Rebuilt Vehicle : Coll + Comp - Insurance Doctor?

Discussion in 'Auto Insurance Forum' started by jetski, Sep 1, 2017.

  1. jetski
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    jetski New Member

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    Hello,

    I recently purchased a Rebuilt 2013 Honda Civic LX for $8200 with 51K miles on it. I was able to get only liability coverage and I went with Geico for $140 for 6 months.

    I reside in Virginia and found this company based in VA/NC called Insurance Doctor. They are quoting me $465 for 6 months for collision + comp coverage with $500 deductibles for both. I have never heard of this company before. If my car is totaled again because of my error, I may get a lousy % of the market value as the car is rebuilt, but I would like to have collision + comp coverage for the first 1-2 years until the value of my car depreciates substantially. I drive mostly for work and groceries and some nearby theaters for concerts (at most 900 miles per month ).

    Questions:
    1) Is Insurance Doctor a good company?
    2) Is it worth investing $650 for insurance per year to get maybe 50% of the market value of my car in case its totaled again?

    Thank you
     
  2. adjusterjack
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    adjusterjack Guru

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    Insurance Doctor is obviously an independent agent or broker representing several insurance companies.

    Their website has links to local reviews:

    http://www.myinsurancedoctor.com/

    You can also check them out on review sites like Yelp:

    https://duckduckgo.com/?q=insurance doctor yelp&t=h_&ia=places

    You can contact your state's insurance department to see if any complaints have been made.

    You can also ask the agent the name of the insurance company that will be writing the policy they are quoting.

    Only you can decide that after asking yourself do you have enough money in the bank ($5000 to $10,000 that you'll never touch) separate from your income and living expenses to instantly replace your car if it gets totaled or stolen and nobody pays you for it?

    If you can truthfully say yes to that question then you can save yourself a lot of money if nothing happens to your car between now and when you are ready to sell it some years in the future.

    I've had my 08 Crown Vic for 4 and a half years now. I can replace it for about $3500. I have that money stashed away and have probably saved at least $2000 by having just liability insurance for the past 4 and a half years.

    PS: I suggest you get quotes for a complete policy from other direct writers and through other independent agents.

    A lot of insurance companies will insure rebuilt vehicles for comp and collision along with the liability coverage.
     
  3. jetski
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    jetski New Member

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    Hello Jack,

    Thank you for such a detailed reply! It is very helpful.

    1) I was told the insurance company that made the quote was Mercury Insurance. I will certainly call the state insurance agency and ask for complaints on them. Are you aware of this company? The online reviews are not good.

    2) I will also look for other independent insurance companies. Do you have any recommendations?

    I plan to keep this car for as long as I possibly can. My instinct was to have some protection in the first 1-2 years.

    Thank you
     
  4. adjusterjack
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    adjusterjack Guru

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    The A. M. Best Company is to the insurance industry what Dun and Bradstreet is to businesses and Standard & Poor is to stocks and Moody's is to bonds.

    There are a lot of companies named Mercury. I don't know if they are all related but the A. M. Best rating is not so great:

    Search Results - Best's Credit Rating Center

    Google "independent agent" for your city and pick one close to where you live or work. Take a long lunch hour and walk in the door with your insurance papers and your car information and see what they can do for you.

    There are many major insurance companies that quote and/or sell online. Several come to mind: Liberty Mutual, eSurance (an online agent), Travelers, Nationwide, Allstate, Progressive. You can walk in to any local State Farm or American Family office.

    While it might be convenient to go online, it's always best for face to face with an agent who can call up the underwriter to make sure the company takes rebuilt vehicles.

    Again, that has to be up to you.
     
  5. jetski
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    jetski New Member

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    Jack,

    Sounds good. Thanks a lot!

    Regards
     
  6. BADTROUT
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    BADTROUT Super Genius

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    Good advice... I second the Indy Agent search... You'll never hear anyone regret getting professional advice, or a second opinion.
     
  7. jetski
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    jetski New Member

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    Thank you, BadTrout!
     
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