[QUOTE]Originally posted by CBeyond
I guess you paid for the car upfront, or you've already completed your payments because no bank or credit union would permit their car to be so underinsured.

 

I can't say I agree with your advice at all. If your financial situation lets it work, that's terrific. However, blindly following your plan could get people in financial trouble fast.

The worst case scenario for someone following your advice would be totalling or even doing a large amount of damage to their car. If you're in an accident that does $10k worth of damage, you would need to have been saving for over 8 years to break even. Even worse, if you total it you have no insurance so you end up having to pay for a car you don't have and buying another car.

P.S. I would definitely read my financing contract with AHM. I believe in some states lack of full coverage is cause to default the loan.

 

Well nastinupe1 lives in an area hopefully not too dense with cars.
I guess he just got to avoid the wild animals.
But if i live in an open area i might not get full coverage also.
Just jersey is so dense with cars you gotta watch your back and left and right...
Cars are everywhere.

Mine 11 mile commute takes 26-50mins.
pending no accidents

I can get 25mpg not bad hun.. vtec a few during the week.

 

Im 27 and live in Los Angeles. I'm paying 2100 full coverage a year for my S2K through Mercury. With 500 deductable and 25/50/25 coverage. (I have one speeding ticket) But Mercury sees that as a good driver still.

 

That's what insurance is for, it's gambling against the odds.

Of course if you never needed insurance it would have been a waste... but I pay because I don't want to gamble...

 

FWIW:

We had a Camry back in '98 that was financed. When the insurance was changed to another company, somehow the credit union found out about it and started sending us letters reminding us of their right to insure it themselves and bill us for their trouble.

Basically what they wanted was the proof of full coverage which we had anyway. Still, they can and do find out about coverage.

 

Asia many people don't have full coverage after the first 3 yrs of the car.
They don't have many lawsuits and stuff.
So insurance for a car one year is like 300-500

 

you guys cry too much in the states -.- Insurance here in Vancouver, Canada is : ( I currently have all the cars insured under my dad's name. He has gold star discount(which is the highest you can get here) For the C63AMG insurance is @ 3000/year
CLK430 Insurance is @ 2100/year
Honda Accord is @ 1400/year
Volvo S70 SE is @ 1800/year
Honda S2000 is @ 1900/year

You guys are whining about your payments -.-
To give you guys an idea of what it would cost if i were to insure in under my name :
C63AMG insurance @ 5700/year
CLK430 insurance @4000/year
Honda Accord @ 2660
Volvo @3500
S2000 @ 3700

And i'm 18, no crashes where i was at fault, no tickets.

 

Your problem, I found it.

 

Necroposting FTMFW... read through half the first page before I realized it was from Dec 2003...

And yes, being 18 makes insurance much more expensive, big surprise. Being 25 and married, it only costs me about 80/mo to add the 02 S to my policy with full insurance for both drivers. Will be even better once I drop the beater Altima to liability only.