RE: Insurance math. It isn’t what you think

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Sep 25, 2020
4:32:41pm

TheLost Truly Addicted User

RE: Insurance math. It isn’t what you think

I deal with actuaries all the time (30+ years)...

And most of the ones I know will laugh at your statement. You are risking $30-40k (per your post) because you want to save ~$80 a year.

I have hit both deer and elk...
I have been caught in a flash flood...
I have totaled a cars...

And i have 3 kids that all had cars damaged in High School parking lots.

I wish you the best of luck. (at least if you crash into me I know my insurance will cover it 🙂 )

This message has been modified

Originally posted on Sep 25, 2020 at 4:32:41pm

Message modified by TheLost on Sep 25, 2020 at 4:33:10pm

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TheLost

Bio page: TheLost
Joined: Jun 30, 2017
Last login: May 18, 2024
Total posts: 19,173 (283 FO)

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Messages

Author

Time

How many of you actually save for your next car? I decided to put away a car

LaserCoug

9/25/20 12:23pm

If you buy new, just get the super low interest rate instead

Jericho

9/25/20 12:25pm

This. I saved the money to buy my wife's new car but they offered zero interest

Blueto

9/25/20 12:29pm

I opened a separate brokerage account about 6 years ago for this exact purpose. I invest 2 car payments per month into

Pimpin4Paradise

9/25/20 12:26pm

I do the same thing..

TheLost

9/25/20 12:32pm

We've purchased our last 2 vehicles and motorhome in cash. We started

Sandy Lyle

9/25/20 12:30pm

Sometimes it doesn't make financial sense to buy cash. You might be leaving

El Fuego

9/25/20 12:32pm

I am more of the opinion that what's best for your money isn't necessarily what

EEcougar

9/25/20 12:36pm

If someone saved up to buy cash, they should have no problem paying it off in 6

El Fuego

9/25/20 12:48pm

Sometimes this is true, when purchasing from a dealership I had them

Sandy Lyle

9/25/20 12:37pm

Why would you ever pay cash for a car?

TheRealU

9/25/20 12:30pm

I don't like to have debt and liability only insurance is nice.

Sandy Lyle

9/25/20 12:31pm

Why? I have never understood the fear of debt.

TheRealU

9/25/20 12:35pm

There is value in not being a slave to debt

g$

9/25/20 12:42pm

This could come back and bite me, but I also only pay liability only for my

Sandy Lyle

9/25/20 12:42pm

Very good point. I don't gamble on my car insurance.

El Fuego

9/25/20 12:50pm

I also have only purchased used and haggle the price. I know it's not

Sandy Lyle

9/25/20 12:33pm

I am with you there - I am all about buying the 2 year old car/toy

TheRealU

9/25/20 12:36pm

An asset is anything that puts money in your pocket. A liability is anything

g$

9/25/20 12:39pm

So I don’t have to pay for full insurance coverage

Acorn

9/25/20 1:18pm

So you don't get full coverage on a $30-40k car? Seems like a gamble.

TheLost

9/25/20 1:39pm

Everyone should have as large a deductible as you can afford.

Acorn

9/25/20 1:53pm

Your math doesn't add up..

TheLost

9/25/20 2:13pm

Insurance math. It isn’t what you think

Acorn

9/25/20 4:02pm

RE: Insurance math. It isn’t what you think

TheLost

9/25/20 4:32pm

Sounds like you made a good decision paying premiums

Acorn

9/25/20 4:47pm

RE: Sounds like you made a good decision paying premiums

TheLost

9/25/20 4:49pm

Collision nor comprehensive are statutory requirements

Acorn

9/25/20 5:03pm

I set aside a little money each month

9/25/20 12:31pm

I did that. Several years ago I decided to lease a car. I only had it about a year but kept the direct deposit

kccougar

9/25/20 12:31pm

I bought used for myself last time because no payment. I would be the same as

9/25/20 12:32pm

I just save. Then I use that money when I want for what I want. Also, I never spend a lot on a car so the need to save

Baron

9/25/20 12:33pm

I don't plan on ever getting a car loan again.

Sea Chicken

9/25/20 12:33pm

Nah, interest rates are so low that I just finance and don't look back

cougarblue

9/25/20 12:34pm

We bought our last car with cash. We haven't been saving, but probably will at

cougaman

9/25/20 12:36pm

I knew what I wanted in a car, had cash in the bank to buy if I bought a lo mile

Tarbo

9/25/20 12:39pm

I saved and then double how much I really wanted to buy to fit in with neighbors

ordinary tri guy

9/25/20 12:46pm

I saved up for a new truck several years ago

CBaass

9/25/20 1:03pm

This is a great example how people's car spending delays their retirement substantially.

Baron

9/25/20 1:07pm

Yep. You can sacrifice cars, vacations, toys, etc and cut some years off of

Acorn

9/25/20 2:04pm

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