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 OFF TOPIC: Here's how I saved some money (2.2BU/yr		  New Topic  Topic Locked
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Gloss
Master Marine Consultant

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USA
1916 Posts
Initially Posted - 02/08/2007 :  19:43:24  Show Profile
I own a 99 Full Size 4wd chevy truck to haul toys, home improvement stuff, etc.
I also recently bought a 2005 used Mustang Convertible 6 cylinder to save gas (yeah right, It's just a plain blast to drive) But I do get 18mpg driving hard in town, and 26 mpg on the interstate.
I had a 500 deductible on my insurance policies. I asked my insurance guy (Allstate) how much I would save if I went to 1,000 deductible. It came to 220/yr.
Lets see, 220 bucks per year for only 500 bucks in coverage. It was a no brainer to go with the 1000 deductible. Break even in 2.27 years.
Or 2.2 Boat Units/year for those in the know
Frank Gloss
Formerly 89WK/TR
85 Ericson 32-3 shoal draft "Molto Bene"
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Dave Bristle
Master Marine Consultant

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Djibouti
10005 Posts
Response Posted - 02/08/2007 :  22:51:25  Show Profile
It's even better than that... The extra 500 in coverage is only completely meaningful if you happen to have a claim over $1000. A $600 claim only gets you $100... I went through the same arithmetic for my self-funded health coverage and bumped the deductible WAY up.

My personal rule is not to insure anything beyond the point where fixing or replacing it won't create a financial problem. Doing otherwise is just adding to the insurer's annual bonuses. Likewise, virtually all extended warranties are scams in my book. (Sure, you might end up using one, but how many do you buy for that to happen?)
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Gloss
Master Marine Consultant

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USA
1916 Posts
Response Posted - 02/09/2007 :  05:50:06  Show Profile
You are right on the money on extended warranties Dave. Especially on electronics. If something electronic will break, it will probably do it in the original warranty period. of course I use my American Express card for everything so I get Delta miles (got a free trip to Carribbean), and then American Express doubles the warranty anyway.
Even more BU for the retirement boat
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DanM
Captain

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USA
256 Posts
Response Posted - 02/09/2007 :  06:45:14  Show Profile  Visit DanM's Homepage
May I step in here? As for electronic gadgets, The replacement thing you buy two years later usually will have more features at a lower cost.
Adding sales tax to the extended warranty, you may be spending 20% more on something you will never need or want.
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dblitz
Navigator

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240 Posts
Response Posted - 02/09/2007 :  08:09:11  Show Profile
All true, EXCEPT in the case of ipods. They get heavy use and will break. Apple extended warranties will get you a new one, my experience with Best Buy's extended warranties, on the other hand, is the reason why I won't spend another buck in that store.
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existentialsailor
Master Marine Consultant

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USA
1180 Posts
Response Posted - 02/09/2007 :  08:13:17  Show Profile
I think the insurance on cell phones is worth it too. As to car insurance deductibles, I don't drive a vehicle worth putting collision insurance on, just liability.
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dlucier
Master Marine Consultant

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Virgin Islands (United Kingdom)
7583 Posts
Response Posted - 02/09/2007 :  08:52:18  Show Profile
Just the other day I added my oldest kid, who now has her learner's permit, to our car insurance. At the time I wasn't sure if I should raise my deductables or lower them!
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At Ease
Admiral

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672 Posts
Response Posted - 02/09/2007 :  12:40:48  Show Profile
Re auto insurance...I carry the max ded on all my ins policies, check out your house, I have $2000 ded on it.
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Notice: The advice given on this site is based upon individual or quoted experience, yours may differ.
The Officers, Staff and members of this site only provide information based upon the concept that anyone utilizing this information does so at their own risk and holds harmless all contributors to this site.