Annual INSURANCE costs - ugh

**Darlene** · 01-04-2012, 04:02 PM

Don't forget to find out about any programs your insurer has. If your child gets good grades some insurers give discounts for that or have other ways to lower costs. There are defensive driving courses and the like too that will get those bills down.
Now back to your program, already in progres

**craftypam** · 01-04-2012, 05:13 PM

Most people believe insurance companies charge too much money. It does not mean we think we don't need it or want to cancel it. AND alot of times when you do have a claim insurance companies fight you tooth and nail to pay you as little as possible. They have no trouble taking our money though.
My mil has NEVER made a claim on her car insurance and when she got older her insurance automatically went up.

**jd68** · 01-04-2012, 10:04 PM

If I didn't get health/dental through work I'd not carry it at all. I don't go to either. Have teeth issues that require implants or a bridge. Insurance will cover 100% of bridge but I'm not killing tow good teeth to replace two bad teeth and they won't cover implants. So yeah, if it wasn't cheap through work I wouldn't have it. Haven't been to a doctor in years and only way I get to one is if I'm dragged in unconscious. I have too much debt to throw away several thousand a year. If I had a major issue and uninsured, I'll die. Better than not seeing light at the end of the tunnel of debt. As one alternative I would consider carrying only a major injury policy... Not for getting sick, but for unforeseen broken bones, major wreck, etc. Those types of policies are generally cheaper but don't cover "getting sick" types of things. Some wholesome food and rest is all I need when sick so don't need or use that.

Auto insurance is about $800/yr. Thinking of cutting coverage, but going down to bare minimum (currently have no comprehensive/collision) would only save me about $60/yr. I live in most expensive state for car insurance. I already saved $400/yr last year by switching companies. Is it worth it going to bare minimum to save $60/yr?? I don't know, but haven't downgraded coverage yet.

Bike insurance is under $90/yr. Pays for itself is gas saved when I ride.

Boat is around $450/yr for an agreed value policy. Not really anything I can save here. Not legally required to have insurance but I want to be covered in case of a total loss or some horrific scenario in which someone is hurt.

**Missourimom** · 01-04-2012, 10:16 PM

Originally Posted by jd68

Bike insurance is under $90/yr. Pays for itself is gas saved when I ride.

$90.00 a year? What kind of bike and coverage do you have?

**jd68** · 01-05-2012, 09:39 PM

Originally Posted by Missourimom

$90.00 a year? What kind of bike and coverage do you have?

It's a '71 Honda CB750. Registered and insured as a '72 since it was sold in '72 and back then they titled them as whatever year they sold... Though it is in fact a '71 going by the matching frame and engine serial numbers, which makes it more valuable as '69-'71 are worth more and have slight differences from '72-'78 bikes.

Just checked and actual cost this year was $83 for insurance. It dropped almost $10 from last year for whatever prompt payment/multipolicy/whatever they give me. Insured through Progressive, liability only but limits are well above minimums. I have health insurance if I'm in a wreck and I paid $1300 for the bike which is in excellent condition, so if something happens to it I can absorb the loss. I also have my boat policy through Progressive though my regular auto insurance is with another company. Progressive was charging me $400/yr more for car insurance and switching that to another company didn't change my bike or boat insurance costs.

To top it off I did go down on a bike at about 75-80 MPH a few years ago through mechanical failure and no fault of my own. Got some nifty scars... Tattoos with better stories. Despite being the only one involved in the accident and no claims or payout my car insurance went up, but didn't affect bike insurance. Car insurance has since gone back down.

**Cricketlegs** · 01-06-2012, 03:50 PM

My car insurance is $6060 a year.

**tmffv** · 01-06-2012, 11:47 PM

Auto insurance for two adults with '98 Ford Ranger, '06 Ford Explorer, '07 Ford Mustang and '98 HD motorcycle is about $2350. Mustand and HD are left in the garage 6 months out of the year and only have storage insurance during that time.

Health insurance last year was approximately $5800 for our family;80% coverage w/ $1500 deductable. We are switching to a high deductible medical plan with a health savings account this year. Work pays for the premium on that insurance and we contribute about $2500 per year pre-tax to the HSA, but can increase or decrease that contribution if we want. Work matches that up to $1500 per year. Deductable of $3000 must be meet before 80% coverage kicks in. Max out of pocket is $6000. Vision and dental add on another $525 for the year.

Life insurance for me is $85 per year, for DH it is about twice as much.

We pay about $450 per year for homeowner's on our 2200 sq foot home built in 2001. We have the deductible set at $1000.

So looks like we pay a little over $6000 a year for everything. Added up it does seem like a lot to be paying out, especially since we are (thankfully) a healthy familly with very few illnesses/injuries and no accidents or damages to home or vehicles as of yet. Feels like we are paying for nothing, could be taking a nice vaction every year instead with that money. However, I know we need to have insurance and will be thankful that we do whenever life throws us a curveball, in whatever form that may be.