JRNYMAN wrote:We have a Bimmer and a Mercedes as well. However, my BMW is an '82 320i that I bought about 10 years or so ago as a project car for $700 which I have fully restored. Fun little coupe. My wife's Mercedes is an '89 450SL that she's had since brand new and is her daily driver. I only carry liability on the 320i since carrying anything more would be ludicrous since it's basically a "scratch-n-total" in the insurance company's eyes. And of course, insurance here in Arizona isn't tons cheaper than in the Bay Area, but it's still less expensive for those of us with excellent driving records, multiple car discounts, no accidents, etc., etc. When I think about how much I pay to State Farm every year with the boat, 4 vehicles, a newly acquired scooter, homeowner's, etc., it just makes me want to scream! All the money paid to them over the decades with only one accident claimed in 30 years and a few replaced windshields along the way.... man what I could do with that pile of cash!
My best friend on the other hand just went through a nasty situation with his homeowner's insurance. A guest of theirs slipped on the front step and fell and cracked their skull pretty badly. After the surgeries, loss of work, therapy, etc., the bills were getting close to a million dollars and his ins. company contacts him and says they are only obligated up to a certain amount and when it's reached, he would have to pay the rest - which is complete and total bullshit and highly illegal - and that in addition to that, he was being cancelled and they would be notifying FHA, his mortgage company, and on and on which apparently is required by a company when they cancel coverage on a dwelling that has a mortgage - especially a federally insured mortgage. It got really nasty and almost came to blows between him and the team of appraisers that were given the task of making his life Hell. He's in the middle of a huge lawsuit with them now and most likely will win hands down because of their shady practices, harassment, etc. which he has either on audio and/or audio/video. By the time it's over, he just might end up owning said company!
First off, most, if not all car insurance companies such as Farmers, AAA, etc. won't fully insure a used car that's over 15 years or so old. Because they aren't stupid and probably from past experiences figured out that people would fully insure a clunker that they purchased for a few hundred dollars and then turn around and have "something" happen to it to collect. The only way around that is if you purchased the car brand new and had full coverage on it from day one. Now if you've always had full coverage on it and now the car is over 20 years old, you can still have the same full coverage policy. It's if you just buy an older car say from the late 80's or 90's and try to get full coverage on it. You'll be pretty much SOL if you try to get full coverage for it.
So you have a boat, truck, scooter, on top of cars, well then that's why your paying so much, especially a boat. I don't know anything about a boat but I know if it flies or floats, you pay a ton for insurance, among other things.
In all reality, I'm hoping to get this Cuda sold. If I get the Cuda sold, I'm hoping within this year or next, I would then get rid of the current BMW I got and then just get one nice daily driver. It will most likely be another BMW as I cound't be more happy with BMW products. The wife's SL500, that was something her parents got that she asked them for. She's even thinking about getting rid of that one in the next few years since it's only a two seater and we have kids, so it's not practical. I'd like to get rid of all three vehicles and get one nice family orientated vehicle. Also I bet I'm at least ten years old then you are, well I'm not so sure about that but I'm betting I am. Since I'm older, my insurance is a bit cheaper as well.
Anyways, that Porsche Spyder make/model that James Dean had would be a nice little hobby car to have imo. But if I had the opportunity to buy one, I probably would pass on it because of my first hand experience with hobby cars. I love the Cuda and it generates so much attention when I get it out for a drive. But it's starting to be a real burden. It takes up space in the garage, I have to constantly be concerned with it, all the spare parts that I've collected over the past 26 years, not to mention it costs at least $1,000 per year just to own it (fuel, insurance, registration and the service and maintenance). I'd be better off getting rid of it and then taking that $1,000 per year and putting it into a high rate of interest investment.
Posted: Wed Jun 19, 2013 3:27 pm
