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General E46 Forum
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Old 11-16-2012, 02:55 PM   #41
peytonracer4
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Who
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He's a combination of the two most annoying members on this forum. Going nuts and e46mango
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Old 11-16-2012, 02:56 PM   #42
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I have total peace of mind. If the car gets smashed I'll buy another one. For me it's a probabilities game, and if I happen to lose, I can afford it. If you can't, then you should get insurance.

Remember that insurance companies make money. What they collect in premiums exceeds what they pay out, so over a long enough period you're better off without it. Same goes for extended warranties.
Do you have the same attitude when it comes to health insurance?
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Old 11-16-2012, 02:57 PM   #43
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Do you have the same attitude when it comes to health insurance?
Cute, but please stay on topic :thumbdown:
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Old 11-16-2012, 03:02 PM   #44
webster
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the topic was answered in like the second or third post (ZHP will be more expensive to insure). the subsequent tangential discussion has to do with a more philosophical examination about the merits of insurance in general. i raised a question that was a corollary to a previous member's post.
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Old 11-16-2012, 03:02 PM   #45
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Do you have the same attitude when it comes to health insurance?
Of course. Health insurance costs far more than the claims. However, I'm currently employed, so health coverage is part of my compensation package. My employer (like most) has engaged a health insurance company to do the administration, but the bills get paid directly. There is no insurance. Most companies have this attitude, although when it comes to individuals, I admit I'm in the minority.
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Old 11-16-2012, 03:59 PM   #46
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insurance will be higher for the ZHP since it's newer and worth more.

you should not buy a BMW with only liability coverage. what happens if someone hits your car while it's parked and smashes it up pretty good? all of a sudden you have a totaled car worth nothing and no coverage. have fun DIYing that.
Exactly what the money I saved not paying full coverage is for. And I don't exactly know how much my liability covers.
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Old 11-16-2012, 04:01 PM   #47
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the topic was answered in like the second or third post (ZHP will be more expensive to insure). the subsequent tangential discussion has to do with a more philosophical examination about the merits of insurance in general. i raised a question that was a corollary to a previous member's post.
Ya I already have some good answers so the rest is basically useless. Thanks to those who answered my question though
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Old 11-16-2012, 04:12 PM   #48
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Lead foot / running late to places / and a combination of the need for speed. I do pay attention. All of them were completely unavoidable, ie: cop stake out behind a bridge at night.

edit: well that sounds childish. It would have been completely avoided if I wasn't speeding.
Fair enough. Don't get me wrong, I've had a few speeding tickets, but 7 is crazy. You need to get yourself a radar... also, try using the Waze app if you don't already, it tells you where most speed traps are

And to OP: Do what you want, remember we were 18 once too, I also had liability on my car at 18, since it was an Escort I didn't really care that much when I drove it into the woods at 45mph and it was totaled, I think you'd be a little bummed if that happened to your BMW. Again though, you're 18, so all you hear is
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Old 11-16-2012, 04:14 PM   #49
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Exactly what the money I saved not paying full coverage is for. And I don't exactly know how much my liability covers.
Your liability covers damage you cause to other people and their property. It covers nothing of yours.
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Old 11-16-2012, 04:37 PM   #50
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I think the most important sub-topic here is that his young man is right in line to receive many of the same lessons we all learned at his age. Chief lesson being, HOLY FK CARS ARE SO DAMN EXPENSIVE. Saying that you can't afford full coverage insurance is ridiculous. What you really can't afford is NOT having full coverage. What happens when a deer runs you off of the road and you have to write off your ZHP/m3? You are risking thousands of dollars to save hundreds.

You are a kid and you want to make you car dreams happen. I'm trying to educate you and stop you from turning it into a nightmare.

Get full coverage or get a cheaper car.
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Old 11-16-2012, 06:31 PM   #51
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Exactly what the money I saved not paying full coverage is for. And I don't exactly know how much my liability covers.
the difference between paying liability and paying full coverage will take years and years of payments to be able to cover the cost of a totaled ZHP/M3. that reasoning is not very sound.
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Old 11-16-2012, 06:54 PM   #52
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Whoever advised against paying for full coverage is either rich or driving a POS. Full coverage is CHEAP and will also get you inexpensive window repair and towing coverage. Accidents will happen (thank you Elvis Costello) - don't f' up and get $0 for the thousands you are about to spend.

I haven't used my home owners insurance in the fifteen years I've owned a home. I am glad I haven't used it but very happy it is there.
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Old 11-16-2012, 08:27 PM   #53
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Of course. Health insurance costs far more than the claims. However, I'm currently employed, so health coverage is part of my compensation package. My employer (like most) has engaged a health insurance company to do the administration, but the bills get paid directly. There is no insurance. Most companies have this attitude, although when it comes to individuals, I admit I'm in the minority.
In my experience.. no, it does not. My personal health issues aren't *that* bad and I'd be spending well over $200k/year without insurance contribution. Medications alone would be valued at around $50k in my case.

Now on average you won't need to make many health claims when young and may make quite a few when older. But unless you're nostradamus and know exactly what problems you'll have and how much they'll cost, I'd prepare for the worst. I would also much prefer having a policy to cover any kids I may have in the future - especially since those early years can be quite unpredictable.

Quote:
Originally Posted by Wolrab View Post
I have total peace of mind. If the car gets smashed I'll buy another one. For me it's a probabilities game, and if I happen to lose, I can afford it. If you can't, then you should get insurance.

Remember that insurance companies make money. What they collect in premiums exceeds what they pay out, so over a long enough period you're better off without it. Same goes for extended warranties.
Personally I think being able to cover any damage you cause to others is the bigger issue. Those costs can really spiral.

An umbrella policy is great for such things, but to be eligible for the $5M+ policies, you need to have a decent base coverage (at least in my state). At that point collision coverage isn't that much extra (especially if you're over 25)... so I don't see the point in not having auto insurance.
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Old 11-16-2012, 08:48 PM   #54
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For me insurance was literally exactly the same between my E36 M3 and ZHP. Down to the dollar.
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Old 11-16-2012, 10:03 PM   #55
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Really what it comes down to with the liability is my insurance is about $900+/- with liability. I don't know how much more full coverage is but $500 more a year is $500 I already have for the safety fund. An my backup plan if my liability doesn't cover deer in my windshield is part out if back up fund doesn't cover it. Really though it looks like it will come down to which car I like better
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Old 11-17-2012, 02:06 AM   #56
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Parting out your car will not cover it's value, especially if the collision f***s over large parts of the car, say the engine. I get what you're trying to do, but in the end if it bites you, it's going to bite hard.
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Old 11-17-2012, 11:34 AM   #57
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I would want the peace of mind knowing that EVERYTHING is covered. Being 24 yrs old with a few tickets I pay $87 a month for full coverage on my 05 ZHP coupe...
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