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Discussion Starter #1
I called our long-time agent today and they quoted me around $750 for six months for liability only and $1300 for six months for comprehensive, bodily injury, liability, and collision.

These are my stats:

- Male under 25 (This is the biggie; I'll be 21 in December)
- One single-vehicle, at-fault accident (in June 2005; will go back to accident-free in June of 2008)
- No traffic tickets

There are enough idiots running around here without licenses or insurance that I'm really leaning towards the extra money for the collision insurance. What does everybody think?
 

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I think you should shop rates. Check Geico/Progressive/State Farm or of course All State (you're welcome KMagnuss :D ) online and get a quote, don't just take what he offers.

It sounds like you've always used him and have a relationship with him, but I think it'd be worth your time to see what market rates are. Atleast bring them back and see if he'll come down a little for you.
 

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DoubleRkindofguy said:
I called our long-time agent today and they quoted me around $750 for six months for liability only and $1300 for six months for comprehensive, bodily injury, liability, and collision.

These are my stats:

- Male under 25 (This is the biggie; I'll be 21 in December)
- One single-vehicle, at-fault accident (in June 2005; will go back to accident-free in June of 2008)
- No traffic tickets

There are enough idiots running around here without licenses or insurance that I'm really leaning towards the extra money for the collision insurance. What does everybody think?
Yeah do it, you don't want your truck to be totaled and you be out $10,000-$15,000. And leave your deductible at something you can afford to pay in the event of an accident. Body work isn't cheap on the RR, trust me, I know.
 

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Thanks for the plug cole :)

I'm assuming that you're going to take out a loan for the RR, in which case you will be required to have full coverage. If you aren't taking out a loan...I guess that just depends on you. Can you afford to lose the amount you paid for your truck ? Is it worth the extra $100 per month?

Definitely shop around...you'll find that different companies rate different cars/people/areas differently. I can all but promise you Allstate will be high compared to Geico, just because of your age and the ticket. We don't like to insure young people without houses. Sorry, just the way it is.
 

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Can you still ride on your parents policy? If so, that is the way to go. I would think hard about carrying collision on a truck not worth $12,000.00. Check KBB and high retail. If the approach 80% of that to repair it, they will try to total it. So if you have ~$10k in damage, they will total it. How fast can you save up the $10k, less the deductible? All bets are off if you are financing it, get collision and GAP coverage.

Carry liability and comp with a $250 deductible and towing insurance (you'll need it!). Your liability seems high. My son was was quoted around $800 for six months in the RR when he was 16 as stand alone (not riding my policy). He pays me $300 every 6 months as the difference he caused me in my insurance when he went on it. Btw, that is with him driving 4 cars and as primary driver on one, collision on all except the Scout.

Shop around. You can do better, even on the left coast. I was in CA from the time I was 22 until 30, and had the same rates I had in Fl.

kmagnuss is an agent - listen to him!!
 

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DoubleR,

What I would suggest:

Liability
Comprehensive
Collision

No frills - no towing or $ 0 glass deductible or any other bells or whistles.

Big deductibles on comp and collision: $ 1000 on each.

Send me a PM or an email and I'll give you some insider info.

I am an insurance guy also.

Dan
 

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Discussion Starter #7
Wow, thanks for all the replies. I'll be piggy-backing on my parents' policy and Dan, that's all I was planning on as far as coverage. The way it's working is this: no bank will touch me (no credit score) so my dad will be loaning me the money and I have to pay him back in installments, just like a bank. Kind of an off-beat way of doing it but if it means getting my RR, it's worth it.
 

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Thanks to classic car coverage on a few of our other cars with Hagerty's we have really great rates with Safeco. The Rangie runs $621 for 6 months, $18000 replacement coverage with $250/$0 deductible. i.e. I muck something up I pay $250. Someone smacks me or cracks my $1500 windshield, I pay nothing. There is a bunch of small print that our Allstate guy could enlighten us on... but I am already . . . . ... yawning.
 

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Get your Dad to cosign at a local Credit Union to help you get your credit going. It also alleviates some potential tax impact on him. If he does not charge you interest, or charges a below market rate of interest, the Jack Booted Revenuers may show up wanting their tax revenue on the income he could have received. Ask me how I know .......
 

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Discussion Starter #11
rpage said:
Get your Dad to cosign at a local Credit Union to help you get your credit going. It also alleviates some potential tax impact on him. If he does not charge you interest, or charges a below market rate of interest, the Jack Booted Revenuers may show up wanting their tax revenue on the income he could have received. Ask me how I know .......
Dad will not co-sign as he does not believe in borrowing money from banks. Trust me, I tried. The car will be in his name until I have paid him back at which point in time the title will transfer.
 

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This post sure makes me feel like a geezer and I'm only 40. The first surprise is 21 y/o's driving RR's. The second is then having enough money left over to pay over $200 extra per month for collision insurance. When I was that age, I had a old VW with the legal min. for insurance. But I'm off topic.
I would think really hard about this. Your RR will be worth around $9K. With a $1K deductable, you are insuring $8K. Unless you really pile it up bad, the salvage is going to be worth something. So you are probably realisticly talking about insuring $5K for $2600/year. I personally would never sign up for that. But then I don't carry collision on my RR and for me it wouldn't even cost 1/4 what its going to cost you. Just my 2 bits, YMMV.
 

