Insurance: good idea? - Pontiac Solstice Forum
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post #1 of 25 (permalink) Old 05-17-2017, 06:00 AM Thread Starter
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Insurance: good idea?

I spoke to my insurance agent about insuring my recently acquired 2008 Solstice GXP. The agent was not able to give much information about whether or not I should put theft and accident damage on the insurance.

One of my major goals in life is to keep a low overhead as I don't like to be encumbered by unnecessary bills. At the same time, I am fully aware that properly spent money for the proper reasons is a properly good thing.

That all being said the agent said it would be an extra $10 a month for theft. She said she had no idea how much if any amount of money the insurance company would pay if the car was stolen. She said it would depend upon the value. I don't know what book she is referring to.

As far as putting car accident damage reimbursement insurance on, I believe, though not sure, I don't remember at the moment, it was also approximately $10 a month. She again was not sure at all about how much would be covered.

In both cases mentioned above there are obviously different levels of deductibles that would affect the rates. She was referring to a 1000 deductible which delivers a $10 a month rate for adding theft and another for adding $10 a month for accident damage coverage.

I know it's only $10 or so a month each. However, it is been my experience that $10 + dollars + plus $10 plus $10, ad infinitum, equals added stress which doesn't necessarily fit my lifestyle. It bears repetition though: money well spent is money well spent. I'm not adverse to it, just would rather avoid it if it's not going to be a wise expenditure.

Does anybody have any knowledge about insuring these vehicles vis-à-vis such things as generally how much do insurance companies generally pay if one of these car is stolen? Do they do a decent job of covering car accident damage? Is it worth getting these types of insurance or not worth it? Just general opinions would be just fine, and of course appreciated, as he understand exact answers are not possible.

has anybody had one of these car sadly stolen? has anybody unfortunately gotten into a car accident and try to put it into insurance? Direct experience in my experience generally but not always leads to highly valuable feedback.

Thank you for any helpful feedback

Last edited by MischievousGuru; 05-17-2017 at 10:44 PM.
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post #2 of 25 (permalink) Old 05-17-2017, 06:20 AM
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Beings that I work for an insurance company but by no means an agent. I just work in the I.T. dept. Anyway....how most companies value a car, is by looking at how much a car like yours would sell for on the used market for the area you live in. So for me it could be different then it is for you because of maybe the market price difference. This value is used both if stolen or totaled in an accident. But to be honest, squinting $10 here there is just a bit too tight for my taste. Just ask yourself, if your car was totaled or stolen, what can you afford to lose? A $1000 ductable? The whole value of the car period if not fully covered? Get to the deductable level that you can afford if your car has to get repaired or a check for the value minus your deductable. Its all in YOUR affordability. For me full coverage is what I have, there is still value left in my car, so I want to be able to get what I can.

Have you insured other vehicles? Do you have a loan on this car? If so most banks require that you have full coverage to cover their interest.

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post #3 of 25 (permalink) Old 05-17-2017, 06:47 AM
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My car is insured through State Farm I pay $ 178.00 for full coverage this is for 6 months out of the year because I store it in the winter months for that I pay $60.00
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post #4 of 25 (permalink) Old 05-17-2017, 07:31 AM
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Yea good point Sting Ya, I also have mine as 8500 or less miles so I pay less then I do for my other vehicles. But that is a great price, can't get that in the Baltimore area.

Not sure the age of Mischievious Guru, but I know my insurance company rates the GXP as a performance car, so for young people (24 or less) This can also make their rates higher. Beings that I am older...eh hem...and have a good driving record my rates a good.

But car insurance is one of those necessary evils, and the insurance companies always make sure they stay on top.
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post #5 of 25 (permalink) Old 05-17-2017, 07:51 AM
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Hahahahahahahahaha.....you guys are funny!!!

No tickets
No Accidents
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Live in a low crime area
Less then 20 miles to work
Both cars get used less then 10k/yr

2015 Challenger R/T - full coverage $500 ded. comp.
2008 Solstice GXP - full coverage $500 ded. comp.

$350/mth for insurance in the good old rape state of Michigan!!!

