What are you paying on 6-mo. insurance premiums on your fortwo?

homeslice · 06-05-2009, 07:22 PM

Is this vehicle expensive to insure compared to most vehicles or is it average?

What are you guys paying for full coverage insurance every 6 months?
Also, what is your age (range is fine if you're worried about an exact figure), state, marital status, accident or ticket record?

For my BMW and Saturn, we're paying about $650 every 6 months full coverage, minimum required by Florida for a financed vehicle.

Married, early 40's, no tickets in over 10 years, no accidents in my lifetime.

I'm wondering if my insurance will change once I get rid of the BMW and get the smart fortwo.

homeslice · 06-05-2009, 07:25 PM

Also, the reason why I brought this up is because I read this article on MSN today, which also talked about the fortwo... I like what I read so far!

Which cars cost more (or less) to insure - MSN Money

The Rigger · 06-05-2009, 09:55 PM

If I split the Cabrio out from the master policy, it amounts to around $230 for six months full coverage 20/40/10K.

This is from Michigan Millers Mutual, with whom I insure my house, two autos, my pickup truck, and a pop-up camper. 48 yrs old, Michigan Class A commercial driving license, married, 40-mumble-yr-old spouse, both with clean driving records.

homeslice · 06-05-2009, 10:12 PM

Sweet. That's not too shabby and you have higher coverage than me, which I think is mandatory up there.

This is the coverage I am paying for my 2007 Saturn Ion:
Bodily Injury Liability $10,000/$20,000: $40.20
Property Damage Liability $10,000: $54.80
Personal Injury Protection-Insured & Relative Basic $500 Ded: $53.80
Comprehensive $500 Ded.: $28.80
Collision $500 Ded.: $121.10
$298.70 for the 6 months total.

I am wondering if my coverages will be similar for the fortwo? I am wanting to not get the comp and collision if I pay cash for the car. That will save me another $300/yr. Then I can put the money into a savings account and pay to fix the damage of the car on my own if it gets a fender bender. And if I don't crash (which has been the case for the past 600,000+ miles), then I get to keep the money and not see it vaporize before my eyes every year.

**jwight** · 06-06-2009, 05:52 AM

Several threads on this; here's just one: Insurance Rates :(

The Rigger · 06-06-2009, 12:29 PM

Quote:

Originally Posted by homeslice

Sweet. That's not too shabby and you have higher coverage than me, which I think is mandatory up there.

Yeah; 20/40/10 is pretty much minimum coverage in Michigan. My comp & collision deductables are $250, too.

I wish I could match my motorcycle policy; Progressive charges me a bit over $500 a year for full coverage, 100/300/50, with a $100 comp & collision deductable. Now *that's* a sweet rate.

homeslice · 06-06-2009, 01:41 PM

Motorcycle insurance is only required here if you finance the vehicle. Many people pay cash so they don't need the insurance. Why bother to pay insurance on a motorcycle? You could crash and die. What's there to get back? Only theft insurance would be worth it. I've heard of people here picking up crotch rockets and putting them in the back of pickup trucks.

I wanted to get a motorcycle or scooter so I could just pay for gas, tires, oil changes and nothing else. It's been raining here like every few hours. I'm so glad I didn't buy one. The smart fortwo is the next best thing. Super easy and ultra cheap to maintain. Maybe not cheap if you keep bringing it back to smart or the MB dealer, but it is for me since I do my own maintenance.

The total cost for me to go 100,000 miles in maintenance for a fortwo would run me maybe no more than $300-400 or so for all fluids and oil filters. The air filters are the most expensive, especially the cabin filter. Then the tires would be next. And now that I am in the city, I suspect I'd be changing the brake pads frequently. I don't know if I would do those myself or not.

If I pay cash for the fortwo, then I can get the minimal coverage by the state of Florida and not get comp and collision.

jonnysan · 06-06-2009, 02:08 PM

Quote:

Originally Posted by homeslice

Sweet. That's not too shabby and you have higher coverage than me, which I think is mandatory up there.

This is the coverage I am paying for my 2007 Saturn Ion:
Bodily Injury Liability $10,000/$20,000: $40.20
Property Damage Liability $10,000: $54.80
Personal Injury Protection-Insured & Relative Basic $500 Ded: $53.80
Comprehensive $500 Ded.: $28.80
Collision $500 Ded.: $121.10
$298.70 for the 6 months total.

I am wondering if my coverages will be similar for the fortwo? I am wanting to not get the comp and collision if I pay cash for the car. That will save me another $300/yr. Then I can put the money into a savings account and pay to fix the damage of the car on my own if it gets a fender bender. And if I don't crash (which has been the case for the past 600,000+ miles), then I get to keep the money and not see it vaporize before my eyes every year.

Down that road without considering the law of averages. I did and sure a hell it cost me a couple thousand more than if I'd just insured the car the right way first.
My smartie cost me $330 a year with Liberty Mutual here in the Albany area and that's full coverage.

homeslice · 06-06-2009, 05:25 PM

I tried getting a quote from Liberty Mutual last year and it was almost 3x the premium than I'm paying now.

The Rigger · 06-06-2009, 08:13 PM

Quote:

Originally Posted by homeslice

Why bother to pay insurance on a motorcycle? You could crash and die. What's there to get back?

If you're like a few people I know, you could crash and *not* die, get your hospital bills paid, and get your totaled bike replaced with a new one. That'd be the point of full-coverage insurance.

To each his own, I suppose...