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View Full Version : Insurance - Collission worth it?


Justin e36
05-31-2006, 01:52 PM
1992 318i. Will cost an extra $800/yr for collission. Car is still insured as a 'stock' vehicle though it's modded.

Hasselhoff
05-31-2006, 02:07 PM
How much is the deductible?

If it's low - like $250 or so, then I'd say yeah. Anything higher, then it starts to become not worth it.

Also, most insurance companies will only cover up to the current book value of the car.

propr'one
05-31-2006, 02:09 PM
Imo, yes, first and best mod i've ever done on my car. Full insurance (they know about the mods too), 300$ deductible. Its already paid for itself

Bmwstylz
05-31-2006, 04:25 PM
I say no way ! If the owner of said car has confidence in their driving abilities, then i wouldn't worry about an at fault accident.

plus... whats a 92' 318i worth anyway? ... about $800 :P

propr'one
05-31-2006, 04:38 PM
BMWstylz, ordinarily i'd agree with you, justin drives well, but he also drives a LOT. fact of the matter is, the more time you spend on the road, the more likely you are to have an accident. Justin, why dont you tell your inusrance about at least some of your mods? just to make sure you acctually get something out of it if (god forbid) something happened?

dtthiaga
05-31-2006, 04:42 PM
For me, if the car is worth $4500 or less, I donít put collision.

I set my deductibles higher as well, because Iím not claiming anything unless it is $750.00 or more worth of damage. I will settle it privately or bite the bullet and pay it myself.

They way and where I drive, if Iím in an accident, it would most likely be another guys fault. Then, my car will be covered. If it is my fault (could happen), Iím ready to walk away from the car if itís a write-off, or pay to fix myself.

So, I pocket the money (savings), and in the long run, I think I will be on top. I have done this for about 5-6 years and I think Iíve saved enough money, that even if the car was a write-off, I would still be ahead; this is obviously not for my e46.

I know people that pull collision on a car once it hits $6000-$8000

mirek
05-31-2006, 04:56 PM
you'd probably get 4000 for a 92-318i in an accident. So let's say 5 years without an accident that's your fault and it wouldn't make sense.

but with an e36, if you're at fault, just part out the car and you can make around 4000$, so save the 800/yr. :)

dtthiaga
05-31-2006, 05:53 PM
^but there is a deductible to pay as well if it is your fault.

So, if the deductible is $500 or $750 ( I set mine high), it does become worth it really.

In the end, it is a gamble. Each person's risk and tolerance is different.

thinair
05-31-2006, 05:55 PM
I say no way ! If the owner of said car has confidence in their driving abilities, then i wouldn't worry about an at fault accident.
Things happen man, I've been lucky enough to have avoided them, but there are instances where you can't do anything. A friend of mine had the option of either getting t-boned on the driver side by a car doing 80km/h or flooring it into a car in front of him. He made his choice and plowed into the car in front of him. The car just missed his rear bumper and t-boned the minivan that was next to him, the minivan driver went to the hospital with broken bones. My friend was not charged but got stuck with an 'at fault' accident because he drove into the car in front of him, it was his only option, and he said he has no regrets. I'd do the same in his situation.

Crap happens, animals sprint across roads, people around you make stupid moves and they can't always take 100% of the blame, etc, etc. I'd never conisder not having collision on my 328. My 528 is a different story, it's worth like $200 at the most, the deductable would be more.

spooner_dee
05-31-2006, 06:58 PM
doesnt matter how good a driver you are, you could be the best, but all it takes is one bad driver to plow into you and deplete your check book. I will never have anything less then full covereage on my car, that way no matter what the fawk happens my ass is covered.

i say do it, that way your covered and if it gets wrecked you wont have to pay for anything and you can part it out and get a new bmw.

bimmer318ti
05-31-2006, 07:17 PM
Not worth it.. at all.

Wannabe
05-31-2006, 07:27 PM
doesnt matter how good a driver you are, you could be the best, but all it takes is one bad driver to plow into you and deplete your check book.
If they plow into you.... then the insurance covers it.. even if you dont have collison.

