Originally Posted by Chris-Austria
I read this thread just because I'm interested how car insurancy in the US works.
Are there additional costs like some kind of taxes for a car or do you "only" have to pay the insurancy? Don't want to be off-topic.. but if anyone can give me a short overview of car related costs / year it would be very interesting
(I have to pay a total of $2400 for my 66 GTO every year where I live, this is insurancy+taxes)
Each insurance company has their own way of insuring. There are no additional taxes on insurance. Insurance companies are in the business of taking your money not giving it away. If you have an at fault accident, you will be surcharged or dropped outright. Many insurance companies now offer no surcharge for your fist accident. Your premiums are reflected by several factors, area of the country, age, gender, risk and VIN of car.
The younger you are the more high risk you are and pay a premium for it. To combat that bottom rate companies began providing people a cheap rate for as little coverage as possible. People jump at that to get cheap coverage and only are covered to a small amount that more than likely cannot cover their damages to a more expensive car, then they are hauled into court by the victim and sued through their teeth. They roll the dice they do not have an at fault accident. Those like me have to pay for their cheapness and carry insurance to protect ourselves from them. IT SUX.
In Pennsylvania we are offered a choice between full tort versus limited tort coverages a choice to make in reducing insurance premiums. Full tort means you reserve the right to sue the person who hits you unconditionally. Limited tort means you wave the right to sue in most cases quick explanation I downloaded:
"limiting the rights of the named insureds and other parties qualifying as insureds under the policy to sue for “non-economic detriment” (i.e., pain and suffering) to cases in which the plaintiff suffered “serious
injury” (defined as “death, serious impairment of body function, or permanent serious disfigurement”), though they retain the right to sue for any unreimbursed economic losses (typically medical expenses or lost earnings exceeding the amount of available first-party benefits coverage, property damage and other out-of-pocket losses)."
In other words: To reduce a premium one chooses limited tort gambling they are never in a position to sue for personal injury. This is a risky option.
I gave you a brief overview. Each state here has their own criteria for insuring.
Collector car insurance is different than the above. Hope I gave you a good general overview of our system.