What is everyone paying on insurance?

[Foot]

47 dollars a month for full coverage on a 2010 LB.

[mr9865]

Originally Posted by nookandcrannycar

I would guess (not an educated guess as I have no information) that how low the companies go in Canada with their limits might have a basis in some law or regulation. I would think that the average accident in Canada would involve more damage than in the U.S. as a whole and that a significant reason would be that all of Canada experiences a 'Northern Winter'. In California, the minimum liability (at least within the least couple of years) hasn't changed in over 30 years at 15k/30k/5k. Here in the U.S. we have umbrella policies that usually require the total liability limit on the underlying policy to be at least 500k and kick in after that. The underlying policy limits are usually 500k or 750k and some companies will do 1 million. The umbrella policy adds an additional 1 million of liability coverage for typically $100 to $300 per year (not per month) depending on various factors. The umbrella policy also covers liability at your home (if someone trips and falls, for example) unrelated to vehicles. I'm just a diligent consumer, so anyone from the insurance industry please feel free to chime in. Of course some people purchase much higher limits.I heard Dave Ramsey say on the radio the other day (as part of an illustration during a call) that he personally carries an umbrella policy with a 10 million dollar limit and it costs him about $3500 per year. I wondered if 'Northern Winters' and strictness of various state laws in the U.S. might effect limits people choose. In looking at mr9865's post, my guess is that you would be hard pressed to find anyone in Texas, and especially in California making under $10.00 per hour who would carry anything more than the legal minimum. I wonder if the law in Wisconsin makes it prudent to have the limits he does.

Just need the bare minimum here in Wisconsin, I was just raised to be well covered. And I dont really feel that poor making 9.50 a hour. Ive got a roof over my head, a nice car, and a computer.

[nookandcrannycar]

Originally Posted by mr9865

Just need the bare minimum here in Wisconsin, I was just raised to be well covered. And I dont really feel that poor making 9.50 a hour. Ive got a roof over my head, a nice car, and a computer.

Good for you. Truly. I think quite a few people fill their lives with 'consumerism' and still aren't happy, and I think one of the reasons for this is they lack gratitude, which you obviously have, and I have as well. I had terrible parents, but I had wonderful grandparents who were really more like my parents. I think a lot of people who aren't grateful and who aren't at peace missed having anyone who could give them a sane and grounded foundation. You got that and obviously appreciate it. Makes for a lot of inner peace . In California there are likely some people whose attitude is as upstanding as yours but can't afford the extra cost (less so in Texas...I'm still continually amazed by how much less things cost here), but a larger number would be people who wouldn't entertain having more than the minimum liability because they don't have any assets and think to have a higher limit would simply be a waste of money. On a 'gratefulness note', I don't think I've ever met an unhappy first generation U.S. immigrant, no matter where they came from. Despite all our problems as a country, many people whose past is in another country feel grateful to be here.

P.S. A recent news story -- crazy IF it is true -- 7 billion people in the world. 6 billion have cell phones, but only 4.5 billion have access to a bathroom or latrine.

[jayeh]

Originally Posted by nookandcrannycar

I would guess (not an educated guess as I have no information) that how low the companies go in Canada with their limits might have a basis in some law or regulation. I would think that the average accident in Canada would involve more damage than in the U.S. as a whole and that a significant reason would be that all of Canada experiences a 'Northern Winter'. In California, the minimum liability (at least within the least couple of years) hasn't changed in over 30 years at 15k/30k/5k. Here in the U.S. we have umbrella policies that usually require the total liability limit on the underlying policy to be at least 500k and kick in after that. The underlying policy limits are usually 500k or 750k and some companies will do 1 million. The umbrella policy adds an additional 1 million of liability coverage for typically $100 to $300 per year (not per month) depending on various factors. The umbrella policy also covers liability at your home (if someone trips and falls, for example) unrelated to vehicles. I'm just a diligent consumer, so anyone from the insurance industry please feel free to chime in. Of course some people purchase much higher limits.I heard Dave Ramsey say on the radio the other day (as part of an illustration during a call) that he personally carries an umbrella policy with a 10 million dollar limit and it costs him about $3500 per year. I wondered if 'Northern Winters' and strictness of various state laws in the U.S. might effect limits people choose. In looking at mr9865's post, my guess is that you would be hard pressed to find anyone in Texas, and especially in California making under $10.00 per hour who would carry anything more than the legal minimum. I wonder if the law in Wisconsin makes it prudent to have the limits he does.

The minimum liability coverage is $200,000. I've never seen a policy under $500,000 Most policies are $1 or $2 million.

It's a total cash grab since the government limits the maximum amount people have to pay out after an accident.

The thing is the difference between the bare minimum and the maximum is about $20 a year.

