Whats everyone paying for Car Insurance?

[MillauFr]

And we are the only house in the area with earthquake coverage...there actually is a large fault close by.

What large fault is near Chicago? Never heard of such a thing? I though the only areas of the country that had large earthquakes were California, Alaska, Western Washington/Oregon, and the area around Memphis.

 

[bearzabout]

Also consider bundling car insurance with homeowner's insurance and a liability umbrella policy. We get a good package discount. We shopped it last year and another agent could not come close with any company. Our new $55K 2018 car costs under $700/year to insure in Michigan. Our agent told us credit ratings affect car rental rates as well. We turn off liability insurance and leave on comprehensive only (about $40/year) for cars that are in storage.

We have earthquake coverage in Michigan. It comes with certain high end homeowner's policies and is optional on others. I think the insurance companies removed or altered earthquake coverage on standard policies a few years ago because of fracking and for us, the New Madrid fault.

 

[NinaBella]

We turn off liability insurance and leave on comprehensive only (about $40/year) for cars that are in storage.

Most unbrella policies do not allow you to remove liability even if the car is in storage, unless it is dead storage (deregistered, and some states would require the plates to be turned it). Then in dead storage, liability extends from the homeowners to the umbrella as the car is then considered personal property. Some states like Connecticut have what they call “black tag” which allows liability to be removed from a vehicle and still be okay under the umbrella policy.

In addition most states require all registered vehicles to maintain liability even if in a storage status. There are only a few states that does not have a law requiring liability for register vehicles.

While I love umbrella policies, that doesn’t cover the state requirements for liability on an auto insurance policy. The deductible for a claim or lawsuit from the vehicle with no auto liability would be the minimum required to have the umbrella, so around 300,000/500,000/100,000 depending on the umbrella insurance company.

 

[MrsCobraBubbles]

I drive an '07 Buick Lacrosse, I pay about $30/month with a $500 deductible. My son will be driving in a year so I will have to add another car and a teenage driver and I'm scared of how much my insurance is going to go up!

 

[cedricandsophie]

What large fault is near Chicago? Never heard of such a thing? I though the only areas of the country that had large earthquakes were California, Alaska, Western Washington/Oregon, and the area around Memphis.

New Madrid fault line in southern Illinois. Also another fault runs through Sandwich Il.

 

[MillauFr]

New Madrid fault line in southern Illinois. Also another fault runs through Sandwich Il.

Sure New Madrid but that is no where close to Chicago. In most earthquakes the damage is localized. The 1994 Northridge earthquake in Los Angeles caused severe damage on the north side of the city but very little 30 miles away on the south side side of the city.

 

[Judique]

What large fault is near Chicago? Never heard of such a thing? I though the only areas of the country that had large earthquakes were California, Alaska, Western Washington/Oregon, and the area around Memphis.

We've had earthquakes fairly recently in Maryland and Virginia.

 

[Mackenzie Click-Mickelson]

What large fault is near Chicago? Never heard of such a thing? I though the only areas of the country that had large earthquakes were California, Alaska, Western Washington/Oregon, and the area around Memphis.

Oklahoma (seems to be northern OK near the border of KS) has a lot of earthquakes and southern KS (down by the northern border of OK). There have actually been times where earthquakes in northern OK could be felt where I am at in NE KS. A decent number of earthquakes in KS as a whole however have been linked to man-made rather than fault-line related and that dramatically increased the incident rate of earthquakes in KS.

I can get earthquake insurance on my homeowner's policy in KS and you can in MO too. Just depends on the company and product you have.

It doesn't have to be really high on the scale for one to have concerns about damage and look into the coverage for their home policy.

 

[MillauFr]

Oklahoma (seems to be northern OK near the border of KS) has a lot of earthquakes and southern KS (down by the northern border of OK). There have actually been times where earthquakes in northern OK could be felt where I am at in NE KS. A decent number of earthquakes in KS as a whole however have been linked to man-made rather than fault-line related and that dramatically increased the incident rate of earthquakes in KS.

I can get earthquake insurance on my homeowner's policy in KS and you can in MO too. Just depends on the company and product you have.

It doesn't have to be really high on the scale for one to have concerns about damage and look into the coverage for their home policy.