Collision just covers your mistakes. am I correct?

Justin e36
05-31-2006, 07:29 PM
It's $500 deductable.

I'm confident in my driving abilities, but there's only so much you can do when say...... a wheel falls off, drive axle breaks, subframe tears through the floor, brakes fail, etc. etc...

I'm not sure how much my car is worth right now... but if I were to say, write off my car... how much money would I get back? Not much I'm sure... Can I still keep my aftermarket wheels, stereo, ice, etc?.. or would it make more sense to buy the car back? How does the deductable affect these things??

Deductable does not affect a stolen car, does it? In which case, I still won't get my money back.. correct?

Jari
05-31-2006, 07:59 PM
whenever it starts feeling like my car is worth less then 4 or 5 g's, I drop collision coverage. If you do not have collision on your vehicle and you're involved in an at fault accident, the car is yours to do with as you please. If you have collision coverage, and your car becomes an insurance write-off they pretty much own the vehicle, but I have managed to remove a stereo and even a trailer hitch once. As for theft, my policy covers that under comprehensive which also includes things such as fire, windshield, vandalism etc, and my deductible is ¤300.00.
My reasoning for dropping collision off when my car isnt worth much anymore is, chances are I won't be at fault for an accident that causes my car to be a writeoff, and even if I am, its not a huge amount of money thats lost, because I still get to keep the car which must be worth something in parts.

bimmer318ti
05-31-2006, 08:04 PM
It's $500 deductable.

I'm confident in my driving abilities, but there's only so much you can do when say...... a wheel falls off, drive axle breaks, subframe tears through the floor, brakes fail, etc. etc...

I'm not sure how much my car is worth right now... but if I were to say, write off my car... how much money would I get back? Not much I'm sure... Can I still keep my aftermarket wheels, stereo, ice, etc?.. or would it make more sense to buy the car back? How does the deductable affect these things??

Deductable does not affect a stolen car, does it? In which case, I still won't get my money back.. correct?


Justin itís not worth it. If you total your car completely and they take away your car - you are NOT allowed to take anything off your car - ex, rims, stereo, performance parts. The only things you are allowed to take are you personal belongings or things that are not physically attached to your car. EX Ė CDs. If you want those things back you will have to buy them backÖ *thmbsdwn*

A rough estimate for your car would be around $5000 +\- $500. If your car gets stolen, they subtract the deducible amount off the money the give you. So YES you do have to pay the deductible..

tiestoE36
05-31-2006, 11:44 PM
Justin it’s not worth it. If you total your car completely and they take away your car - you are NOT allowed to take anything off your car - ex, rims, stereo, performance parts. The only things you are allowed to take are you personal belongings or things that are not physically attached to your car. EX – CDs. If you want those things back you will have to buy them back… *thmbsdwn*

A rough estimate for your car would be around $5000 +\- $500. If your car gets stolen, they subtract the deducible amount off the money the give you. So YES you do have to pay the deductible..


not true, I have written off a car, I took out my deck, subs, amp, even performance parts..like BOV, intake, etc.


from my experience, nowadays, I really wouldn't claim anything, insurance companies will make their money back from you. I took off collision and saved $1700, b/c I never plan to go through insurance again. But if your record is good, $800 might not be a bad "investment".

Wannabe
05-31-2006, 11:44 PM
if a wheel falls off it will be under comprehensive....... If you hit a car/building/pole. etc.. something that you have control over then you will need collision on your vehicle if you do not wanna pay for it..
If your wheel falls off then well shit.. Comprehensive.. since you have no control over it?