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DoubleRkindofguy said:
rpage said:
Get your Dad to cosign at a local Credit Union to help you get your credit going. It also alleviates some potential tax impact on him. If he does not charge you interest, or charges a below market rate of interest, the Jack Booted Revenuers may show up wanting their tax revenue on the income he could have received. Ask me how I know .......
Dad will not co-sign as he does not believe in borrowing money from banks. Trust me, I tried. The car will be in his name until I have paid him back at which point in time the title will transfer.
And until that time he is LEGALLY responsible for the RR and liable for any damages done with it. If he has any assets, he is really exposoing himself here. Just my .02 worth.......
 

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Off topic but...

You should really get some credit going (even like a prepaid credit card that reports so that you get something out ther), and just make sure you manage responsibly - never be late, and take care when opening/applying for new accounts so that you understand what you're getting into.

You should also enjoy the hell out of your Range once you get it, and post some pics!!
 

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I have Geico here in Florida, and I was previously on Progressive because of their excellent rates here. When I switched from the Volvo to the RR, they wanted to bump my policy cost (which is full comp/collision/Liability/etc) by more than 3 times. I checked around and everyone seemed about the same, until I hit Geico, which was less than half of the nearest quote I had gotten. I pay about $580/6 months with $500 deductable and liability limits of $50k, and I'm 39.

-Coach
 

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rpage said:
DoubleRkindofguy said:
rpage said:
Get your Dad to cosign at a local Credit Union to help you get your credit going. It also alleviates some potential tax impact on him. If he does not charge you interest, or charges a below market rate of interest, the Jack Booted Revenuers may show up wanting their tax revenue on the income he could have received. Ask me how I know .......
Dad will not co-sign as he does not believe in borrowing money from banks. Trust me, I tried. The car will be in his name until I have paid him back at which point in time the title will transfer.
And until that time he is LEGALLY responsible for the RR and liable for any damages done with it. If he has any assets, he is really exposoing himself here. Just my .02 worth.......
Sorry to be disagreeable.

Liability follows ownership.

If dad's function is only 'guaranteeing' the loan, he's not on the hook for liability arising out of the use of the vehicle.

As long as dad does not have any ownership interest in it and his name only shows up on the loan (not the title or registration) then dad is not exposing himself to any additional legal liability that comes from the operation of the vehicle.
 

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kmagnuss said:
Dan...read your post again man. He said that the title will be in his Dad's name until he pays him off. Just helping out :)
Keith,

Man, you're right AGAIN ! Argh.

That's why you are The Big Time.

Don't get all humble.

I mean, jeez, you drive a Range Rover.

It's your world, dog. Play on, Playa !

Dan
 

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6 month policy with Geico:
2002 L ROVER RNGERVRHSE
Coverage / Limit / Deductible / Premium
BODILY INJURY LIABILITY / $100,000/$300,000 / N/A / $123.00
PROPERTY DAMAGE LIABILITY / $50,000 / N/A / $123.00
PERSONAL INJURY PROTECTION / $2,500 / NON-DED / $30.00
UNINSURED MOTORIST BODILY INJURY / $100,000/$300,000 / N/A / $53.00
UNINSURED MOTORIST PROPERTY DAMAGE / $15,000 / * / $12.00
COMPREHENSIVE (OTHER THAN COLLISION) / N/A / $250 DED. / $200.00
COLLISION / N/A / $250 DED. / $405.00
EMERGENCY ROAD SERVICE / N/A / NON-DEDUCTIBLE / $6.60
RENTAL REIMBURSEMENT / $600 / NON-DED / $14.00
* see your contract, a deductible may apply Vehicle Total: $966.60

Which means I could have liability for less than $50 per month, saving over $100/month.
For a vehicle with street (KBB) value of $16k to 18k, it is worth it in this city. Had an Allstate agent comment "oh, bumper cars" when referring to Dallas.
 

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Here's a friendly tip from me to you...or anyone who has car insurance. ;)

Property damage coverage is VERY cheap considering what it protects you from. Most people have around $50k in property damage coverage. That means that you are covered up to $50k in protection for damage you cause to other people's property. I personally DO NOT allow anyone to have that low of coverage. Two reasons why:

1. We all drive a car tha cost OVER 50k when it was new. There are tons of vehicles on the road that cost over this...so heaven forbid you total one. Plus...don't forget it's not just vehicles you can be liable for. Street lights, signs, buildings...whatever "property" you hit. Any idea how much a street light cost on average? How about $23k. Hit a new Kia and a street light....you're screwed.

2. To increase from $50k coverage to $500k coverage, the price is usually only around $3 every 6 months. Yeah...THREE dollars. So if you do happen to cause an accident with that brand new $100k Mercedes AMG, you'll be on the hook for the extra $50k, simply because you wanted to save $3.

Summary...call your agent tomorrow and raise your coverage for less than the cost of ONE Starbucks every six months. I think you'll live.
 
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