View Poll Results: How much do you spend on insurance?
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Insurance? Who needs insurance? I self-insure
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2 |
3.03% |
< 500
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0 |
0% |
500 - 1k
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8 |
12.12% |
1k - 2k
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14 |
21.21% |
2k - 3k
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12 |
18.18% |
3k - 4k
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8 |
12.12% |
4k - 5k
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3 |
4.55% |
> 5k
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19 |
28.79% |
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05-29-2008, 05:15 PM
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#1
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Full time employment: Posting here.
Join Date: Sep 2004
Posts: 607
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Insurance costs
I was thinking about how much of our income goes towards insurance NOT including health insurance. I knew it was a decent amount, but never put it in the context of an ER. In our case, we spend:
$500 for home insurance
$400 for earthquake
$1200 for car insurance
$250 for umbrella
$250 for life insurance
for a grand total of $2600. I don't think any of these values are extraordinary, especially considering that some Floridians probably pay more than this for their home insurance alone.
This works out be about 1.75 - 2% of our income, which is not unexpected. However, once we FIRE, we expect our 4% withdrawal to be around be between 65k and 80k/year, meaning that it'll amount to 3.25 - 4% of our income. And this isn't a cost that is going down or ever going to disappear (well, maybe the life insurance and some of the car insurance with downsizing).
What are everyone insurances costs? A breakdown would be nice and also thoughts on coping with insurance costs during ER besides just increasing the ER pile.
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05-29-2008, 05:34 PM
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#2
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 21,830
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House insurance (includes earthquake) $626
Car & pickup truck $827
Umbrella $209
Life insurance (me only, through former employer) $120
Total.......$1782
No real issue in coping with it, we set aside funds for it, add a little each year figuring it's going to go up, and when the bill comes it's paid and I forget about it for another year.
__________________
I heard the call to do nothing. So I answered it.
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05-29-2008, 05:44 PM
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#3
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 44,375
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car: $864
homeowners: $1115 (will be more next year)
flood: $452 (will be more next year)
TOTAL: $2431
They won't sell me umbrella insurance, due to Katrina caused freezes on policies down here. I requested whatever increases they would give me on car liability, homeowners', and flood. No earthquake insurance because I'm having a hard enough time getting more regular homeowners!  It wasn't suggested. No life insurance since I have no dependents.
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05-29-2008, 06:52 PM
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#4
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Thinks s/he gets paid by the post
Join Date: May 2006
Location: Orlando
Posts: 2,275
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I answered incorrectly (too low) as I initially thought "health insurance" when I saw insurance.
Health Insurance plus deductible $1500 (not counting co-pays)
Auto Insurance $900 (2 cars)
Homeowners Insurance $400
Flood Insurance $300 (not required but desired)
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$3,100
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05-29-2008, 07:58 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Apr 2006
Posts: 1,674
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Where do you insure two cars for $800 - 900?
Our's runs about twice that. Good driving records, no claims.
Two modest autos: $1846
Homeowners: $2141
Total $3987
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05-29-2008, 08:13 PM
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#6
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Thinks s/he gets paid by the post
Join Date: May 2006
Location: Orlando
Posts: 2,275
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Rustward-
2002 Volvo S60 with all the bells and whistles coverage and 1993 Volvo 850 with only liability (which saved us about $200).
We are in the cornfields of NW Ohio.
DH is bound and determined we are heading back to FL soon so there's a good chance the cost will be going up.
And USAA.
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05-29-2008, 08:19 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
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P&L on two vehicles: $880
HO: $770
__________________
Have Funds, Will Retire
...not doing anything of true substance...
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05-29-2008, 08:37 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Location: North-Central Illinois
Posts: 3,217
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LTC = $2200
Med/Dental = $1704
Life = $444
House = $475
Umbrella = $155
Auto = $542
Personal Items = $75
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Total = $5595
I have lifetime medical/dental/prescription insurance through my former employer (local gov't) that I pay 25% of the monthly premium (they pay the other 75%). It's auto-deducted from my monthly pension check.
Other than an occasional doctor or dentist visit, I hope I NEVER have to collect on any of those other policies!