Now to answer your question. By all means for $10/mth, why would take a chance?!?!?! That's $120/yr to insure your car that's worth a minimum of $6000 in the event of an accident or theft. Why would you even ask that question?!?! Unless you can't afford $10/mth, then you should sell it. In which case I'm going to address it the same way I used to address selling a car with a payment of $50/mth more. How much money do you spend on Starbucks every month? How about eating at restaurants? How about smokes? I used to LOVE my customers that would come in and want an MKS but would find out the payment was $50/mth more then they wanted to spend....and most would have their 'evening' Starbucks with them. If we had a good relationship going I would look at them and say, for $50 more/mth, you don't want to drive an MKS? You would rather drive an MKZ?!?! Really?!?! Let me help you afford the car you want....how often do you take your family out to dinner? Oh...3 times a week? How much do you spend at each dinner with your 2 kids? Oh, $75/meal... Do you realize, just one meal will put you in the car you want....and you won't be driving a car you hate for 3 year.

Now that I've gotten off track, my other word of advice is this. IF...and it's a big IF....you pay more for insurance for 1 year then your car is worth, then, and only then do you drop full coverage insurance. At $10/mth for full coverage....I would insure the car till it went to the junkyard!! At $10/mth, you will ALWAYS get your money back if something happens to it. At $10/mth, you could theoretically insure it of 600 months (50years) and still make money if anything happened to it. I'm just going to say it, "quit being cheap and just put the full coverage on it"....unless it's an absolute beater that's worth $100.
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post #6 of 25 (permalink) Old 05-17-2017, 08:38 AM
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Insurance is nothing more than legalized gambling. You are betting that you need it, and the insurance company is betting that you do not need it. And just like real casinos, the house always wins in the end.

I believe in insuring things that I am legally required to ensure, and things that I cannot afford to lose or do without. I am one of those people that never gets an extended warranty on purchases.

2007 Solstice (hers) 2008 GXP (mine)
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post #7 of 25 (permalink) Old 05-17-2017, 10:13 AM
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45yrs old I pay $400 a yr for full coverage

$500 deductible
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post #8 of 25 (permalink) Old 05-17-2017, 10:23 AM
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I am confused. You bought a base Solstice for $6500 and then had buyers remorse and picked up a GXP for $12500 ($6000 more) and now you are worried about $10/month for additional insurance?

If money is tight, you should have kept the NA at $6500.

If the car is that important to you and you couldn't afford to replace it if you wrecked it, get the insurance.
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post #9 of 25 (permalink) Old 05-17-2017, 11:37 AM
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Insurance companies go by what's called the "book value " on a car which is a guide they use , Kelly Blue Book is one source .There are usually 2 listings per car one is wholesale or what a dealer will pay you on a trade in ,and the other is market value or retail what similar cars are selling for in your area . A good insurance company State Farm ,Allstate etc. will take into account the mileage ,condition of the car , options ,and any modifications if you have notified them and can document the changes prior to filling a claim . Another type of insurance is called Agreed Value which some carriers have or you go to a specialised carrier such as Hagerty who deals in collector cars , exotics ,antiques etc. this is basically an agreement between you and the carrier as to the worth of your car so if there is a loss they pay the agreed value . As an example I have a 70 Chevelle SS396 that has an agreed value of $65000.00 if the car were stolen ,totaled ,or they could not find the parts to repair it in the case of an accident this is the amount I would receive. You need to take into account the fact that the car is a convertible (easier to break into ) it's small so it could be hard to see for someone like Granny backing out of a parking space and the places you drive as far as crime goes .My cars the Solstice and Chevelle never leave my sight unless I'm at a cruise in or car show I don't use them as daily drivers .I guess at this point you have to, ask yourself am I willing to risk what could end up being costly repairs or worse yet a total loss all to save a few bucks bottom line for me is that it's a necessary evil .
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post #10 of 25 (permalink) Old 05-17-2017, 10:46 PM Thread Starter
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Quote:
Originally Posted by HotScott View Post
Beings that I work for an insurance company but by no means an agent. I just work in the I.T. dept. Anyway....how most companies value a car, is by looking at how much a car like yours would sell for on the used market for the area you live in. So for me it could be different then it is for you because of maybe the market price difference. This value is used both if stolen or totaled in an accident. But to be honest, squinting $10 here there is just a bit too tight for my taste. Just ask yourself, if your car was totaled or stolen, what can you afford to lose? A $1000 ductable? The whole value of the car period if not fully covered? Get to the deductable level that you can afford if your car has to get repaired or a check for the value minus your deductable. Its all in YOUR affordability. For me full coverage is what I have, there is still value left in my car, so I want to be able to get what I can.

Have you insured other vehicles? Do you have a loan on this car? If so most banks require that you have full coverage to cover their interest.

Scott.
Scott, that was an excellent response, and you are very informative, and obviously have a lot of information and experience. You just talked me into adding insurance for theft and accident damage.

