What is your opinion on having to obtain car insurance?

2 Comments

1. Chris H says:

   May 31, 2009 at 8:22 am

   I don’t like making the premiums, but I wouldn’t be on the road without it. My driving skills are pretty good, although I’m distracted sometimes. But there are some pretty stupid people on the road that run lights, pass on hills, tailgate, talk on the phone, drink/eat etc. that cause plenty of otherwise preventable pile-ups. Since you never know when you will literally run into one of these nice folks, its better to have insurance and not need it than need it and not have it. Cars and hospitals are waaaayyyy more expensive than car insurance.
2. Lawnboy & Luna says:

   June 3, 2009 at 2:56 pm

   Assume you pay $1200 for your full coverage auto insurance which provides Collision, Comprehensive and liability limits of $100,000 per person/$300,000 per accident and $50,000 property damage. You also live in a state with PIP coverage(coverage that pays for medicals and lost wages) with limits of $25k.

   You total your brand new vehicle and the other party’s new vehicle. The total damage for both about $50k. The other driver was seriously injured sustaining a fractured femur requiring surgery. His two passengers were also seriously injured with similar injuries. All three claims settle at your policy limit of $100k per person, but only after suit was filed and some litigation had to run it’s course. The defense attorney’s expenses total $20k and are paid for by your insurance company.

   You were also injured and your PIP coverage paid you $25k for your medicals and lost wages. Total paid out $395k for your $1200 premium. Your cost, your $500 deductible plus a likely rate increase. Seems worth it to me.