I had a serious car accident today, and now what with my BRZ?

[mav1178]

Originally Posted by Dave-ROR

So are you rich then or just don't mind paying to fix them?

The latter.

One is a 2003 E39 540i manual that is probably worth $5k (since it only has 130k miles), but since it's leaking oil from somewhere on the intake manifold I don't really think it's worth that much. If the engine blows up I want swap in something smaller (maybe VQ35DE + CARB supercharger) and make it into a fun toy.

The other is a 2015 Subaru Legacy that I bought from my cousin. I will put full coverage on it if I sell my Lexus but I am keeping it as a spare daily driver.. for now it gets washed twice a month and sits on the side of my garage.

-alex

[GrantedTaken]

The car is not "broken down"
It is crashed.

[Sapphireho]

Originally Posted by GrantedTaken

The car is not "broken down"
It is crashed.

One of the many "drove my twin today, crashed". Threads. Luckily OP is ok, but this one has the odd twist of someone having no insurance on a new car.

[Clutch Dog]

Originally Posted by Sapphireho

One of the many "drove my twin today, crashed". Threads. Luckily OP is ok, but this one has the odd twist of someone having no insurance on a new car.

I was gonna say, usually when you pull a loan on something the parent company forces you to have a "min insurance" coverage. Im fully covered even with vehicle replacement. so if my 15 goes.. im gonna get the equalivalent car. and on top of that. i have gap.

[CoolHandMoss]

After my car got rear ended and totaled the insurance company offered to sell it to me for something like $2700. I posted a thread on here asking for people's experience trying to sell a totaled car because $2700 seemed low to me. Everyone said it was dumb just let the insurance company take it. So I did. But I followed up on it with a friend of mine that works in insurance and goes to those auctions. He said it sold for $4700. Just an idea. Yours is a little worse off than mine was though.

[GrantedTaken]

Nothing odd about not having insurance. He obviously paid cash for the car and self insured. I don't have collision on any car I own. Very very common for guys who don't still live with their parents.

[maslin]

Originally Posted by GrantedTaken

Nothing odd about not having insurance. He obviously paid cash for the car and self insured. I don't have collision on any car I own. Very very common for guys who don't still live with their parents.

[Tcoat]

Originally Posted by GrantedTaken

Nothing odd about not having insurance. He obviously paid cash for the car and self insured. I don't have collision on any car I own. Very very common for guys who don't still live with their parents.

You must be very proud!

[computeruser]

Originally Posted by Tcoat

You must be very proud!

That’s one possible word for it.


Given how little insurance costs, it baffles me why someone would go without. It is surely cheaper than self-insuring in a case like OPs. The older and more affluent I become, the more appealing that risk management and mitigation through insurance becomes. A couple hundred bucks in premiums seems a much more appealing prospect than having to absorb a total write-off like OP likely will have to do, all to “save” a couple bucks up front.

[Dadhawk]

Originally Posted by GrantedTaken

Nothing odd about not having insurance. He obviously paid cash for the car and self insured. I don't have collision on any car I own. Very very common for guys who don't still live with their parents.

You're hanging out with the wrong guys who don't live with their parents then.

Look if you are willing (and able) to self insure, good for you, hope it works out for you. But it's pretty obvious the OP should not have been self insuring, just by reading his posts to this point.

[Grady]

It all depends on your financial situation. Once a car gets around 10 years old (10k value) it is at the point where full coverage does not make financial sense. My 2017 BRZ does have full coverage. My 2000 outback and 2005 Colorado have liability only. Colorado has had liability for the last 5 years. I have saved more than insurance would pay for it now. However If I would have totaled it right after putting it on liability the 7k loss would not have put me in a bind. You just have to find out what you financial situation is and your tolerance for loss.

[Sasquachulator]

Originally Posted by Grady

It all depends on your financial situation. Once a car gets around 10 years old (10k value) it is at the point where full coverage does not make financial sense. My 2017 BRZ does have full coverage. My 2000 outback and 2005 Colorado have liability only. Colorado has had liability for the last 5 years. I have saved more than insurance would pay for it now. However If I would have totaled it right after putting it on liability the 7k loss would not have put me in a bind. You just have to find out what you financial situation is and your tolerance for loss.

IMO The car has to be a completely worthless shitbox to switch out from full coverage to liability only. 5k is still a lot of money to just throw away. Im not sure how many 'stages' of insurance there is but there should be something between liability only and full coverage (reduced coverage or something?)

But on a brand new car....if you have to get liability only just to 'save a few bucks' you were never able to afford this car...even if you technically could.

Our BMW is a lease and it HAD to have a specific insurance requirement in order to get it registered (well, leasing might be a different thing)

[ka-t_240]

Originally Posted by GrantedTaken

Nothing odd about not having insurance. He obviously paid cash for the car and self insured. I don't have collision on any car I own. Very very common for guys who don't still live with their parents.

None of my friends have liability only on their nice/newer cars. Comp is too cheap to not have.

[spagti]

I posted more details in the other thread about this, but this car looks almost exactly like mine did when I bought it from salvage. It cost me about $3000 to fix it, minus paint. That was restoring it to stock and the only non-OEM parts are the radiator and condenser. The rest was either new from Subaru or second hand from here.

I had no frame or suspension damage and the engine itself was totally fine minus the intake and several things near it being destroyed.