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I've never seen an option to choose the liability cover on insurance, I didn't know it was a thing. I just checked my policy and it is up to $20 million NZ ($12

by jemmyw 3y ago

I've never seen an option to choose the liability cover on insurance, I didn't know it was a thing. I just checked my policy and it is up to $20 million NZ ($12M US) per event. How much do you pay for car insurance in the US? Mine is 1,200NZD per year, about 730USD

lotsofpulp 3y ago
You need to specify how many miles per year to somewhat compare since the risk is directly proportional to amount of time on the road. I pay ~$50 per month for 5k miles per year for $500k liability coverage and uninsured/underinsured coverage. But I also have a few million in umbrella coverage, so not sure if it’s even comparable.
- smaccona 3y ago
  I pay ~$440 a month for two vehicles. My buddy in PA thinks it’s because I live in New York.
  - zdragnar 3y ago
    Some states have weird laws that affect prices, too. I once got hit while in MN, and the insurance company had to pay out for the cost of a new body panel. The shop gave me the option of a new panel, or a refurbished one off of a scrap car. It looked identical when they were done, but I ended up getting a check cut for half the value of the new panel because the used one was so much cheaper. As I was in college at the time, a free $800 made my day.
    - bombcar 3y ago
      I could see the state requiring new parts because of unscrupulous insurance companies insisting that shitty used parts were fine: but it’s nice you had the option of taking the cash. Best of both worlds, really.
      - zdragnar 3y ago
        Really, in the long run all it does is make your premiums more expensive. > insurance companies insisting that shitty used parts were fine That's not up to the insurance company, because they aren't the ones sourcing the parts or doing the repairs. You go to a body shop that either works directly with the insurance company, or the company cuts you a check in the shops name for the quoted work. It makes no sense whatsoever to put a brand new body panel on a car that's already lost 70-80% of the MSRP value to depreciation... IF the used parts are not damaged already, and the paint matches. Again, though, that's in the hands of the mechanic, not the insurance company.
- jemmyw 3y ago
  About 8000km a year, so just under 5k miles too.
- kube-system 3y ago
  Also you'd need to iterate everything about the insurance regulations in that location since the types of events that insurance pays out on can vary quite a bit between US states, let alone across oceans. Some places have insurance laws that will make people say "wait, car insurance pays for that?" Also, most of the reason US car insurance is so expensive is due to the cost of healthcare, which is paid for in other ways in many other countries.
anthomtb 3y ago
About $1900/year, for two ICE vehicles (no liens), 300k/500k liability (per person/per incident maximums). Maxed out deductibles for Collison/Comprehensive on both. I just added a $1,000,000 umbrella policy at $500 a year though it would be nice to double the coverage there. I use Geico and they give a breakdown of the cost per vehicle. My full size pickup is double the cost of my wife's mid-size SUV, which I cannot argue against.
- federalauth 3y ago
  When you say maxed out deductibles for collision and comprehensive, do you mean you picked the highest deductible? Or lowest deductible which would mean max coverage but also premium? I’ve always wondered about the value of collision and comprehensive, since it seems to be one of the more expensive parts of car insurance
  - bombcar 3y ago
    Maximum deductible is taking on more of the risk yourself. The first dollar in any claim is always paid, the last dollar hardly ever, so the first dollar is worth more. Maximum deductible also reduces the chance you’ll involve insurance at all. Why report a $200 fix when your deductible is $1000? Comprehensive insurance is for when you CANNOT afford to lose the car. If it would be painful but you’d survive, you probably don’t need it.
  - astura 3y ago
    > I’ve always wondered about the value of collision and comprehensive, since it seems to be one of the more expensive parts of car insurance As a general rule - You should buy insurance on something when you both 1) have to have it and 2) can't afford to replace it. Once you can afford to comfortably absorb a loss equal to the value of your car, you should consider dropping collision and comprehensive. For me that's when the car is worth less than around $5k.

by jemmyw 3y ago

lotsofpulp 3y ago

You need to specify how many miles per year to somewhat compare since the risk is directly proportional to amount of time on the road. I pay ~$50 per month for 5k miles per year for $500k liability coverage and uninsured/underinsured coverage. But I also have a few million in umbrella coverage, so not sure if it’s even comparable.

smaccona 3y ago
I pay ~$440 a month for two vehicles. My buddy in PA thinks it’s because I live in New York.
- zdragnar 3y ago
  Some states have weird laws that affect prices, too. I once got hit while in MN, and the insurance company had to pay out for the cost of a new body panel. The shop gave me the option of a new panel, or a refurbished one off of a scrap car. It looked identical when they were done, but I ended up getting a check cut for half the value of the new panel because the used one was so much cheaper. As I was in college at the time, a free $800 made my day.
  - bombcar 3y ago
    I could see the state requiring new parts because of unscrupulous insurance companies insisting that shitty used parts were fine: but it’s nice you had the option of taking the cash. Best of both worlds, really.
    - zdragnar 3y ago
      Really, in the long run all it does is make your premiums more expensive. > insurance companies insisting that shitty used parts were fine That's not up to the insurance company, because they aren't the ones sourcing the parts or doing the repairs. You go to a body shop that either works directly with the insurance company, or the company cuts you a check in the shops name for the quoted work. It makes no sense whatsoever to put a brand new body panel on a car that's already lost 70-80% of the MSRP value to depreciation... IF the used parts are not damaged already, and the paint matches. Again, though, that's in the hands of the mechanic, not the insurance company.
jemmyw 3y ago
About 8000km a year, so just under 5k miles too.
kube-system 3y ago
Also you'd need to iterate everything about the insurance regulations in that location since the types of events that insurance pays out on can vary quite a bit between US states, let alone across oceans. Some places have insurance laws that will make people say "wait, car insurance pays for that?" Also, most of the reason US car insurance is so expensive is due to the cost of healthcare, which is paid for in other ways in many other countries.

anthomtb 3y ago

About $1900/year, for two ICE vehicles (no liens), 300k/500k liability (per person/per incident maximums). Maxed out deductibles for Collison/Comprehensive on both. I just added a $1,000,000 umbrella policy at $500 a year though it would be nice to double the coverage there. I use Geico and they give a breakdown of the cost per vehicle. My full size pickup is double the cost of my wife's mid-size SUV, which I cannot argue against.

federalauth 3y ago
When you say maxed out deductibles for collision and comprehensive, do you mean you picked the highest deductible? Or lowest deductible which would mean max coverage but also premium? I’ve always wondered about the value of collision and comprehensive, since it seems to be one of the more expensive parts of car insurance
- bombcar 3y ago
  Maximum deductible is taking on more of the risk yourself. The first dollar in any claim is always paid, the last dollar hardly ever, so the first dollar is worth more. Maximum deductible also reduces the chance you’ll involve insurance at all. Why report a $200 fix when your deductible is $1000? Comprehensive insurance is for when you CANNOT afford to lose the car. If it would be painful but you’d survive, you probably don’t need it.
- astura 3y ago
  > I’ve always wondered about the value of collision and comprehensive, since it seems to be one of the more expensive parts of car insurance As a general rule - You should buy insurance on something when you both 1) have to have it and 2) can't afford to replace it. Once you can afford to comfortably absorb a loss equal to the value of your car, you should consider dropping collision and comprehensive. For me that's when the car is worth less than around $5k.