Get your car appraised then give that to the insurance company. but then you have to claim all mods done to your car.. Worth it imo.
but i drive a $2500 e30..... no collision for me.

propr'one
06-01-2006, 12:13 AM
Justin itís not worth it. If you total your car completely and they take away your car - you are NOT allowed to take anything off your car - ex, rims, stereo, performance parts. The only things you are allowed to take are you personal belongings or things that are not physically attached to your car. EX Ė CDs. If you want those things back you will have to buy them backÖ *thmbsdwn*

A rough estimate for your car would be around $5000 +\- $500. If your car gets stolen, they subtract the deducible amount off the money the give you. So YES you do have to pay the deductible..
This is inacurate. If your car is insured as stock, you can remove your aftermarket components from the car. They are not covered by insurance, so you can take them. If they ARE covered by insurance (you tell your insurance company about your mods) you cannot remove them, and you must buy them back from the company.

dtthiaga
06-01-2006, 07:06 AM
^ I had a car hit by a kid racing....
The insurance company added the value of my rims and stereo on top of a the base car value. They added about $2000 extra on a base car.

But, a lot of Insurance companies don't insure modified cars.

Another option you can consider is, which I sometimes do is, put collision in the winter months, and no collision in the summer. This is only for my daily/winter car.

My BMW has full coverage, but I set my deductible at $1000 and $300 for comprehensive.

propr'one
06-01-2006, 07:24 AM
From what i've been told about my insurance company (dominion of canada) they dont do well with modified cars, but having your car reappraised as a particularly clean example of whatever it is your driving, and just nice rims is usually ok

e36chick
06-01-2006, 09:40 AM
to me, collision isn't worth it, bc it covers only your mistakes. i have it right now but only because i'm forced to...once i'm done paying my car off (by end of 2006 with any luck) i'll take that coverage off. i'm confident in my own driving capabilities. if anyone else hits me, insurance will cover it anyway without collision.

1BADRIDE
06-01-2006, 09:51 AM
Justin itís not worth it. If you total your car completely and they take away your car - you are NOT allowed to take anything off your car - ex, rims, stereo, performance parts. The only things you are allowed to take are you personal belongings or things that are not physically attached to your car. EX Ė CDs. If you want those things back you will have to buy them backÖ *thmbsdwn*

A rough estimate for your car would be around $5000 +\- $500. If your car gets stolen, they subtract the deducible amount off the money the give you. So YES you do have to pay the deductible..

Only partially correct. You may take ANYTHING that was not covered by your policy.

Example: You have a receipt for your rims and your vehicle is a write off. If they do not compensate the cost of the rims as per your receipt, you can take them back .

I fought with TD Insurance on this and won.

Hasselhoff
06-01-2006, 09:57 AM
It's $500 deductable.

I'm confident in my driving abilities, but there's only so much you can do when say...... a wheel falls off, drive axle breaks, subframe tears through the floor, brakes fail, etc. etc...

I'm not sure how much my car is worth right now... but if I were to say, write off my car... how much money would I get back? Not much I'm sure... Can I still keep my aftermarket wheels, stereo, ice, etc?.. or would it make more sense to buy the car back? How does the deductable affect these things??

Deductable does not affect a stolen car, does it? In which case, I still won't get my money back.. correct?

$500 deductible's not bad... it's a tough one though.

Say you totalled the car, and it was insured as stock condidtion, you'd probably get around 5K (less deductible) for it. You'd still be able to remove all your mods like Prop said - however, it can be a major hassle getting at the car depending on where it's towed to.

A good friend of mine wrote off his CRX a few years back (an own fault accident) and it was a major PIA for him to get his stereo out of the car. The shop that the car was towed to were real pr*cks about letting him in to get his stuff - it took 3 attempts on different days before him and I could get into the yard to remove it.

I could be wrong, but I thought collision insurance covers you for 'at fault or no fault' accidents, so if someone smacks into you and is declared at fault, you're automatically covered for damages. Also, coverage for theft is typically separate from collision (and is relatively cheap too).

Recently, I took off collision on both mine and the wife's e36's - for us it meant about a $1,600 savings per year. I figure we'll likely do less than $3,200 of self-inflicted damage to our cars in the next two years (knock on wood), and if we did total one of the cars we wouldn't really get that much back. Not to mention we would probably see a big jump in our premiums after the fact!

bimmer318ti
06-01-2006, 12:52 PM
not true, I have written off a car, I took out my deck, subs, amp, even performance parts..like BOV, intake, etc.


from my experience, nowadays, I really wouldn't claim anything, insurance companies will make their money back from you. I took off collision and saved $1700, b/c I never plan to go through insurance again. But if your record is good, $800 might not be a bad "investment".



