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#5144 of 5338 Should I claim diminished value for relatively new car in accident?
Jan 16, 2013 (10:18 am)
I have a 2011 Honda Civic (1.5 yrs old) which was rear-ended. It was just shy of 12K miles and is still driveable. I had just had scheduled maintenance done weeks before the accident and Hodna told me it was in perfect conditinon. I'm still waiting for the police report, but it was definitely not my fault.
My nsurance company estimates $3K damage without opening the trunk, which is sealed shut to keep out rain/snow. I was hit by a CRV which was rammed into me by a speeding hybrid (that car was totalled). Damage could be over $3K if they find something upon opening it, plus it's a unibody, so I don't know if impact damaged that. Even if I get this fixed 'perfectly', I'm sure its value will be lesser due to being in an accident if I try to sell it privately or use it as a trade-in
Does anyone have any advice on what I should do? I live in Connecticut, if that makes a difference on the laws.
#5145 of 5338 Re: Picking a collision ins. deductible , vs "Limited collision" [woodyww]
Jan 16, 2013 (11:02 am)
If I recall, and my memory may be failing me, limited collision means it pays to fix YOUR car only if the other guy is at fault, meaning you are discounting the premium and gambling on your own "driving skills", so if you are at fault, your own car will not be repaired, but if the other guy causes the wreck, your car can be fixed (if he is uninsured, for example)...
The difference between the $28 and the $211 is not really a lot, considering what it would cost to fix your car if you caused the collision...even if money is tight, I would just keep the $1K deductible on full collision and be done with it...
#5146 of 5338 Re: Picking a collision ins. deductible , vs "Limited collision" [woodyww]
Jan 16, 2013 (11:09 am)
Because the crash will not be your fault and due to very little exposure to traffic, consider replacing the $1,000 Collision Deductible with Underinsured Motorist Property Damage which has a $100 Deductible.
#5147 of 5338 Re: Picking a collision ins. deductible , vs "Limited collision" [euphonium]
Jan 16, 2013 (4:00 pm)
Can you buy a UM policy for prop damage without the liability portion?
#5148 of 5338 Re: Picking a collision ins. deductible , vs "Limited collision" [euphonium]
by MrShift@Edmunds HOST
Jan 16, 2013 (5:26 pm)
Be careful with that---if the uninsured or underinsured motorist hot-foots it, and you cannot identify the culprit, you're screwed.
Jan 16, 2013 (6:42 pm)
So I recently went through the process of seriously researching coverage now that my wife and I are moving onto the same policy.
Her previous coverage was 500k CSL, my previous coverage was 250/500/100 - comprehensive, collision, and underinsured motorist deductibles were $500 for each of our policies and we had underinsured motorist coverage of $50,000 (each our cars are worth <$25k) and $35k PIP. We are each ticket free/accident free for 5 years. The quotes we got ranged widely and we ended up on settling with Travelers through our AAA agency - side note: Travelers came in $500/year cheaper than our next best quote from Safeco and saved us $200/yr on our renters insurance/umbrella. Here is my question: How do you know when you have enough coverage? Obviously more is better is the philosophy. At first I thought the cost differential would be huge, but here is how it broke down: 250/500/100 : $1274/year (for both cars, both drivers) 500/500/500: $1314/year (both cars, both drivers) We went with the 500/500/500 coverage because it seemed silly not to for such little cost differential, but I'm still curious if its totally overkill....
#5150 of 5338 28firefighter
Jan 17, 2013 (8:44 am)
It depends on what you have to protect, and how much you want to inulate yourself from a possible judgment...if you own a nice house and many assets (you said you cars were worth under $25K), the more ins you have the "better" you are covered in the event you cause the wreck and seriously injure or kill the other person(s)...
Obviously, one can see the possibility of overkill, yet, if you caused a wreck and 2 or 3 people died, having 5 million may not be enough, yet we simply have to take chances.
My policy is a base of 100/300/100 with a million $$$ umbrella (the umbrella is $150 a year, so cost is not really a big issue)...
Then, you could go completely uninsured and be judgment-proof if you live in a tent and drive a car, but the responsible thing to do is to have at least 100K (IMO) which will cover 95% of most accidents...
Altho last year I had a case where it was a simple rear end collision, with the trunk ending up in the back seat...3 occupants in the struck car, which then rear-ended the car in front, so a total of 5 injured parties, 2 minor and 1 moderate and 2 serious...the liability olicy was 50/100...one guy did break his neck, so he got the first 50K (his neck surgery was $75K) and the others split the last 50K...my client had two injured lumbar discs, but since he was the last to settle, the liability policy only had $8,000 left for him...had the at-fault party had 100/300 it would have been better, and an umbrella policy would have been MUCH better...
Depends on your point of view who won...the at-fault party was not sued, since he was a 25 year old with no assets...so, you could say he got away with having a mediocre policy, but, if I was the one who caused those injuries, I would want to be sure they were adequately compensated...part of it is a moral issue, and some folks just want the state minimum of $25K liability...
#5151 of 5338 Re: Picking a collision ins. deductible , vs "Limited collision" [marsha7]
Jan 17, 2013 (7:58 pm)
Basic Liability is needed to have UMPD endorsed onto the policy.
#5152 of 5338 Re: Picking a collision ins. deductible , vs "Limited collision" [Mr_Shiftright]
Jan 17, 2013 (8:01 pm)
Not really because in phantom driver and hit and run cases, the deductible is just more. Not being able to identify the culprit & you're screwed is a myth.
#5153 of 5338 Re: 28firefighter [marsha7]
Jan 17, 2013 (8:04 pm)
So the cars that we have are not entirely reflective of our assets and makes me feel even better about the coverage we chose. We did also do a $1 million umbrella along with our renters insurance because it was basically free when factoring in the discount.