Smashed 2022 BRZ

[Tcoat]

Originally Posted by villainous_frx

It's super hidden and they rarely want anything to do with a car worth less than 6 figures. Unfortunate to hear that you used to be able to sign up at the track and it has gone away :/.

The OpenTrack option mentioned above has a "Get a Quote" button, and it leads me back to square one for that they're only covering US Residents who go to Canada, not Canadian residents. Also a minimum $30,000 USD value on my car is uh... generous to say the least. Though the sentimental value cannot be put on paper by any insurance.

If the value on your car is more than $30k you owe me some money!

[CincyJohn]

Originally Posted by Tcoat

Under or self insured is simply moronic at any time.

Paying for insurance when you don't need it is moronic at any time. You do realize how insurance works right? Because this statement seems to indicate you don't have a clue.

[2020BRZtS]

Originally Posted by CincyJohn

Paying for insurance when you don't need it is moronic at any time. You do realize how insurance works right? Because this statement seems to indicate you don't have a clue.

Need is different than required. I am not required to insure my home as I do not carry a loan. I need it because I don't want to live in my car if something happens to my house.

[Tcoat]

Originally Posted by CincyJohn

Paying for insurance when you don't need it is moronic at any time. You do realize how insurance works right? Because this statement seems to indicate you don't have a clue.

Please define “need”.

[CincyJohn]

Originally Posted by Tcoat

Please define “need”.

Ahh - now you are understanding. If you spending that $80 makes you sleep well at night, well then it's probably worth it for you. Me spending the same $80 would make me feel like I unnecessarily just threw away $80 bucks (which is why I didn't and wouldn't do it).

But make no mistake, you are buying emotional well being. It is not cost-justified from a pure mathematical sense because, as I am sure you understand, even assuming perfect risk assessment by the insurance company (which is a lot to assume), insurance is always a net loss for the insureds when taken as a whole because of the costs involved in administering it.

Everyone has different feelings about risk.

Of course, having said all of that, I can't understand insuring for a "gap" that doesn't exist.

[Tcoat]

Originally Posted by CincyJohn

Ahh - now you are understanding. If you spending that $80 makes you sleep well at night, well then it's probably worth it for you. Me spending the same $80 would make me feel like I unnecessarily just threw away $80 bucks (which is why I didn't and wouldn't do it).

But make no mistake, you are buying emotional well being. It is not cost-justified from a pure mathematical sense because, as I am sure you understand, even assuming perfect risk assessment by the insurance company (which is a lot to assume), insurance is always a net loss for the insureds when taken as a whole because of the costs involved in administering it.

You did not answer my question.
Define need.
We were not talking about some extra gap insurance but under or “self” insuring.

[villainous_frx]

Originally Posted by Tcoat

You did not answer my question.
Define need.
We were not talking about some extra gap insurance but under or “self” insuring.

BuT YoU DiDnT NeEd ThAt InSuRaNcE YeStErDaY So WhY PaY FoR iT ToDaY?!?!?!?!??!?!?!?!?

[CincyJohn]

Originally Posted by Tcoat

You did not answer my question.
Define need.
We were not talking about some extra gap insurance but under or “self” insuring.

Thought you would understand my point but guess not. The definition of "need" in this context is an entirely subjective analysis and different for every person.

Of course, in some instances insurance is required by some third party (bank, government) - but that's not "need."

[Tcoat]

Originally Posted by CincyJohn

Thought you would understand my point but guess not. The definition of "need" in this context is an entirely subjective analysis and different for every person.

Of course, in some instances insurance is required by some third party (bank, government) - but that's not "need."

You used the term need but it is now an abstract without meaning.
Ok got it.

[CincyJohn]

Originally Posted by Tcoat

You used the term need but it is now an abstract without meaning.
Ok got it.

Yes you do.

[2020BRZtS]

Originally Posted by CincyJohn

Ahh - now you are understanding. If you spending that $80 makes you sleep well at night, well then it's probably worth it for you. Me spending the same $80 would make me feel like I unnecessarily just threw away $80 bucks (which is why I didn't and wouldn't do it).

But make no mistake, you are buying emotional well being. It is not cost-justified from a pure mathematical sense because, as I am sure you understand, even assuming perfect risk assessment by the insurance company (which is a lot to assume), insurance is always a net loss for the insureds when taken as a whole because of the costs involved in administering it.

Everyone has different feelings about risk.

Of course, having said all of that, I can't understand insuring for a "gap" that doesn't exist.

It sounds like you are in the top 1% and if that is true, well done you.

