PeachParts Mercedes-Benz Forum - View Single Post - Buying a new merc....help with insurance!

Jim B. · #9 05-13-2011, 02:15 PM

Quote:

Originally Posted by HuskyMan

I'm thinking of going liability only and increase cash reserves to cover comprehensive or collision. That way, I pay my own way and don't have to argue with an insurance adjuster over whether the car was repaired correctly or not. The adjusters tend to have a "We are going to spend as little as possible to repair your car" attitude."

Plus, being self insured means the money stays in YOUR bank account. If you never have a wreck, you can earn interest on it and KEEP IT in hip national bank versus the insurance company's bank.

The estimate for the front bumper repair and repaint on my Grand Marquis last year at a good body shop was pretty extravagant.

About $2,500 I think. And the car was still driveable.

It is so expensive it does not take much damage fora total write off these days, carbodies are pretty flimsy too.

As much as I despise insurance companies (AND i WAS ONCE AN INSURANCE ADJUSTER MYSELF) it may be worth paying the premiums to shift the risk of lss to the Insurance company. I amsure you will agree the entire system is rigged to make sure you do just that.

I suspect if you "self-insure" you may have to jump through LOTS of government hoops as a private individual to prove you are doing it, and probably post a HUGE bond, or pay a big premium for one.

Just something to think about