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Date:         Wed, 24 Oct 2001 05:26:56 -0400
Reply-To:     Gary Stearns <gstearns@OPTONLINE.NET>
Sender:       Vanagon Mailing List <vanagon@gerry.vanagon.com>
From:         Gary Stearns <gstearns@OPTONLINE.NET>
Subject:      Re: insurance coverage?
Comments: To: vanpire@INTERFOLD.COM
Content-type: multipart/alternative;

You didn't say what the comp/collision part of the coverage is costing, ie: the part that you are considering removing. I'd guess $100-$150 / yr. Here in Connecticut that would be a deal.

My business is insurance and risk management. Clients often want me to answer these kinds of questions for them. Thing is, there is no formula to calculate "how much coverage do I need?" It is completely determined by your comfort level with risk. The rest is pure probabilities and chance. Since risk management principles say that the past tends to predict the future, what's the likelihood of having an accident where you'll need the coverage?

Probably the best reality check is, can you afford to self insure this exposure? If you remove the comp/collision coverage today and your Westy crashes tomorrow, can you afford to repair or replace it without insurance coverage?

Gary

-------Original Message-------

From: Fred Brittain Date: Tuesday, October 23, 2001 02:40:54 PM To: vanagon@GERRY.VANAGON.COM Subject: insurance coverage?

Hi Volks,

I've been looking at my auto insurance premiums and want to cut cost. I have full coverage on my '89 Westy from Liberty Mutual. Rate is $448/year in a package that includes multiple vehicles and home owners.

I'm thinking about down grading to liability with un/underinsured driver protection. Now, I think I like my vehicle as well as anybody. It is also in extremely good shape at 65K miles. The body was almost perfect until I put two dings below the door on the passenger side. I hadn't really thought about it until now, but the idea of turning it in to insurance and having repairs done didn't seriously cross my mind.

It's my mind-set that the money they would pay would be recouped many times over by the higher premiums they would charge. That means I'm paying for coverage I'm don't dare collect on. No, doesn't make sense to me either. Also, if any substantial damage was sustained they might total the bus and the games would begin.

How many of you actually utilize the insurance you're paying for, i.e. having minor collision damage repaired? How did it affect your premiums? How many go for liability only? Cost cutting is mandatory for me right now. Maybe I should get the body work done before I downgrade coverage? If so, I would like to be truthful and tell them the damage was incurred in two separate incidences over a year ago. Wonder how that would fly? I would appreciate any ideas or experiences that might help out.

Many Thanks,

Fred 89 Westy Ogden Canyon, UT


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