Uninsured drivers
Sep 6th 2013, 4:31 pm
#17
Account Closed
Joined: Mar 2004
Posts: 2
Re: Uninsured drivers
Ask the Owner why they chose not to include cover for any damage you may do, liability you may incur.
I only ever dabbled with Aviation Insurance, I presume they did this because it was cheaper.
I only ever dabbled with Aviation Insurance, I presume they did this because it was cheaper.
Sep 6th 2013, 5:12 pm
#18
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,439
Re: Uninsured drivers
It's liability insurance for you, for the same reason that you have homeowners insurance that covers you in the event of a freak accident such as a shingle blowing off your roof and decapitating your neighbor's pedigree dog. The risk is that a reckless or negligent action by you caused the damage to, the loss of, the plane.
Sep 7th 2013, 12:28 am
#19
I'm back!
Joined: Jul 2002
Location: Richmond, VA, USA
Posts: 4,316
Re: Uninsured drivers
Originally Posted by Boiler
Did you calculate how much your premiums would go up if you made one or more small claims that were now theoretically possible with the lower deductible?
Originally Posted by Just Jenney
No, but since I bought my car back in 2001 I have never filed a claim and I also have a perfect driving record so I'm not too worried about it. *knock wood*
You asked a yes/no question. My answer was no. What else are you expecting me to say?
~ Jenney
Sep 7th 2013, 12:42 am
#20
Account Closed
Joined: Mar 2004
Posts: 2
Re: Uninsured drivers
OK then how can you come to a conclusion missing out a very pertinent element?
Sep 7th 2013, 3:35 am
#21
I'm back!
Joined: Jul 2002
Location: Richmond, VA, USA
Posts: 4,316
Re: Uninsured drivers
~ Jenney
Sep 7th 2013, 4:20 am
#22
Account Closed
Joined: Mar 2004
Posts: 2
Re: Uninsured drivers
If your insurance is with a major company (Progressive, State Farm, etc), they probably have an online tool where you can tweak your deductibles and see how it affects your bottom line.
For years I followed the "get the biggest deductibles you can afford" approach in order to keep my insurance rates as low as possible. This approach was fine until Mark's car was damaged in a parking lot by a hit-and-run driver. Our insurance company, USAA, categorized it as a collision, for which we had a $1,000 deductible. Because the damage was superficial, it wasn't worth it to fork out $1,000 for the deductible (which we couldn't easily afford anyway) and we never pursued it.
(It wasn't until a year later that my brother, who worked as a Progressive claims adjuster for several years, told me that he felt it should have been put in the uninsured motorist category, and our policy only required a $200 deductible for that. Mark and I had split up by that point so it was up to him whether to pursue it; he never did.)
Because of that situation, and also because I am now single again, living on one income and owning a 12-year-old car, I went into USAA's website and used their "Change Coverages and Features" tool. It let me play around with hypothetical options, including increased/decreased coverage AND deductible amounts, and then calculated a quote depending on those hypotheticals.
I ended up drastically slashing all of my deductibles -- they now range from $100-$200 per category -- but my premium only increased by $6/month. While that means I'm paying $72/year more for my insurance than before, I have peace of mind knowing that I'll be able to afford the deductibles should something happen to me. I had always assumed that I was saving HUNDREDS (plural) per year by having super-high deductibles, and I was surprised by how wrong I was!
Now, that's with USAA -- great company. Other insurers may be different. But look into it. If your insurance company doesn't give you the flexibility to adjust your insurance policy to fit your needs, then you might want to look at another insurance company altogether.
~ Jenney
For years I followed the "get the biggest deductibles you can afford" approach in order to keep my insurance rates as low as possible. This approach was fine until Mark's car was damaged in a parking lot by a hit-and-run driver. Our insurance company, USAA, categorized it as a collision, for which we had a $1,000 deductible. Because the damage was superficial, it wasn't worth it to fork out $1,000 for the deductible (which we couldn't easily afford anyway) and we never pursued it.
(It wasn't until a year later that my brother, who worked as a Progressive claims adjuster for several years, told me that he felt it should have been put in the uninsured motorist category, and our policy only required a $200 deductible for that. Mark and I had split up by that point so it was up to him whether to pursue it; he never did.)
Because of that situation, and also because I am now single again, living on one income and owning a 12-year-old car, I went into USAA's website and used their "Change Coverages and Features" tool. It let me play around with hypothetical options, including increased/decreased coverage AND deductible amounts, and then calculated a quote depending on those hypotheticals.
I ended up drastically slashing all of my deductibles -- they now range from $100-$200 per category -- but my premium only increased by $6/month. While that means I'm paying $72/year more for my insurance than before, I have peace of mind knowing that I'll be able to afford the deductibles should something happen to me. I had always assumed that I was saving HUNDREDS (plural) per year by having super-high deductibles, and I was surprised by how wrong I was!
Now, that's with USAA -- great company. Other insurers may be different. But look into it. If your insurance company doesn't give you the flexibility to adjust your insurance policy to fit your needs, then you might want to look at another insurance company altogether.
~ Jenney
