Auto ins question.

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I have State Farm. My family has used them for multiple decades now and have most of our insurance policies through them. Never had a significant issue with their service or coverage.

So. In December my wife and I are buying a family member's vehicle as a much needed 2nd vehicle.

Vehicle in question is a 1992 Olds 88. I have a LOT of repair work to get it back in decent shape after years of being driven by an elderly family member who shouldn't have been driving anymore. So, how to insure it?

I have a pretty solid insurance package for our Subaru. It's getting older, but is paid off and not going anywhere until it rusts in half. I don't mind paying for it as it feels valuable enough to merit the cost. The question is how to insure the Olds? In current condition it's worth about $600 and will not be much more than $1300 or so when decently repaired.

Minimal coverage? I figure on a vehicle with a value so low, pretty much anything will total it out. To be fair...I'm not sure how the past several fender benders have not totaled it but the title is clear.
 
Originally Posted By: Hollow
So, how to insure it?

...

Minimal coverage?
Yes, liability only is what I'd do.
 
Originally Posted By: zrxkawboy
Originally Posted By: Hollow
So, how to insure it?

...

Minimal coverage?
Yes, liability only is what I'd do.


+1

My Focus is worth about $5000 and after 10+ years of accident free driving, I'm confident with minimal coverage
 
Not sure what you're really asking here. Insurance to protect you in case of your negligence/liability, and insurance to protect you from the damages of others (PIP/underinsured coverage) should always be maximized. That's irrelevant to the car's age.

There would be no reason to include collision/comprehensive for a car of that value.
 
State Farm in my area has three levels of driving, over 7,500 miles a year; 3,500-7,500; and under 3,500...

Make sure you tell your agent how many miles you will be driving...
 
Liability only. In a year or two, paying for Comprehensive and Collision will more than equal the value of the car.
 
Originally Posted By: Kuato
Liability only. In a year or two, paying for Comprehensive and Collision will more than equal the value of the car.




+1
 
I go heavy on the liability on the car and umbrella policy on my renter's (1 million), no collision, but I carry no deductible glass protection and $500 deductible on my comprehensive. The car only books at $4500.00 and since I've never crashed a car in 40 years and change, there's no reason to think I'm gonna start. That leaves plenty in the budget for high liability coverage. And because of that, I get higher uninsured motorist coverage, matching my liability.

And no, I don't have a million to protect, but with that coverage, the insurance company has a million in liability to protect and sends out teams of lawyers on your behalf at the slightest hint of trouble. Besides, if your liability insurance runs out before your liability is fulfilled, they'll hassle you to your grave for the balance. Umbrella coverage is the greatest thing you can buy for yourself.
 
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Forget collision. But check the comprehensive before you decide not to take it. It's generally fire, theft, vandalism, accidental glass breakage and so on but excludes collision. Those kind of repairs could be the same for a beater or a newer car and for some insurers the coverage is cheap depending on where you live. Just make sure you look before you leap.
 
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