Collision Insurance Or Basic
Thread Starter
Instructor
Joined: Jan 2008
Posts: 145
Likes: 0
From: LINDEN MICHIGAN
Collision Insurance Or Basic
what do you carry full coverage or just basic insurance, i only have basic insurance($160.00 for 6 months) since the car is not worth much($12,000) what will the insurence company pay if you reck it(probley not much) is it worth to carry full coverage on theise cars mine is a 1994 vert
Safety Car
Joined: Nov 2005
Posts: 4,590
Likes: 48
From: W MI
what do you carry full coverage or just basic insurance, i only have basic insurance($160.00 for 6 months) since the car is not worth much($12,000) what will the insurence company pay if you reck it(probley not much) is it worth to carry full coverage on theise cars mine is a 1994 vert
0
Quote it out and it really isn't much money. My 87 Vert has collector's insurance through Hagerty, but it isn't a regular use vehicle. I pay about $500 a year for $15k agreed value(minimum they would allow) w/ $250 deductibles.
Advanced
Joined: Dec 2005
Posts: 61
Likes: 0
From: Columbia, MD
Insurance Coverages Explained:
Collision: carries a deductible. covers you if you cause the accident.
Comp: carries a deductible. Covers you for vandalism, tree branch, deer hit.
PD: insurance that covers other party if you cause accident.
UMPD : may carry deductible. covers you in a hit and run, uninsured motorist, etc.
PIP: Personal Injury Protection or Medpay. Most are 2,500 or 5,000. Covers you in an accident. Coverages vary state to state.
If you do not comp or coll and you cause an accident, hit a deer, and a tree branch hits your vehicle, you are no covered (AKA you get $0). I know I can not live without comp and coll on my vette.
Collision: carries a deductible. covers you if you cause the accident.
Comp: carries a deductible. Covers you for vandalism, tree branch, deer hit.
PD: insurance that covers other party if you cause accident.
UMPD : may carry deductible. covers you in a hit and run, uninsured motorist, etc.
PIP: Personal Injury Protection or Medpay. Most are 2,500 or 5,000. Covers you in an accident. Coverages vary state to state.
If you do not comp or coll and you cause an accident, hit a deer, and a tree branch hits your vehicle, you are no covered (AKA you get $0). I know I can not live without comp and coll on my vette.
Instructor
Joined: Feb 2007
Posts: 217
Likes: 0
From: ELK-MAHA Nebraska
I'd go with the full Coverage with ALL-State i have it and ALL state will reward you for not having an accident or making a claim to them every six months your deductable will be reduced by $100 bucks every 6 months...If you have a clean record you have even more benefits from them are you a ticket, accident riddden driver you will have higher rates and you will want to get a different carrier that caters to accident prone drivers GET THE COMP and COLL for your Vette I couldnt live if i didnt have it and some Idiot ran into it( Well He wouldn't live to see the sun rise anyway 
his head in for hitting my car ) i have Comp/coll + FULL COVERAGE on both my Truck and vette.....I may have to talk with my agent about value of my 84 and the cost to rebuild it if i get hitthe Guy that hits me will be sued and HE WILL BE Bring my Vette back to life...)
his head in for hitting my car ) i have Comp/coll + FULL COVERAGE on both my Truck and vette.....I may have to talk with my agent about value of my 84 and the cost to rebuild it if i get hitthe Guy that hits me will be sued and HE WILL BE Bring my Vette back to life...)
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Team Owner
Joined: Oct 2004
Posts: 81,241
Likes: 3,063
From: altered state
St. Jude Donor '05
Never have anything less than full coverage, not worth the few dollars you save each month if someone wipes your car out and you lose your butt.
I pay $700 and change each year, car is insured for $25k. Just about anythign that could possibly happen to it is covered. Dont drive it much but the peace of mind is well worth it.
I pay $700 and change each year, car is insured for $25k. Just about anythign that could possibly happen to it is covered. Dont drive it much but the peace of mind is well worth it.
Racer
Joined: Feb 2006
Posts: 277
Likes: 20
From: Lapeer MI
I guess I disagree with the majority here. I carry basic insurance for several reasons. I have two speeding tickets, not because of the vette.