I have been leasing cars over the past years so yes I have had theft and accident insurance because they had to. no I do not have a loan.

Last edited by MischievousGuru; 05-17-2017 at 10:57 PM.
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post #11 of 25 (permalink) Old 05-17-2017, 10:47 PM Thread Starter
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Originally Posted by Sting Ya View Post
My car is insured through State Farm I pay $ 178.00 for full coverage this is for 6 months out of the year because I store it in the winter months for that I pay $60.00
that's a really good price. when you say full coverage, does that mean you have theft and accident on it? No deductible?

Last edited by MischievousGuru; 05-17-2017 at 11:09 PM.
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post #12 of 25 (permalink) Old 05-17-2017, 10:49 PM Thread Starter
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Originally Posted by MischievousGuru View Post
that's a really good price.
a PS on that: you say that you store your car in the winter. I plan on driving this car in the winter. Though I will have a second car soon. Does anybody know to these cars a farewell in the winter? Specifically meaning do they warm up and stay warm in cold weather such as New York? And do they drive reasonably well in inclement weather such as snow and such?
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post #13 of 25 (permalink) Old 05-17-2017, 10:52 PM Thread Starter
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Originally Posted by tygriff View Post
I am confused. You bought a base Solstice for $6500 and then had buyers remorse and picked up a GXP for $12500 ($6000 more) and now you are worried about $10/month for additional insurance?

If money is tight, you should have kept the NA at $6500.

If the car is that important to you and you couldn't afford to replace it if you wrecked it, get the insurance.
very valid points. It's not that the money is so tight, I just have this thing about keeping overhead down, I like to be footloose and fancy free, I do where they can to keep my bills down to a minimum, just don't like to stress of having to grind constantly to meet monthly bills as much as possible. Once something is purchased, more or less usually there is not an overhead to deal with. I hope that sheds more light on my thinking process. But, after reading this thread, you all seem to be making a lot of sense, I'm going to add accident and theft. It's not just $10 a month by the way, it's $10 a month for accident, and $10 a month for theft. So it's $20 a month. Not a big deal. Just saying.

and part of my calculations in doing this upgrade is that I got the first car so inexpensive that I expect to hopefully make a profit on it, which will close the gap considerably, I assume, after all is said and done. From what I gather I also seem to have gotten the second car at a very good price, so in the long run it wasn't so much just throwing money around, it was a choice about having more fun, and also since I believe the GXP will hold value better, and instead of De-value, actually it possibly may go up in value, in my opinion, faster, so it actually was probably a better investment.

Last edited by MischievousGuru; 05-17-2017 at 10:57 PM.
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post #14 of 25 (permalink) Old 05-17-2017, 10:53 PM Thread Starter
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Originally Posted by Cityboy View Post
45yrs old I pay $400 a yr for full coverage

$500 deductible
that is another great price. May I ask please: what insurance company do you use? Does your insurance cover also car accident and theft?

Last edited by MischievousGuru; 05-17-2017 at 11:11 PM.
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post #15 of 25 (permalink) Old 05-17-2017, 11:00 PM Thread Starter
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Originally Posted by Sting Ya View Post
Insurance companies go by what's called the "book value " on a car which is a guide they use , Kelly Blue Book is one source .There are usually 2 listings per car one is wholesale or what a dealer will pay you on a trade in ,and the other is market value or retail what similar cars are selling for in your area . A good insurance company State Farm ,Allstate etc. will take into account the mileage ,condition of the car , options ,and any modifications if you have notified them and can document the changes prior to filling a claim . Another type of insurance is called Agreed Value which some carriers have or you go to a specialised carrier such as Hagerty who deals in collector cars , exotics ,antiques etc. this is basically an agreement between you and the carrier as to the worth of your car so if there is a loss they pay the agreed value . As an example I have a 70 Chevelle SS396 that has an agreed value of $65000.00 if the car were stolen ,totaled ,or they could not find the parts to repair it in the case of an accident this is the amount I would receive. You need to take into account the fact that the car is a convertible (easier to break into ) it's small so it could be hard to see for someone like Granny backing out of a parking space and the places you drive as far as crime goes .My cars the Solstice and Chevelle never leave my sight unless I'm at a cruise in or car show I don't use them as daily drivers .I guess at this point you have to, ask yourself am I willing to risk what could end up being costly repairs or worse yet a total loss all to save a few bucks bottom line for me is that it's a necessary evil .
great information. Thank you. Do you think it's a good idea to contact this insurance company mentioned called Hagerty about the GXP?
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