Insurance ? Full coverage or not.
01-18-2008, 03:31 PM
#21
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The insurance is flawed to begin with, it should actually COVER what you are insuring, not just part of it. The consumer should not have to be an expert on insurance....the insurance he's paying on a brand new car should cover the entire cost of the car....if they are going to pay depreciated value, then your insurance should go down accordingly as your car depreciates....but it doesn't.
Insurance companies are in business to make money just like anyone else. You want to start seeing real complaints from people, with your above scenario of insurance companies insuring vehicles for more than they are worth we would all be paying 3X the amount we pay for insurance. By the way...as a car gets older the insurance does become less expensive. Try replacing your current car with an '08 same make/model, i think you'll find that the rating is completely different from your current car. Unfortunately rates overall don't drop as consistently as the price for repairs continues to outpace inflation every year. So we keep paying in that "what if" money hoping we are covered when "what if" becomes reality. 
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01-21-2008, 09:37 AM
#23
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Some companies don't really save you much be raising your deductible. I know with my Progressive policy, it was like $5-10 or so more to go from $1000 down to $500.
I never said insure them for more than they are worth. I simply think the insurance company should protect the person's car that is being insured & not conform to blue book values so much. You are paying for insurance you YOUR car specifically, not other ones on the market. The insurance should cover your pay off & they should be informed of the purchase price of the car, the payments & the interest rates so they can mirror what your pay off is. At least in circumstances when you are upside down on the car. You are missing the point, you should NOT have to get insurance to cover what the insurance doesn't cover. PERIOD. Or there should at least be an option to pick if you want coverage for your lien payoff or market value of the car....or even just let you declare a value yourself and adjust the cost of your policy accordingly.
I never said insure them for more than they are worth. I simply think the insurance company should protect the person's car that is being insured & not conform to blue book values so much. You are paying for insurance you YOUR car specifically, not other ones on the market. The insurance should cover your pay off & they should be informed of the purchase price of the car, the payments & the interest rates so they can mirror what your pay off is. At least in circumstances when you are upside down on the car. You are missing the point, you should NOT have to get insurance to cover what the insurance doesn't cover. PERIOD. Or there should at least be an option to pick if you want coverage for your lien payoff or market value of the car....or even just let you declare a value yourself and adjust the cost of your policy accordingly.