I live in a no fault state so our insurance is through the roof compared to when I lived down south in Miss. The Corvettes have been long paid for and are high milege C4's, I love to drive them and there're in excellant shape and wins trophies all the time. I figure the money I haved saved will have paid for a replacement vette should the unlikely accident total the vett beyond repair. I have already saved more in the past years to do just that. OK, it was a gamble but it did pay off for me, thank goodness. If I should ever get into a minor fender bender I have the ability to repair and replace everything myself and will be money ahead. I don't drive the cars everyday to work, just weekends to car shows, races, both local and out of state. You have to really look at the cost in your area, if its not that much different then its cheap piece of mind to have. But if your save more than $500 a year than you have a decision, if its really worth it? Just my $0.02
I live in a no fault state so our insurance is through the roof compared to when I lived down south in Miss. The Corvettes have been long paid for and are high milege C4's, I love to drive them and there're in excellant shape and wins trophies all the time. I figure the money I haved saved will have paid for a replacement vette should the unlikely accident total the vett beyond repair. I have already saved more in the past years to do just that. OK, it was a gamble but it did pay off for me, thank goodness. If I should ever get into a minor fender bender I have the ability to repair and replace everything myself and will be money ahead. I don't drive the cars everyday to work, just weekends to car shows, races, both local and out of state. You have to really look at the cost in your area, if its not that much different then its cheap piece of mind to have. But if your save more than $500 a year than you have a decision, if its really worth it? Just my $0.02
Le Mans Master
Joined: Dec 2002
Posts: 6,715
Likes: 2
From: Santa Teresa New Mexico
what do you carry full coverage or just basic insurance, i only have basic insurance($160.00 for 6 months) since the car is not worth much($12,000) what will the insurence company pay if you reck it(probley not much) is it worth to carry full coverage on theise cars mine is a 1994 vert
$!2,000 is $12,000.
Le Mans Master
Joined: Dec 2003
Posts: 5,768
Likes: 33
From: Van Steel Corvettes
St. Jude Donor '12-'13
I carry full coverage. It's only a few bucks extra per month. I even have full coverage on my 89 fullsize chevy truck and it might be worth 4k. If i dropped collision on both it saved me like $50 for six months...so I keep both loaded.
Le Mans Master
Joined: Aug 2007
Posts: 8,735
Likes: 412
From: WV
I have Liability only $80.00 every six months. Full coverage is $325.00 for six months. Unless your accident is very minor there going to total the car anyway and you all know how much a 20 year old C4 is worth. Minor body work I can do myself.
Instructor
Joined: Aug 2006
Posts: 144
Likes: 0
From: Watertown SD
I've always used the general rule of thumb with all my vehicles that when the cost of full coverage per year is 10% or more of what the car is worth, it's time to drop the full coverage. However, I don't skimp on the liability coverage! IMO $250,000/$500,000 is the least a person should carry for liability nowdays, and a million dollar umbrella is cheap too! 
Burning Brakes
Joined: May 2004
Posts: 1,182
Likes: 14
From: POINT PLEASANT NEW JERSEY
I pay $189.00 for 1 year with American Collectors Insurance with full coverage and agreed value of 12,000 on my 87. I have a 5,000 mile a year limitation which is more than adequate for me as I put close to that but not more than 5,000 mi a year. I did have a policy with another carrier a few years ago for about 289.00 yr with unlimited mileage...but I really don't use the car in the winter months so why pay the extra 100 bucks. I have the full coverage because you know 12k is 12k$$$$.....not much compared to a C5-C6 ...but for the miserable $189....I'll take the coverage in the event something bad were to happen.
Instructor
Joined: Nov 2003
Posts: 199
Likes: 0
From: Huntsville AL
with full coverage though if you are in an accident they can total your car out can they not? Then you have to haggle to buy it back or deal with a salvage title correct?
If you just have liability that is not an issue is it?
If you just have liability that is not an issue is it?
Melting Slicks
Joined: Dec 2004
Posts: 2,954
Likes: 2
From: Obama=death for America
In my opinion, only carrying liability is asinine unless it's a money thing. If you can't afford the comprehensive, fire/theft ins., etc., then you probably shouldn't be driving a Corvette.
No offense, but please learn when and how to use a period, how to spell check and also when you should capitalize. It makes reading the post easier to comprehend.
No offense, but please learn when and how to use a period, how to spell check and also when you should capitalize. It makes reading the post easier to comprehend.
Tech Contributor
Joined: Aug 2006
Posts: 9,933
Likes: 103
From: Peoria Arizona.. Resident Gold Cylon
Full coverage. Last three times I was rear ended in my poor GMC Jimmy its always the same story all three had no insurance. I have been driving since I was 15. With 30 years of driving I have had about 10 accidents (all someone elses fault). 3/10 have had insurance, real crappy odds on a mandatory insurance required state. I always end up paying the deductable and move on. The insurance companies seldom recover any funds. Grounds for automatic and repeated tazing in my book on these lowlifes.