The government shoulders a lot of the blame. For instance, did you know that California raised its minimum required coverage in January this year? The minimum is now 30/60/15, whereas it was 15/30/5. Do you know the last time the minimums were changed? 1967. When you could buy a new Ford sedan for about $2100.
You can't get ANYTHING fixed for $2100, especially with all of the tech in the cars now. The damn cameras alone are about $4K. The minimums are going to increase incrementally over the next few years, but so will the premium. But you can't do it all at once. However the state sets the rules. Why did it take 58 years to address it, especially in a state that is so car heavy, like CA?
I remember people carrying the minimum 15-20 years ago and it wasn't considered a wise idea then, but people get focused on the price, which I get, but at one point, the math does not work.
A lot of people do the minimum, putting at risk their other assets. If you don't have much I suppose it gets you by. I have hi limit for the uninsured/underinsured motorists. Had to use it when an illegal T-boned my wife by running a stop sign at high speed. On another note my son had a new car and totaled it by hitting a telephone poll. He came out with not much injury. The car was 6 months old and Allstate gave me a check that was about $4000 more than I paid for it out the door. I didn't complain. That was 20 years ago though.
The government shoulders a lot of the blame. For instance, did you know that California raised its minimum required coverage in January this year? The minimum is now 30/60/15, whereas it was 15/30/5. Do you know the last time the minimums were changed? 1967. When you could buy a new Ford sedan for about $2100.
You can't get ANYTHING fixed for $2100, especially with all of the tech in the cars now. The damn cameras alone are about $4K. The minimums are going to increase incrementally over the next few years, but so will the premium. But you can't do it all at once. However the state sets the rules. Why did it take 58 years to address it, especially in a state that is so car heavy, like CA?
I remember people carrying the minimum 15-20 years ago and it wasn't considered a wise idea then, but people get focused on the price, which I get, but at one point, the math does not work.
I understand what you are talking about. Fiat currency going down would also cause that math problem.
A lot of people do the minimum, putting at risk their other assets. If you don't have much I suppose it gets you by. I have hi limit for the uninsured/underinsured motorists. Had to use it when an illegal T-boned my wife by running a stop sign at high speed. On another note my son had a new car and totaled it by hitting a telephone poll. He came out with not much injury. The car was 6 months old and Allstate gave me a check that was about $4000 more than I paid for it out the door. I didn't complain. That was 20 years ago though.