I am surprised that the fracking companies haven't been sued yet for the damage they are causing.

 

[Mackenzie Click-Mickelson]

I am surprised that the fracking companies haven't been sued yet for the damage they are causing.

It's pretty interesting honestly from our standpoint of not having had many earthquakes to all of a sudden a big uptick when the rate of injection of water into deposit wells was common and it's the water being injected into deposit wells that is being listed as the main cause.

Back in 2016 the restrictions on that was tightened and production of oil and gas extraction have led to a decline in the number of earthquakes.

Back in 2017 though they did say that OK and southern KS are just as prone to earthquakes as CA but the causes are different.

 

[MillauFr]

Back in 2017 though they did say that OK and southern KS are just as prone to earthquakes as CA but the causes are different.

Does anyone actually believe that? No way that OK is just as prone to earthquakes as California. Complete nonsense.

 

[a1tinkfans]

25/50 is usually state minimum coverage (states vary just advising this is the usual minimum)

I've never had less than 100/300 but I've had 250/500 and 500/500 in the past.

Personal opinion but I wouldn't recommend anything less than 100/300.

As far as costs you may look into your deductible options. $250 is fairly low. Usually, though not always, the higher the deductible the lower your costs (since you will be upfronting more $ in the case of an accident).

Rates can def. depend on where you live and the insurance company you are with plus a wide variety of other characteristics so cost-wise it's hard to compare.

Bottom line though if you have questions or concerns why not set up an appointment to go over your coverage with your insurance agent?

Absolute agree with minimum of 100/300 or 300 single limit
And be sure u have UNDERinsured coverage ( which some states add to their uninsured portion). To protect Yourself from the people that have limited coverage, heaven forbid u need it.

 

[Mackenzie Click-Mickelson]

Does anyone actually believe that? No way that OK is just as prone to earthquakes as California. Complete nonsense.

You can choose not to believe it if you don't want to but it is true according to the United States Geological Survey at least according to their findings in 2017



"The Humboldt Fault, which runs from Iowa south through Kansas and into Oklahoma, makes the area seismically active. Historically the area is capable of producing earthquakes, but human-induced earthquakes are what makes the area as prone to temblors as California, according to the USGS study."

 

[MillauFr]

but human-induced earthquakes are what makes the area as prone to temblors as California, according to the USGS study."

So the state of Oklahoma is letting the fracking companies get away with killing innocent people? I think the voters would turn against them and make the state enact stricter regulations.

 

[Mackenzie Click-Mickelson]

So the state of Oklahoma is letting the fracking companies get away with killing innocent people? I think the voters would turn against them and make the state enact stricter regulations.

Well I know it was mentioned in our news that OK wasn't following suit with KS in tightening the restrictions but to that point it isn't that KS banned the practice they just tightened the regulations so we're not the best so to speak on that aspect.

 

[Average Joes]

Absolute agree with minimum of 100/300 or 300 single limit
And be sure u have UNDERinsured coverage ( which some states add to their uninsured portion). To protect Yourself from the people that have limited coverage, heaven forbid u need it.

I always found it interesting how little liability coverage most people have in the U.S. In Canada $1,000,000 per accident is standard and less than that is quite rare. I have $2,000,000 with underinsurance.

 

[Mackenzie Click-Mickelson]

I always found it interesting how little liability coverage most people have in the U.S. In Canada $1,000,000 per accident is standard and less than that is quite rare. I have $2,000,000 with underinsurance.

Well to be fair how the U.S. does things and how Canada (and other countries in the world) do things will just vary.

We have 50 states with the possibility of 50 different Department of Insurance rules and coverages available.

Requiring as much liability as you mention most have in Canada would be entirely cost-prohibitive for a large portion of U.S. drivers especially for areas where the premium calculation is already high. Also each state can carry different risks in terms of accidents.

I don't even know how many insurance companies are out there that even have 1,000,000 in terms of regular liability as an option available for private passenger auto policies (i.e. non-business/commercial) (not speaking towards an Umbrella policy).

Most I generally saw was the highest even offered was 500/500.

 

[2China2009]

Nebraska: 2008 Honda CRV, $600/year, 46 y/o old driver. Geico is the way to go. I also have achieved accident free forgiveness.