[phaznet]

Originally Posted by nookandcrannycar

Insane. Does that reflect any speeding or other tickets?

Nope. I let my license expire. I had to go through the whole licensing g1, g2, full G. Even though I've been driving +10 years they consider me a driver since 2011.

[why?]

For near state minimums I am 33 y/o single, and pay $748 a year. When I lived in Florida for about the same coverage I was paying $1400 a year.

[nookandcrannycar]

Originally Posted by why?

For near state minimums I am 33 y/o single, and pay $748 a year. When I lived in Florida for about the same coverage I was paying $1400 a year.

^^^^^ Not surprising. I like a fair number of things about Florida, but the way a lot of people drive (especially in 'South Florida') (which I imagine would drive up rates) isn't one of those things.

[nookandcrannycar]

Originally Posted by phaznet

Nope. I let my license expire. I had to go through the whole licensing g1, g2, full G. Even though I've been driving +10 years they consider me a driver since 2011.

SMH. Sounds as though jayeh's 'total cash grab' point also applies to your situation.

[jayeh]

Originally Posted by nookandcrannycar

SMH. Sounds as though jayeh's 'total cash grab' point also applies to your situation.

Lapses in insurance are highway robbery. If you can't afford a car for a while they punish you by jacking your rates when you return. No matter what they are set to extract a certain amount of money from you... no matter what!

[nookandcrannycar]

Originally Posted by jayeh

Lapses in insurance are highway robbery. If you can't afford a car for a while they punish you by jacking your rates when you return. No matter what they are set to extract a certain amount of money from you... no matter what!

I wonder if the same situation in the U.S. causes a similar rate jackup ?

[goliath1812]

Originally Posted by nookandcrannycar

^^^^^ Not surprising. I like a fair number of things about Florida, but the way a lot of people drive (especially in 'South Florida') (which I imagine would drive up rates) isn't one of those things.

The way people drive, and also the fact that 25% of Florida drivers are doing so without insurance. The rest of us have to make up for it. Still much cheaper than Ontario though..

[nookandcrannycar]

Originally Posted by goliath1812

and also the fact that 25% of Florida drivers are doing so without insurance.

Nice . I don't know what the figure is here in Texas, but I believe we have a percentage of people without health insurance that is higher than any other state .

[mrpj]

From the prices being paid in the U.S., as stated in this thread, it makes a refreshing change for something in the U.K. to be cheaper (for some people)!
I pay $302 per annum, at today's exchange rate, for my 2010 5 door Yaris 1.4 Diesel. That's for comprehensive cover, legal cover and protected no claims discount. There's a $532 voluntary excess, which helps reduce the initial premium, to be paid in the event of a claim which I may recover for a no fault accident (that's part of the legal cover). If I didn't take out the optional legal cover the $302 would reduce to about $250/annum.
Uninsured drivers and injury, usually "whiplash", compensation claims (many fraudulent) increase our premiums too

[94toy22re]

So I went shopping around today and went to liberty mutual, 60 a month with 100 deductible we're supposed to have hail/tornados next week so I'm covered, I'm 24 no accidents or tickets and live couple mile south of Oklahoma City.

[jayeh]

Originally Posted by mrpj

From the prices being paid in the U.S., as stated in this thread, it makes a refreshing change for something in the U.K. to be cheaper (for some people)!
I pay $302 per annum, at today's exchange rate, for my 2010 5 door Yaris 1.4 Diesel. That's for comprehensive cover, legal cover and protected no claims discount. There's a $532 voluntary excess, which helps reduce the initial premium, to be paid in the event of a claim which I may recover for a no fault accident (that's part of the legal cover). If I didn't take out the optional legal cover the $302 would reduce to about $250/annum.
Uninsured drivers and injury, usually "whiplash", compensation claims (many fraudulent) increase our premiums too

That is shockingly low. How old are you?

Also I kinda want your car. Want to trade?

[TPA5]

$1900 per year. Where I live age of the driver doesn't change insurance costs, but the public insurance system here is...well let's just say I have very few kind words for it. If you have anything even remotely new, it's just assumed you'll pay through the nose.

[why?]

Originally Posted by nookandcrannycar

I wonder if the same situation in the U.S. causes a similar rate jackup ?

It does. My sister lived in the UK for 3 or 4 years. Coming back and trying to even get car insurance was almost impossible. Only 1 company would cover her at all, and she paid through the nose for that. I think she ended up with something like $1500 or so for a late model Chrysler minivan. Or maybe $2k. Not 100% sure.

[GTBaker]

When I got mine insured it was higher than my Outback. I question the agent and she said because the car is associated with young drivers the insurance rate is higher. I told her the insurance industry should insure clients not vehicles.

My insurance for my Yaris, scooter and Yamaha R1 is 150 a month. All 3 vehicles full coverage.