Thread: Insurance
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Old 10-07-2010, 11:30 PM
yocalif yocalif is offline
Ford Ranger Owner
 
Join Date: Sep 2010
Posts: 65
Default Re: Insurance

2002 4.0L EDGE Ext Cab, insurance State Farm Full coverage $56 a month. Just got the quote today.

Of course it helps having 5 vehicles, house, life, and have been with our agent 20 years.

Normally we only get PL & PD all our vehicles are salvage, however since this truck is in such great condition, and its only $17 more a month we decided for 2 years we will pay the extra and then drop it to PL/PD.

We haven't had a car payment since 96, buying 5 salvage vehicles since then, paying only PL & PD we have saved so much money on automobiles. The money was used to pay our kids college tuition and books.

Most average couples with car payments pay $400-600 a month and $100-200 for insurance a month. So averaging $500+$150 = $650 a month for a average couple. Or $7800 a year.
Using my example 14 years x $7800 = $109,000.
Just for vehicles for my wife & myself not counting putting our kids in cars and paying their insurance, buying salvage and paying only PL & PD. We would bought 4 salvage cars
F150 $3200, Hyundai Elantra $2800, Hyundai Accent $2700, Hyundai Elantra #2 $2900
Total Vehicles for 14 years = $11,600
Insurance for my wife & myself PL & Pd $75 a month avg for 2 vehicles, or $900 a year, x 14 yr = $12,600

Salvage Vehicles = $11,600
Insurance x2 = $12,600
Total for 14 yrs = $24,200

Net savings = $84,800

Admittedly these are all cheap vehicles, so if your self image is wrapped up in what you drive, then you won't be very happy driving on the cheap. If your job or work require new vehicles, then you can't go as cheap, but maybe you can lower cost by only one of the vehicles being new and the other is salvage.

I know many of the younger guys are buying used Rangers, this is the way to go, keep on saving money, it pays dividends.
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