Anyone in the car insurance business?

[Alpo]

For some reason this morning I started thinking about the "Cash for clunkers" program that the Kenyan had. And I was trying to figure out how much it would cost me if I had taken him up on this and traded in my 30 year old, completely paid for, pickup truck on a new truck.

 

A new truck would've been about 30k, and I would get a 14000 trade for my clunker, so I start off owing $16,000. Then when I register the truck I pay Florida sales tax on 30000 of 2400. Now I'm at minus 18,5.

 

I decided to give the new truck excellent mileage - 30 in town. My current truck gets seven. I drive, MAYBE, 2000 miles a year, so we will call that 300 gallons at $3 a gallon. $900 in gas yearly. The new truck, at 30 miles per gallon, would burn about 70 gallons, so $210 in gas yearly.

 

I save $700 a year. I owe $18,500. What's that - about 25 years to get out of debt?

 

Because my current truck is 30 years old, my license plate is $25. The license for a new truck the same size is $75. So that's another $50 a year.

 

Then I got to thinking about insurance. I carry the minimum because I'm a good driver, I don't drive very much, and it would make no sense to have collision on it because the insurance company would look in the bluebook and inform me that it was worth $200. Been there, done that.

 

But a new truck with a loan on it - I'd have to have full coverage. Instead of $130 a year I would be paying, what - 1000?

 

So that's why I'm looking for a car insurance salesman. Just an idea on what insurance would cost.

 

$30,000 truck. 65 year old driver. No tickets or accidents in over 25 years. Sole driver of the truck.

 

I'm not going to do this - this is simply a brain game. But if anyone has an idea of what full coverage would cost, please throw it out there.

 

And yes I am sure that the insurance rate in California would be different from the insurance rate in Florida. But wherever you are from, and whatever number you have come up with - it would give me something to think about.

[Cypress Sun]

I'm not an insurance person but a friend of mine just bought an high end Explorer that was worth at least twice what his trade in (Explorer) was worth. For the same coverage as his old truck, the price actually went down! The insurance rep told him it was due to all of the safety features on the new vehicle.