insurance prices - Page 3 - MBWorld.org Forums

Aug 4, 2011 | 11:05 AM

#51

AtomicLush

Newbie

Joined: May 2011

Posts: 11

Likes: 0

C300 4MATIC

Wow, this thread is old...someone resurrected a dinosaur! It seems like insurance prices have gone down since 2008.

33 Female and Single
Suburban Chicago
Clean record
$332 / 6 months
$664 / 1 year
Full coverage $100k/$300k
$250 Deductible

Aug 4, 2011 | 11:15 AM

#52

AtomicLush

Newbie

Joined: May 2011

Posts: 11

Likes: 0

C300 4MATIC

Quote:

Originally Posted by icanectc

Take this with a grain of salt, but I disagree with you. The ONLY way you get uninsured or underinsured motorist protection is if you have high limits yourself because they mirror each other in the policy. So if both you and the guy that hit you only have minimum coverage, then you are screwed. I've seen THOUSANDS of cases where the injuries were pretty substantial (aka a broken leg or wrist, herniated discs, etc.), the insurance tenders the full $15k or $25k policy by the guy that hit you, and then you are left paying everything else out of pocket because your own insurance doesn't have the extra coverage to protect yourself. At the very least (if you don't finance the car which requires the $100k/$300k) I would recommend doubling the state minimum.

Aug 4, 2011 | 11:26 AM

#53

icanectc

Member

Joined: Oct 2008

Posts: 200

Likes: 4

From: San Diego, CA

2016 C450 AMG

Quote:

Originally Posted by AtomicLush

I define agree that if you are not held to the banks standards the min coverage is horrible and per your recommendation atleast be doubled (and to ensure you have some type of liability not just collision.)

Ha didn't even realize how OLD this thread is !! LOL

Aug 4, 2011 | 11:27 AM

#54

encoder

Member

Joined: Sep 2010

Posts: 171

Likes: 1

2008 C350

Quote:

Originally Posted by icanectc

People are foolish for driving around with the min requirements? Thats just a crazy statement - the majority of americans drive with enough coverage and if your car is leased or owned by the bank they REQUIRED liability insurance anyway. MBFinance requires 100/300 EVEN if the state min is 10/30. That is MORE than adequate to cover damages in a accident/lawsuit, plus your many renters policies/ homeowners policies have additional clauses to "umbrella you from medical expenses related to accidents outside of your home. To insure yourself to the max is foolish given that accidents are the exception not the rule. Now if you own your car outright and choose to not carry liability that is also foolish. IMO 100/300 in liability is plenty anything extra is just "foolish" unless you are a millionaire and want to protect your assets. A regular joe need not buy all that "insurance" waste of money - esp for a policy they very well likely will NEVER use.

I have been with state-farm, allstate and now geico. Never once has my credit been hit by an insurance company.

They do a soft pull of your credit, request a hardcopy, most online versions of your credit report won't show you soft pulls.

But hold on -- you're saying 100/300 -- what state has 100/300 min requirements? What exactly are you arguing?

More importantly, you don't have to be a "millionaire" to want to protect your assets, and honestly, if you're middle aged and have a paid off house and both you and your wife have retirement accounts, it's quite easy to hit $1MM in net worth.

Anyway, whatever, argue your point, but if you carry minimum insurance you're a fool for it.

I wish I had "internet serious business" on hand but I'm at work right now. I think a chill-out is called for. If you go back and read my post I specifically said "state minimum."

Last edited by encoder; Aug 4, 2011 at 11:30 AM.

Aug 4, 2011 | 11:35 AM

#55

icanectc

Member

Joined: Oct 2008

Posts: 200

Likes: 4

From: San Diego, CA

2016 C450 AMG

Quote:

Originally Posted by encoder

They do a soft pull of your credit, request a hardcopy, most online versions of your credit report won't show you soft pulls.

- Never heard of a credit report soft pull that gives a score. Soft pulls will only provide them with credit data - not a score. Now if an insurance company runs that against a proprietary scoring software thats one thing. (never worked in insurance no idea, but I am in finance) But if they recieve the score from the Credit Bureau it has to be a hard inquiry - which will put a inquiry request on your credit report.

But hold on -- you're saying 100/300 -- what state has 100/300 min requirements? What exactly are you arguing?

- MB Finance requires you to have a 100/300 policy they won't let you purchase a vehicle with state minimums.

More importantly, you don't have to be a "millionaire" to want to protect your assets, and honestly, if you're middle aged and have a paid off house and both you and your wife have retirement accounts, it's quite easy to hit $1MM in net worth.

- So basically they are a millionaire?!

Anyway, whatever, argue your point, but if you carry minimum insurance you're a fool for it.

one could argue over insuring is also foolish. But I digress to each is own; it's your money and assets protect as you see fit

Aug 4, 2011 | 12:04 PM

#56

encoder

Member

Joined: Sep 2010

Posts: 171

Likes: 1

2008 C350

Quote:

Originally Posted by icanectc

o- Never heard of a credit report soft pull that gives a score. Soft pulls will only provide them with credit data - not a score. Now if an insurance company runs that against a proprietary scoring software thats one thing. (never worked in insurance no idea, but I am in finance) But if they recieve the score from the Credit Bureau it has to be a hard inquiry - which will put a inquiry request on your credit report.

Yeah, hard, soft, doesn't matter, they're identical. The only distinction is the nature of the permissible pull.

For example, go to MyFico.com and sign up for ScoreWatch. That's your Fico, and a soft pull is done.

This really is very common, most people have 20, 30 soft pulls on their report at any given time (they fall off after 2 years the same as Hard pulls do)

Edit:

This all just underscores how confusing Fico scores and credit are to an average consumer. I made it my business to be very informed about this stuff but you're clearly far more knowledgeable about the subject than a random consumer would be, and even still, there's confusion.

Last edited by encoder; Aug 4, 2011 at 12:07 PM.

Aug 4, 2011 | 12:53 PM

#57

IGB

Super Member

Joined: Apr 2010

Posts: 705

Likes: 55

From: LA LA Land

'08 C300 MM Pano

For my fellow California drivers, and for an easy (though not exact) premium comparison for ALL carriers licensed to do business in this state, you should go to The California Dept of Insurance Automobile Premium Survey.

Interestingly enough, it uses a Mercedes C300 as one of the choices of vehicles you're looking to cover. So it should bring the estimates to a close to reality figures. Still, pick the top 3 or so with the lowest projected premium and call them for an individual quote.