Hmm... :confused: It happen to my friend who smashed his 318is, and the car was insured as stock. He came to pick up his parts - ex. intake and CD deck - and they told him that he can't have it becuase it's "physicaly attached" to the car. He bought the car with those mods on allready. They said you can only take them if you insure your car as being modified. He had a option of buying them back, but he decided not to. He walked away from the shop with just 4 CD's... *uzi*

dtthiaga
06-01-2006, 03:39 PM
^ that's why I always insist on having the car towed to my house, where the insurance adjuster can come see it, or a body shop I trust and is a friend of mine.

The biggest scam is those towing yards that have tow trucks running around the city. They charge a large fee per day to store YOUR car, when you could have easily taken it to a body shop directly. For my buddy, Statefarm actually told him to have the car towed from ďBeck Bros TowingĒ yard to a body shop so an adjust can go see it.

Moral of the story is I think, tow the car to a place you trust. Either home, or to a friend/known body shop. Thatís what Iíve done in the past.

sirex
06-01-2006, 03:50 PM
^ that's why I always insist on having the car towed to my house, where the insurance adjuster can come see it, or a body shop I trust and is a friend of mine.

The biggest scam is those towing yards that have tow trucks running around the city. They charge a large fee per day to store YOUR car, when you could have easily taken it to a body shop directly. For my buddy, Statefarm actually told him to have the car towed from ďBeck Bros TowingĒ yard to a body shop so an adjust can go see it.

Moral of the story is I think, tow the car to a place you trust. Either home, or to a friend/known body shop. Thatís what Iíve done in the past.


Oh god dont get me started on those towing companies. What a ****ing scam.
When my mom got into an accident, the car WORKED 100% but because the hood was a litle dented and sticking up it needed to be towed. The accident occured 2 km from my home. Bascialyl because it was on a highway offramp though, the POLICE had to tow it, and just to ****ing latch on it costs 180$... what a ****ign scam.. 180$, when she could have driven the car OFF the ****ing ramp to give a statement.

sorry I dont mean to intrude on this thread, just has to rant about towing companies.

blkm3
06-02-2006, 12:59 PM
Justin it is not worth it . I had full coverage on my 94 and then wrote it off they offered me really low don't even remember how low . we are talking a couple of grands. I had to fight them all the way just to get a few more and if you buy it back they consider it a premium car ( BMW ) they charge you more for it. Don't ask they are ******* up. Yes my car had ice and 18's fully kited , so in the end it took 2 mth back anf forth with the insurance to get 90% what i want. Mean while the car was sitting at the garage and the garage was getting 60$ per day storage total bill came up to 3600$ just for storage. That was more than what they were willing to give me for the car !!!!!!!!! again don't ask. I also offered to tow the car back to my place and then they can pay me the storage fee untill they figure out where they are going with it . They said sure I can tow it home but they won't pay anything for storage and not to mention not even the tow?!!!!!!!!!!!! so tell me do we get it from the back YES!!!!!!!!!!!!
my 0.02 cents

jeffrie
06-02-2006, 01:28 PM
This is inacurate. If your car is insured as stock, you can remove your aftermarket components from the car. They are not covered by insurance, so you can take them. If they ARE covered by insurance (you tell your insurance company about your mods) you cannot remove them, and you must buy them back from the company.

This is inaccurate. Insurance assumes car is stock and will take it after an accedent (modds and all) as evedence. If in fact they find out that it's modded with not OEM approved parts, they can and will use it against you as probable cause. Then screw you if in an at fault accedent regardless if you have collision. My bro works for The Personnel insurance and has said in detail how much $$$ they make of people that go both sides on a car that is always cheaper to fix yourself.
He himself smashed his own Audi A4 in the parking lot @ work and didn't claim it. They will charge you eventualy to get their money back with higher rates for all as the public whole.

