perry@nmtvax.UUCP (09/21/84)
Just examining things, I was wondering if a large number of peo-
ple where paying auto insurance that was close to what they paid
for their car. This came to mind because of what I have to pay
for insurance.
My Story:
A couple of months ago I bought a 1976 TR7. The only stain in an
otherwise perfect driving record is an accident two and a half
years ago (I fell asleep behind the wheel), just after I got my
license. I am a nineteen-year-old, unmarried, college student
(with good grades). I got the minimum insurance required by the
state of New Mexico. The car cost $1000 (it needs a paint job
and interior). The insurance, minus finance charges, cost
$700/year.
I personally believe that this ratio is a little high. What do
you think? Let's see what kind of discussion we can get going.
Allan F. Perry
...lanl-a!nmtvax!perry
...lanl-a!nmtvax!robinm2002cl@othervax.UUCP (09/27/84)
<..> Most of that $700 that you are paying for insurance is for third party damage should you have an accident and cause some poor Joe to wrap his car and himself around a tree. I strongly suspect that for a car of $1000 value they (the insurance people) are not too worried about what you might do to it yourself. I would think that if you did any major damage to your car they would just scrap it (with compensation of course) instead of trying to fix it. However, if you were involved in an accident (and you were to blame) and you wrote off some other guy's $15,000 car, the insurance company would be footing the bill. It doesn't really surprise me that your insurance is so high, considering that you are young (under 25!), are driving a sports car, and have already had one accident. I don't think that $700 is overly expensive when all the above is considered, and I have seen rates *much* higher than that for people older, wiser etc. cheers, Scott Pace
marcus@pyuxt.UUCP (M. G. Hand) (09/29/84)
So, you fell asleep at the wheel and wonder why an unmarried college student of 19 has to pay $700 dollars for insurance? Well the answer is that you are a high risk. The insurance is geared towards what damage you might cause in your TR6 (a high speed projectile with the cornering characteristics of a brick), not towards the value of your particular car. You should not move to New Jersey too soon, you might have an apoplectic fit if you asked for a quotation. Incidentally, my RX7 costs me a few dollars over $1000 per year, and I have been driving for 10 years without accident (they still weight me as a youthfull male because I'm not married). The last insurance quote I got in England for a Triumph Spitfire, 4years old was #148 (say, $180 at todays exchange rates) - the 60% no- claims-discount helped alot. Marcus Hand (pyuxt!marcus)