Any one here self insured on their cars? I live in Ohio and it has procedures for self insuring by proving financial responsibility with a State bond. I am checking it out.

 

If I'm not mistaken.. doesn't that mean if you have a blow out.. take out a ZL1 Camaro in the process.. you just lost your car and paid for a Camaro.. right? But at least you saved that 1,200 a year..

 

Yup. That's about it.

 

Insurance is like betting you are going to wreck your car. The insurance company is betting you're not going to. So, you win if you lose and you lose if you win.

 

And afterwards you can place another bet on your new car.. at a higher wager...

 

Even without a new car, the price of betting goes up. However, they will cut you a break if you place enough bets by having more than one car.

 

I self insure half of my cars, except for the liability portion. No bonds or anything needed. Just tell your insurance agent you do not want collision or comp on your policy.

 

There's the key. Replacing auto is one thing but that lawsuit for a life is the back breaker.

 

Thanks for the insight. I will find the cost savings there.

 

You might want to consider leaving comp on the policy, though. It's not very expensive, and covers you against natural disasters.

 

What do you guys pay for insurance? I am in Pa. and am with State Farm. I have 3 vehicles, including my SRT6 and I pay about $900 a year with full coverage. I have no idea what the going rate is in other states.

 

I would be hesitant to self-insure for liability. The mere condition that one qualifies to self-insure implies that they have significant assets. An injured party seeking damages may seek to expose those assets and make extensive claims against them. With a conventional auto insurance policy an injured party can still seek damages exceeding the the limits of the insureds policy, but they are not as likely to do so because the insured typically has limited assets. As your potentially vulnerable assets increase you can generally reduce the risk of someone taking the trouble to pursue them by simply raising the limits of your policy in line with those assets for a few extra $ per term. It might also help to hide assets from potential forfeiture (i.e., have assets other than real property and documented financial accounts). The bottom line comes down to how expensive could an improbable claim against you be, and how much are you willing to pay out of pocket for the damages.

 

I pay about 450.00 a yr with Hagerty Ins. That Bumper to Bumper no dec. The key is if you have a newer car as daily driver you pretty much in with them ,

 

+1 on Hagerty. I'm looking to use them for the roadster.

 

Haggerty also wanted every licensed driver in household to have a car in their name and insurance , did not work for us, we both drive company cars,

 

Dose not work for all , that for sure , just me and the wife at home , the Corvette and The HHr and BURB are with Allstate, but it was Allstate that work it with Hagerty for me ,

 

Ray, how does that work with Haggerty? When I called them it was basically if you do not have a daily driver for everyone in the household that is newer than 2010 and in their name, they did not want to talk to you...

 

My research is done. I am my doctor, lawyer, priest, mechanic, tv repairman, roofer, mason, machinist, veterinarian, and now underwriter. I use Kumho tires.

 

It may understanding that you need to have one Daily that is newer then the Crossfire , for me that are 2009 HHR plus The Corvette is a 2007 with my work truck being my Daily 1999 GMC BURB , so looking at your post this may be true , I know that my allstate guy set this up for me because Allstate was killing me with the Crossfire on Allstate , Hold John, let me call , Just talk with my guy , and ya you and the the better half need a daily that is newer then the Crossfire , so there you go , go buy a newer sport car to drive and save with Hagerty

 

Well both of our other vehicles are newer than the XF, but we don't have FP type money so they are older than 2010

Maybe when I grow up, hell, Molly is already wanting a 'fun' car for her so who knows