It's never worth it to have 2 sides if your car is paid for and you can afford to replace it if you yourself do crack it up in a single car crash.
It's only worth it if you can't afford the loss of your ride or if repairs cost more then 8-10g's, if then do you really want the car back?

I myself would only go 1 side for any car older then 5 yrs.

bimmer318ti
06-02-2006, 01:33 PM
This is inaccurate. Insurance assumes car is stock and will take it after an accedent (modds and all) as evedence. If in fact they find out that it's modded with not OEM approved parts, they can and will use it against you as probable cause. Then screw you if in an at fault accedent regardless if you have collision. My bro works for The Personnel insurance and has said in detail how much $$$ they make of people that go both sides on a car that is always cheaper to fix yourself.
He himself smashed his own Audi A4 in the parking lot @ work and didn't claim it. They will charge you eventualy to get their money back with higher rates for all as the public whole.

It's never worth it to have 2 sides if your car is paid for and you can afford to replace it if you yourself do crack it up in a single car crash.
It's only worth it if you can't afford the loss of your ride or if repairs cost more then 8-10g's, if then do you really want the car back?

I myself would only go 1 side for any car older then 5 yrs.


Thats what I thaught.

woofster
06-03-2006, 08:21 AM
...
I myself would only go 1 side for any car older then 5 yrs.

By the way, does removing collision coverage essentially mean 1-way insurance?

jeffrie
06-03-2006, 01:10 PM
By the way, does removing collision coverage essentially mean 1-way insurance?

Yes, as in who ever you hit is covered to not pay their repairs out of your own pocket.
And on your own to repair your own damages.

Justin e36
06-05-2006, 05:06 PM
And if you don't have colission, and "write-off" your car, I assume you keep the car. It's not automatically owned by insurance and I have to buy it back, or have to remove my aftermarket parts.. ?

razor/m5
06-05-2006, 05:16 PM
thats what happend with my Golf, It had no collision got into a accident. Insurance told me I could do whatever I wanted with it, it was not branded either

propr'one
06-05-2006, 05:35 PM
justin, GET COLLISION. lol

truuuuuuust me:)

although, despite the fact that i now have 3 claims, none of them raised my premiums. not at fault;)

Justin e36
06-06-2006, 02:19 AM
It's tough for me to say. The difference isn't much, around $800 a year... but, from what I've been reading in this thread.. collission can make life more difficult because...

1. I'm not paying for the additional mods.

- If I were to get into an accident, they may choose not to honour the claim due to mods.

- If I were to get into an accident, and they found out about the mods, they may choose to raise my insurance premiums, or cancel my policy.

2. If I were to get into an at-fault accident, my insurance rates would go up. If I didn't have collission I wouldn't have any claims on my record, which keeps my name in the clear for the next 5 years from having any "claims" on my name. Meaning I could potentially afford a much nicer / more expensive car without paying that additional % on insurance.

3. If my car were to get written off, they'd technically own it. I'd have to fight my way to get whatever mods I want back from my car... (many of which aren't easy removable).. OR pay even MORE to buy my car back.

4. My car is a 1992 318i. It's book value is somewhere in the $4000 range, if that. Basic damage (as Propr'one knows) can easily be estimated at $6000, which would be a write-off in their books. Even though for the mods my car has, it would be worth repairing... I wouldn't be able to.

5. If my car were to be written off. They'd likely offer me somewhere in the $3000 range for it. If I were to just keep the car, I could EASILY part it out for much more than that. ICE and Car alarms (sattelite tracking is transferable) alone would be in the $6000 range easily... not to mention all the other mods, and good body parts.

NOW THE CONFUSING PART...

If my car were to get stolen, which can happen to any car regardless of how tight the security is on it... I would only be given a couple grand for it. So with the $800 saved for the year, I can possibly have the car apprasied at it's true value... which would likely raise my insurance premiums back to approx $800 anyway. Though now this debunks point #1.