Who is insuring your precious e30??

[irish44j]

USAA. (very high) liability coverage only. If I put it in a ditch someplace, I'll just leave it there......it's hardly worth more than my deductible anyhow.

full coverage on my other vehicles though. And I carry $1M liability and high deductibles.

[klavender1]

State Farm. Full coverage, $100 comp and $250 collision deductible, $5000 med pay, under and uninsured coverage. $50/month. I've worked at a body shop before and Sate Farm was, by a long ways, the best insurance company to deal with. They basically didn't seem to care about the cost, as long as it was done right.

[pharow]

I have Geico. I pay about $155 a month for both of my cars and my truck.

[Nick_S]

Progressive at 100 bucks a month. Why am I paying so much compared to everyone else? No tickets on the books anymore and when I first called around to insure the e30 every other major insurance company quoted me around 900+ per 6 months...

Jesus. I'm with Progressive, granted not on full coverage but have high liability and some other stuff and pay $24 a month. Just priced out full coverage with renters insurance for $56 a month. I'm 26, 1 speeding ticket and maybe a very minor fender bender.

[e30trooper]

access ins. i pay $40 a month

[nando]

that the only way they can pay out insurance is by taking it from other people's premiums? I ignored that? huh?

yeah, if they did that, they wouldn't make money. they make a profit off their investments, which is what they actually do with your premiums. they aren't paying people's claims with the payment you make every month. regardless, they have a service that's beneficial to everyone (reducing risk). I'm sorry if you think it's black voodoo magic..

then you say that if one person earns a dollar, they only did because they took it from somebody else? and the only way you get more money is if they increase the supply? come on...

maybe I'll make it clearer: mV = pq

[VinniE30]

they make those profits by investing your premiums. you obviously have no clue how insurance companies work.

MV = PQ

that is all..

I know that. You're completely missing the point and not even responding to what I was saying. I'm done here.

[nando]

they make those profits by investing your premiums. you obviously have no clue how insurance companies work.

MV = PQ

that is all..

[VinniE30]

as for the second question - uh, well you go to work, and make money from your boss, and he makes money because you add value to his business?

I'm not going to give you a freakin' economics lesson. you're going to live a pretty sad, bitter life if you think everything in life is a zero sum game.

You're not looking at the whole picture. The money he is paying you is coming from the company's profits. He's not printing money off a press. By itself, a transaction can obviously be non-zero sum and commonly is. Each individual transaction can be either non zero sum or zero sum, but wealth is circulated, and if money is "created", the value of the dollar is in turn decreased. What you're talking about has no relevance here. If you make money, it comes from some other entity, which got it from somewhere else, and so on. If new money is brought into the system it doesn't actually increase overall wealth, it devalues the currency.

[Pudmunkie]

You haven't now, but that doesn't mean you never will. if I didn't have insurance, I would have lost my house and everything I own, and probably even my family. $1000 a year is nothing compared to that risk.

I hadn't used my insurance before then either, but even if I count what I put into the system before, I'm still far, far ahead of where I would have been without insurance protection.

as for the second question - uh, well you go to work, and make money from your boss, and he makes money because you add value to his business?

I'm not going to give you a freakin' economics lesson. you're going to live a pretty sad, bitter life if you think everything in life is a zero sum game.

45 year payback. that's not an imaginary pretend-zone figure. that's really what happened to me. just think about that for a while.

Don't bother arguing it, I don't think he's capable of understanding. I gladly pay more for increased coverage for injury.

Sent from {Tablet;}

[steinbachphoto]

Up in BC, Canada we only have one option, ICBC.

Every year of clean driving you get a 5% discount on your payments, max 40%. At 20% now

[ForcedFirebird]

I pay $280/yr for $0 deductible, roadside with guaranteed flatbed towing and $10k replacement for my e30. Hagerty's FTW.

[nando]

You haven't now, but that doesn't mean you never will. if I didn't have insurance, I would have lost my house and everything I own, and probably even my family. $1000 a year is nothing compared to that risk.

I hadn't used my insurance before then either, but even if I count what I put into the system before, I'm still far, far ahead of where I would have been without insurance protection.

as for the second question - uh, well you go to work, and make money from your boss, and he makes money because you add value to his business?

I'm not going to give you a freakin' economics lesson. you're going to live a pretty sad, bitter life if you think everything in life is a zero sum game.

45 year payback. that's not an imaginary pretend-zone figure. that's really what happened to me. just think about that for a while.

[VinniE30]

at my current rates (which is for 2 cars now instead of 1), it will take me 45 years to pay back the insurance company what they covered me for.

fourty five. yeah. your argument just deflated.

I've never gotten anything from my insurance (never been involved in an accident; knock on wood) and I pay a little over $1000 per year.
We can both give examples for our sides of the argument but it's just anecdotal evidence.
Increase the sample size to everyone and you will see that the insurance companies get much more money than they give, or else they wouldn't be in business. The odds are strongly against you that you will gain more from insurance then you pay them over your lifetime. You know there's statisticians working for the insurance companies whose job is to figure this out right?

also, this is complete nonsense. there are mutually beneficial transactions. economics is not a zero-sum game.

Why don't you name some then.

[nando]

I was referring to collision coverage as in coverage for when the other driver is at fault.
And if you cause an accident you will end up paying all that money back to the insurance company anyway, plus even more over time, with the increase in your rates. It's a numbers game and they have it figured out; they will always win, they're a business only concerned with making money. When there's people gaining money there are always people loosing money and vice versa.

at my current rates (which is for 2 cars now instead of 1), it will take me 45 years to pay back the insurance company what they covered me for.

fourty five. yeah. your argument just deflated.

if I count only my car, the payback time would outlive my children's children....

When there's people gaining money there are always people loosing money and vice versa

also, this is complete nonsense. there are mutually beneficial transactions. economics is not a zero-sum game.