The good folks at Geico practically talked me out of getting the higher damage/collision insurance...and comparing what I saved in monthly premiums (plus deductible) over the time of ownership to what I would stand to be paid in case of a claim, I must say that they probably did me a favor. Unlike the guys at State Farm prior, I might add...they declared my car a salvage (due to bodywork that would have been required) and paid me $1700 for a well-maintained 1988 Volvo with under 100K miles, which was probably less than they had collected in premiums from me over the 18 months prior.
I think this is a valid topic...unless you have a well maintained, mint condition car with receipts for everything, you might indeed do better financially with just insuring against third party loss. This is especially true if you consider that any claim you levy will increase your next insurance premium...so add those together and it's a serious consideration for all those operating a high-mileage w126 as a daily driver.
JDC144A and KALIFORNIA. You both raise good valid points and that has prompted me to really examine my insurance policy/payments to see the amount the I could save or invest towards something else that would produce additonal income that could be tapped into if the need arose. Thanks all for your opinions in this matter. Nowadays, it's really important to examine your financial lifeblood!!!
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If you lend someone $20 and never see that person again, it was probably worth it.
I considered getting collision but just got PLPD after a $2.5k per year quote... and I have a very good driving record! The agent said that due to the fact these are are so expensive to fix they have to charge a high premium. I thought it was a ridiculous quote! I have never had an accident where I totaled any car and 2.5k a year will pay for a lot of DIY repairs. I agree, if you have one that's mint with all records then it may be worth it.. but even then I would only do it with a very high deductible.
Speaking of insurance, when I got the car a few years back I paid ~$7,000 (IIRC) and called my insurance company to have it added to our two other cars on their policy.
They refused.
The agent told me that the car back in 1990 was too expensive for them to insure.
Huh?
Was basically my answer. I told her that I paid $7k for the car and wasn't looking for collision and comprehensive coverage anyway.
Pointing out that they were already carrying a BMW 540i and a Lexus 300RX for us didn't help either so I had to switch insurance company to get basic coverage for the SEC.
No one has been able to explain this decision by the insurance company to me so if there are any agents out there; please let me know what kind of logic they used.
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Regards,
Axel
1990 SEC, Arctic White w/gray interior, M119.960 326 Hp. engine from 1992 500 SL, 722.370 transmission from 500E (reinforced clutches), 2:82 Differential, Euro Headlamps, 1st Gear Start module, One-Touch Window module and Keyless Entry module all from BergWerks, Bilstein HD Shocks on front axle, H&R lowering springs front and rear, AMG 3-piece 17" rims, 8.5" in the front and 10" at the rear.
Have the same coverage for both vehicles. '02 Jeep Grand Cherokee and '91 560SEC. Collision and comprehensive. Multi-car, Anti-theft, Dual air-bags, Anti-lock brakes discounts. Runs me a little over $1200 a year. I figure that even with the $500 deductible, if the SEC gets hit, it's going to cost more than $1100 to repair it.
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Jay
Gulf Coast Coupes
'91 560SEC w/3pc. AMG wheels, clear corners, no cats
owned a '82 300SD
Have the same coverage for both vehicles. '02 Jeep Grand Cherokee and '91 560SEC. Collision and comprehensive. Multi-car, Anti-theft, Dual air-bags, Anti-lock brakes discounts. Runs me a little over $1200 a year. I figure that even with the $500 deductible, if the SEC gets hit, it's going to cost more than $1100 to repair it.
What would be the maximum that your insurance company would pay if they totaled the car?
I am getting ready to do a reassessment with the cars next week and I am wondering what hard figures one could expect in a total vs dragging the car home and either salvaging parts for another car, selling parts out or rebuilding.
Not me.Im thinking to get it for the twin King but not this year as I wont drive it in the winter.Also its so chip this way but to replace the parts Now YOU made me THINK
What would be the maximum that your insurance company would pay if they totaled the car?
I am getting ready to do a reassessment with the cars next week and I am wondering what hard figures one could expect in a total vs dragging the car home and either salvaging parts for another car, selling parts out or rebuilding.
IIRC not too long ago someone on mbcoupes.com board had theirs totalled by their insurance co. for around $14k. I think he also got to keep the car.
but to replace the parts
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