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05-29-2008, 08:47 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 3,895
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health $4200 after downsize will be $3000 with further reduction once i go offshore
wind $1326 after downsizing might be about $700-900 (still have to confirm)
flood $390 after downsizing might be about $250
liability $1250 after downsize might be $600-700
auto $1515 after downsize will be 990 and then zero when i go offshore
current insurance an obscene $8681
downsized insurance a slightly less obscene $5840
offshore insured living ~$4350 (just a very rough guestimate)
__________________
"off with their heads"~~dr. joseph-ignace guillotin
"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
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05-29-2008, 09:24 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 1,250
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Life: $105 (100K)
Auto: $600
Renters: $85 (yup -replacement cost included)
Med: $598
total: $1388
__________________
Make no mistake, my friend, it takes more than money to make men rich. - A. P. Gouthey
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05-30-2008, 09:33 AM
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#11
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Moderator Emeritus
Join Date: Aug 2006
Posts: 6,924
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Calendar year 2007:
Auto/House/LTC: $915.63
Med: $897.19
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Total: $1812.82
__________________
"Knowin' no one nowhere's gonna miss us when we're gone..."
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05-30-2008, 09:49 AM
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#12
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,632
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Car $560 (one 05 vehicle)
Condo $163 (HOA carries master policy)
Health Ins $0 (Paid by US Govt (no copays, no nothing))
Life Ins $0 (too old, who needs it; actually, have one small policy fully paid for no premiums any more)
Total $723
__________________
Vietnam Veteran, CW4 USA, Retired 1979
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05-30-2008, 11:56 AM
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#13
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Thinks s/he gets paid by the post
Join Date: Oct 2005
Posts: 2,713
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Health = 0
House = 0 (our choice, would be at least $1500)
2 cars = $3128 (obscene, due to large cylinder size, i.e. > 2 liter, plus having to start from the bottom of the risk ladder as insurers will not accept a clean foreign driving history)
I voted incorrectly; before checking I said $2-$3k but should have said $3-4k.
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05-30-2008, 07:12 PM
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#14
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 21,830
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Quote:
Originally Posted by Rustward
Where do you insure two cars for $800 - 900?
Our's runs about twice that. Good driving records, no claims.
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Ours are a 2003 GMC full-size pickup and a 2003 Buick Century (small/midsize sedan).
The rates actually went up on the older vehicles when we moved to WV from MD because WV (according to the insurance agent) has more uninsured drivers. WV isn't as good about snagging the tags of those with lapsed insurance and doesn't have the heavy fines that MD does.
In MD, keeping the tags on an uninsured vehicle can result in fines of $250 PER DAY, and a judge cannot waive them.
__________________
I heard the call to do nothing. So I answered it.
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05-31-2008, 01:25 PM
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#15
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Thinks s/he gets paid by the post
Join Date: Nov 2005
Location: Colorado, USA
Posts: 1,127
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Homeowners: $481
Auto: $600 (liability only, one driver, two cars)
Umbrella: $220
Coach
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05-31-2008, 02:40 PM
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#16
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Recycles dryer sheets
Join Date: Nov 2005
Posts: 62
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$24.6K including health/dental/life
$6.1K excluding health/dental/life
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05-31-2008, 09:22 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,446
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Home $2,100
Flood $1,500
Car $750
Total $4,300
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06-01-2008, 07:51 AM
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#18
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Full time employment: Posting here.
Join Date: May 2007
Posts: 538
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Home $750
Car $550
I did not include health insurance because it sounded like that was being excluded for this poll. Otherwise, I'd have to add about another $1500.
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06-01-2008, 10:39 AM
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#19
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Full time employment: Posting here.
Join Date: Apr 2006
Posts: 944
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Health 5,760 this includes the recent $60. per month increase
all vehicles 3,600
home 1,000
umbrella 240
Life 210
Total $9,910 about 19% of total spending......could always get rid of some vehicles and go for a higher deductable if need be - but not needed yet.
__________________
Freed at 49. You only live once - live it
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06-01-2008, 11:41 AM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,411
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My annual totals (2k-3k range) add up to:
Auto~$710 (2 cars)
HO~$959
Health~$460 (Tricare for 2)
Life~ $0 (divs pay it all)
I self insure any other risk.
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
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