Gaps do exist. Ask anyone that buys a stock on the way down. The OP's situation is a sign of the times. Historically, most car buyers buy at the max of their budget, extended out for as long as they can, and can't afford a vet bill. For the price of a tank of gas it's well worth it to anyone to buy gap insurance for peace of mind. As for under-insuring it's a fools game. You might be able to afford to replace your car outright but what if you are at fault in an accident that destroys a neuro-surgeon's ability to make a living. In a country where you can sue anyone for anything you will wish you had proper coverage.

[CincyJohn]

Originally Posted by 2020BRZtS

As for under-insuring it's a fools game. You might be able to afford to replace your car outright but what if you are at fault in an accident that destroys a neuro-surgeon's ability to make a living. In a country where you can sue anyone for anything you will wish you had proper coverage.

See, now you are talking about liability, which was never discussed or brought up by me. I have auto liability for amounts required and then a pretty big umbrella for anything not covered. As you bring up, liability is an issue because it is almost impossible for you to cap what your potentially liability could be.

All I was talking about is gap insurance (and I would say a lot of the same things about collision). In each of these instances, the potential risk is very, very easy to calculate and limited (and changes, by the way, over the life of the car). Harder to calculate the risk of the insured event happening, but not that difficult either. It's pretty simple math.

In any event, gap is irrelevant to me as I buy most cars, including this one, with cash (although I did finance a bunch of my 2020 BRZ but that was because they were offering a loan at 0.5% - basically free money). I just find it beyond hilarious that people who think you are "underinsuring" by not buying gap insurance (which I still say is unlikely to EVER be used assuming current market) are some of the same people that would spend 5 -7k on FI which IMMENSELY raises the risk of you blowing up your engine (another 10 -15k) where NONE of it is insured.

Indeed, its just funny how people think of certain "risks" one way and others entirely differently without realizing they take way more risks they think they do just getting out of bed in the morning!

[2020BRZtS]

Originally Posted by CincyJohn

See, now you are talking about liability, which was never discussed or brought up by me. I have auto liability for amounts required and then a pretty big umbrella for anything not covered. As you bring up, liability is an issue because it is almost impossible for you to cap what your potentially liability could be.

All I was talking about is gap insurance (and I would say a lot of the same things about collision). In each of these instances, the potential risk is very, very easy to calculate and limited (and changes, by the way, over the life of the car). Harder to calculate the risk of the insured event happening, but not that difficult either. It's pretty simple math.

In any event, gap is irrelevant to me as I buy most cars, including this one, with cash (although I did finance a bunch of my 2020 BRZ but that was because they were offering a loan at 0.5% - basically free money). I just find it beyond hilarious that people who think you are "underinsuring" by not buying gap insurance (which I still say is unlikely to EVER be used assuming current market) are some of the same people that would spend 5 -7k on FI which IMMENSELY raises the risk of you blowing up your engine (another 10 -15k) where NONE of it is insured.

Indeed, its just funny how people think of certain "risks" one way and others entirely differently without realizing they take way more risks they think they do just getting out of bed in the morning!

The only free money in America is proceeds from a life insurance policy.

0.5% is not even close to free money when money markets are paying 0.02%.

There is something omitted from the OP's claim. When you insure a car they only look at the rating based on a VIN. BRZ VINs only differ on the B, C, or D in the 7th position. It does not state whether I added on the entire Subaru parts catalog or not. To the best of my knowledge they don't reference the Maroney sticker when paying out a claim either. Since every mod on my car except the tint is from the Subaru parts catalog, I can claim I paid $34,000 for the car and show a receipt and if I got $41,000 for it you can safely assume a lot of that is because of the $7K (retail parts and labor) of Subaru add-ons that would be on the car that the adjustor would check off a list.

The way people have parts waiting in their garage before their car is even delivered it's pretty likely this is the scenario.

[CincyJohn]

Originally Posted by 2020BRZtS

The only free money in America is proceeds from a life insurance policy.

0.5% is not even close to free money when money markets are paying 0.02%.

There is something omitted from the OP's claim. When you insure a car they only look at the rating based on a VIN. BRZ VINs only differ on the B, C, or D in the 7th position. It does not state whether I added on the entire Subaru parts catalog or not. To the best of my knowledge they don't reference the Maroney sticker when paying out a claim either. Since every mod on my car except the tint is from the Subaru parts catalog, I can claim I paid $34,000 for the car and show a receipt and if I got $41,000 for it you can safely assume a lot of that is because of the $7K (retail parts and labor) of Subaru add-ons that would be on the car that the adjustor would check off a list.

The way people have parts waiting in their garage before their car is even delivered it's pretty likely this is the scenario.

Exactly what argument are you trying to make?