March 31, 2008
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Car insurance
I have a complaint.
I called my insurance company to remove my son’s broken down jalopy from our coverage. That went just fine. We put him as primary driver of the truck and all is well.
Then the agent said, “Have we discussed your liability coverage and that, maybe you’ll want to bump it up a step?”
Now, in the state of Ohio, liability is mandatory and a good thing, I think.
But the agent said they are recommending that liability insurance now be higher than the $50,000.00 property damage. And her reason? Because so many cars nowadays are worth more than $50,000.
What?! So, if I have the misfortune of being in an accident and being found as being the cause of said accident, I should have to pay more than $50,000 to the owner of the luxury vehicle I hit? But, if he would be found to be the cause, he would only have to pay $15,000 because I don’t have to show my net worth by driving it?
I ask, am I seeing this wrong? Should I just pony up the extra money for coverage, that I hopefully won’t use? I am choosing to opt out for now. My liability coverage will stay the same.
But should people be driving vehicles that are worth the cost of a modest house? Shouldn’t they be shouldering some of the responsibility of liability if they choose to drive their expensive vehicle out there on the public roads with us peons?
Or is this just my insurance company’s way of getting more money? Hmmm…. ya think?
Comments (8)
i think thats just a bad case of Americans getting in the way of people
any car worth 50,000 would actually be worth more than the 1,000 sq ft house i live in… that’s insane!! technically, that’s more than four times the TAXABLE VALUE of my home!!!
why is it that we live in “such a wonderful country” full of “such wonderful people” and yet while i walk my preggo butt to work there are people out there driving a car worth four times what my house is taxed at!?!?!? how is it that there is such a large gap between the upper and the lower class around hree?!?!
honestly, i dont need the money nor a big car nor to ever actually be upper class… but couldn’t one of them pick me up and give me a quick ride to work as they drive by in their expensive ass car, all by themselves?!?! sorry… guess this subject kinda gets my goat!
Wow…I never heard of this before. I would check around other agencies and see if they do the same.
That’s crazy. All of it. The insurance company. People buying cars that are that expensive…. crazy.
absolutely not. I would not up the coverage because the man said that.
As a former car salesman, and a mechanic, AND a guy who studies the crap out of economic issues I can assure you that there are very very very few cars on the road valued at 50,000 or more.
luxury vehicles are no exception as they tend to LOSE value at greater speed than any other class of vehicle. Also, they tend to have safer drivers behind the wheel.
Remember MSRP does not equal value.
Call your insurance company, ask them what the value of your car is! cross-check that with what your car is selling for on the market. There is always a difference.
And honestly, do you think they are going to dish out 50,000 dollars to someone for their car? they are cheap cheap bastards! 99.9% of the steriotype is spot-on for these guys.
There are cars out there worth $200,000 and more. They’re rare perhaps, but they’re out there. Our insurance policies couldn’t BEGIN to deal with that.
*shudder*
More $$$ everyone wants more $$
I don’t understand the draw to expensive cars. If I had a lot of money, I’d be more inclined to get a good house. I grew up in a family that has never owned a new car or spent more than a few thousand on one.