does it make sense to pay 600/yr for theft/collision coverage (marginal amount on top of liability) for a car valued @ 6k? I’m thinking I should pass this year… what do you think?
Sounds too much, I’d say no. I only have liability coverage for both my car and wife’s.
What’s your deductible? I’d probably go with no. Maybe if it’s a $500 deductible and you’re worried about that sort of thing. $1000 deductible = no way.
Funny you ask this question. I was doing the math and it would cost less to get a “no insurance” ticket every month, in miami than renew my coverage on my current car.
I think I’m gonna pass- I consider myself very responsible when it comes to my personal finances- but wanted a gut check that my thinking wasn’t merely a symptom of my cheapness. I think I’m ok- I can buy a car cash in the worst case scenario… and its not really a theft target (knock on wood)… thanks!
Are you in the US? By not taking insurance it could hike your premiums in the future. I would say just get bare bones coverage to avoid having that blemish.
wait you guys have a choice to get insurance?
Not really.
Buy a “club” to lock your wheel and protect against theft. $50 and your good to go
600/yr for **theft/collision coverage** (marginal amount on top of liability) reading comprehension ppl!! 
for those not in the US… theft/collision coverage is not required, only liability is.
Insurance can be a great business. I’m looking into the business right. Anybody have a primer or AM Best material, please send.
oh right theft is the lowest type of insurance here so seemed like you didnt want any…based on Irish law anyway 
rhyme Wrote: ------------------------------------------------------- > Buy a “club” to lock your wheel and protect > against theft. $50 and your good to go lol… my dad always teased me about how absurd the club is. You know how much effort it takes to cut through the aluminum tube that is your steering wheel?
All insurance theory relies on utility maximization, so unless you post your utility function, no one on this board can really advise you on what to do. Without delving too much into the theory, the rule of thumb is “self insure for all but catastrophic losses”. (Because from a pure economic perspective, all insurance produces an expected loss.) So, in this case: could you replace the car if it were totaled? (Or: could you get along without it?) If so, then skip the additional insurance. If you want to dig in, here are some references… http://labs.esilv.fr/mif/braouezec/mossin-insurance.pdf http://emlab.berkeley.edu/users/webfac/card/e101a_s05/101insurance.pdf http://www.econ.iastate.edu/classes/econ642/Babcock/ehrlich%20and%20becker.pdf http://www.econ.umn.edu/workingpapers/nyman1001.pdf Try these at home: https://www.hec.unil.ch/docs/files/77/510/exercise_sheet_1_and_2_-_handwritten_solutions.pdf A little more financey: http://www.soa.org/library/journals/north-american-actuarial-journal/1998/july/naaj9807_5.pdf http://www.soa.org/library/journals/north-american-actuarial-journal/1998/january/naaj9801_5.pdf http://www.casact.org/sections/care/0905/handouts/halliwell.pdf
KarenC Wrote: ------------------------------------------------------- > oh right theft is the lowest type of insurance > here so seemed like you didnt want any…based > on Irish law anyway seriously… am I understanding you correctly? In Ireland one MUST purchase theft insurance?
akanska Wrote: ------------------------------------------------------- > > lol… my dad always teased me about how absurd > the club is. You know how much effort it takes to > cut through the aluminum tube that is your > steering wheel? Slightly more effort than required for the car next to yours that doesn’t have one and that’s all that matters. 5 extra seconds is a lifetime for a car thief.
akanska Wrote: ------------------------------------------------------- > KarenC Wrote: > -------------------------------------------------- > ----- > > oh right theft is the lowest type of insurance > > here so seemed like you didnt want > any…based > > on Irish law anyway > > > seriously… am I understanding you correctly? In > Ireland one MUST purchase theft insurance? Yeah our type of insurance are: 3rd party, fire and theft fully comp So its the worst one hence my surprise!
@ DarienHacker that was my logic… as I noted above I can cover my wort case scenario (total loss) but liability wise you never know… might hit a Bentley and ricochet into the mona lisa @higgmond good point
KarenC Wrote: ------------------------------------------------------- > akanska Wrote: > -------------------------------------------------- > ----- > > KarenC Wrote: > > > -------------------------------------------------- > > > ----- > > > oh right theft is the lowest type of > insurance > > > here so seemed like you didnt want > > any…based > > > on Irish law anyway > > > > > > seriously… am I understanding you correctly? > In > > Ireland one MUST purchase theft insurance? > > > Yeah our type of insurance are: > 3rd party, fire and theft > fully comp > > So its the worst one hence my surprise! Sounds like some crook in the Irish Transportation Department/Agency/Secretary is making a fortune from insurance companies due to mandatory theft insurance.