Reefhound
Feb 2, 2010, 7:37 AM
Post #2 of 8
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I'm no authority but here are my thoughts.
Insurance is economical for longer term visitors and residents but short term insurance is expensive. The rates are most economical over longer periods. I found (as a rough generalization) that I could get a six month policy for about 3x a week's coverage and a year policy for about 4x a week's coverage.
The rate is also largely dependent on the amount of collision and theft and vandalism coverage you desire. You might review the market value of your car and whether you are carrying too much coverage. If your car has a market value of $10,000 then that is the most you will get, carrying $15,000 is just a waste.
Also many policies differ in the amount of "travel assist" they offer and the labor rates they pay. The lowest rates may pay a fixed labor rate and not cover vandalism or "partial theft". My criteria is not the lowest cost as I want total coverage, minimal deductible, but most importantly a higher liability limit. Mexican health care may be cheaper but even there it would be too easy to exceed a $50k liability. Why would I risk it when for another $30 I can get it upped to $150k?
Of course, the only way you can really rate an insurance company is on how they handle claims. In that regard, I have nothing to go on and haven't seen any stats comparison on this. So no matter how much I may compare what a policy purports to cover, it remains largely an act of faith and hope that they will come through if things go wrong.
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