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Originally Posted by EdVinMass
OK folks, time to clear this issue up. I registered my new 2008 Tomberlin E-Merge 2 LSV with Allstate for $210. It would have been more like 180 if I had also registered my full sized vehicle with them too.
The insurance policy is for an OFF-ROAD VEHICLE. That’s important to understand because that’s why it’s so low. Those that were quoted $400-500 for insurance is probably because their insurance company doesn’t offer that kind of policy. Google “off-road vehicle insurance” to find other insurers that offer this and get quotes from them.
So let’s say you’re insuring your regular and LSV vehicles with the same company. $180 for insurance and $45 for annual registration is $225. But since the annual insurance for a regular golf cart is ~ $70 the net outlay for the LSV is $155/yr. So it would take 29 years to offset the $4500 tax credit.
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Let me preface by saying I am not a lawyer or insurance salesman, but am very interested in the whole discussion. With the tax credit I have been thinking about a new Par Car street car.
I have talked to several insurance companies in the last day or two, including two Allstate agencies. They have all told me that you cannot insure a street legal golf cart with Off Road Coverage. They tell me you must carry Personal Injury Protection. They said they had heard some brokers had been doing this but it is not correct (not my words). The quotes I am getting are around $600 per year to insure properly.
Not trying to stir trouble or saying I know which is right, but it may be worth checking for folks who have off road coverage to verify you have what you need if something were to happen.