would not object to paying extra for the UIM coverage, I just think it is way to expensive for the coverage it gives here. I carry max $500,000 IB, and that cost $$365 for six months, which is a lot cheaper than the UIM. Just saying that the ratio of cost vrs. payout stinks so I was wondering if i really needed it.

I got quotes from two other companies, and their UIM is $200 a year cheaper. Problem is, there umbrella policy is four times higher.

I pay only $149 for a million dollar umbrella, when I carry $500,000 on cars, but two other companies have quoted me $570-$650 for the same umbrella policy. (even with switching both cars and residence over to them. So I feel I am being held hostage by not being able to take advantage of lower auto rates from other companies if I want to have umbrella. Anyone out there want to share what they pay extra for a
million $ umbrella?
__________________
modhatter is offline   Reply With Quote
Old 01-03-2012, 06:41 PM   #54
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
$320 Via Geico.
__________________
Work is something you do to get enough $ so you don't have to....Me.
73ss454 is offline   Reply With Quote
Old 01-03-2012, 06:54 PM   #55
Full time employment: Posting here.
 
Join Date: Dec 2010
Posts: 746
Quote:
Originally Posted by modhatter View Post
Anyone out there want to share what they pay extra for a million $ umbrella?
$127 with USAA.
__________________
East Texas is offline   Reply With Quote
Old 01-03-2012, 10:30 PM   #56
Full time employment: Posting here.
 
Join Date: Aug 2005
Posts: 942
Funny. One of the quotes I got was from Geico. It was $650 approx.
Covered one house and two cars. I have no accidents, no tickets, no claims.
What have I done wrong?
__________________
modhatter is offline   Reply With Quote
Old 01-03-2012, 10:35 PM   #57
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,094
$237 for $1M with USAA. $119 for an additional $1M.
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 01-03-2012, 10:49 PM   #58
Full time employment: Posting here.
 
Join Date: Aug 2005
Posts: 942
Unfortunately, I don't qualify for USAA. Father was in military, but never a member of USAA which is a requirement.
__________________
modhatter is offline   Reply With Quote
Old 01-03-2012, 11:18 PM   #59
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
Quote:
Originally Posted by modhatter View Post
Funny. One of the quotes I got was from Geico. It was $650 approx.
Covered one house and two cars. I have no accidents, no tickets, no claims.
What have I done wrong?

Hmmm, how tall are you?
__________________
Work is something you do to get enough $ so you don't have to....Me.
73ss454 is offline   Reply With Quote
Old 01-04-2012, 06:18 AM   #60
Full time employment: Posting here.
 
Join Date: Dec 2010
Posts: 746
Quote:
Originally Posted by modhatter View Post
Unfortunately, I don't qualify for USAA. Father was in military, but never a member of USAA which is a requirement.
If your father is stil alive, and I'm assuming honorably discharged, he's now eligible for USAA insurance. His membership gives you access to membership. Membership means he has to purchase a P&C insurance product.

As our actuary friend will tell you, there are a lot of factors that go into premiums. Location, driving record, claims record, etc. For USAA members, their longevity with the company as well as the number of products (across all product lines) helps with the auto insurace premium. Our annual mileage is low and we take a Defensive Driver (Safe Driver) course every three years.

While I thought our southern-most rattlesnake wrestler had excessively low premiums, I finally pulled out my policy. Let me be very clear about this - rating factors differ significantly from policyholder to policyholder and company to company.

The premiums are for a six month policy. These are rounded premiums per car
$35 $1mil/$1mil Bodily Injury coverage (per person / per accident)
$33 $100k Property Damage
$ 3 $100k MedPay. Yes, that's right. $3 for six months of coverage per car.
$ 9 $100k PIP
$17 $1mil UM/UIM

Collision coverage on the two cars (1996 and 1997) is the killer. I'm seriously thinking about dropping it and putting UMPD on my policy. I'll keep comp on both cars forever.
__________________

__________________
East Texas is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Insurance rate increases dm FIRE and Money 42 09-15-2011 04:00 PM
FIRE and health insurance w/pre-existing conditions ArizonaJay FIRE and Money 22 08-31-2011 08:52 PM

 

 
All times are GMT -6. The time now is 04:12 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.