Page 1 2
Go | New | Find | Notify | Tools | Reply | |
Drill Here, Drill Now |
Not sure if they offer it in your state, but there is possibly another option in between full coverage and bare minimum. I grew up with a father in autobody so when I lived nearby and owned the title then I went with collision that only kicked in if the other driver was at fault. In other words, if the accident was my fault then there was zero collision coverage, but if it was the other guy's fault then I had collision coverage. Ego is the anesthesia that deadens the pain of stupidity DISCLAIMER: These are the author's own personal views and do not represent the views of the author's employer. | |||
|
| Page late and a dollar short |
Michigan is a No Fault state. So if you do not have collision coverage of some type you can get really screwed here in a crash. The only recourse we have against the other driver is called Mini Tort. Basically if the other driver is at fault you can collect $1000 from that insurer providing that other driver is not one of many in this state that is "driving dirty" with no insurance, pretty common in many of our urban centers around the state. Some estimates that over half the drivers in the city of Detroit have no insurance. We have three levels of collision coverage here, Broad Form, covers you even if at fault with no deductible. Regular coverage, deductibles at different levels, covers you even if at fault with deductible and Limited, covers you if at less than 50% at fault, deductible applicable, don;t remember if deductible amounts vary or not. Can be an expensive gamble here to not have collision coverage on anything but a total POS beater... -------------------------------------—————— ————————--Ignorance is a powerful tool if applied at the right time, even, usually, surpassing knowledge(E.J.Potter, A.K.A. The Michigan Madman) | |||
|
| Member |
Me too. I haven't had an accident since 1987. I did have a windshield with a stone chip on an insured vehicle. I called Progressive to see if it was covered by my comprehensive policy. They said yes, it was, but since I had a $500 deductible, they wouldn't actually PAY anything, since the repair quote was $480. Then Progressive raised the rates on all my policies for the next 3 years by 40%, since I had filed a claim!! When I told the auto glass shop that insurance would not be involved, it only cost $250 for the repairs. Your situation may differ, but I self insure. ---------------------------------------------------- Dances with Crabgrass | |||
|
| Member |
Does switching to liability only decrease the medical and personal injury benefits for your son? I.E. if your son is in a crash and requires serious medical care does he still have any coverage through the car insurance. | |||
|
Ammoholic |
He does not, only the person he hits. If the other insured is at fault they pay up to the limits they have selected. That's one of the main reasons I keep the full coverage on a paid off car. Also I live in Central America 2.0 and most don't have auto insurance here, many don't even have drivers licenses. My health care is HDHP so I don't want to have to foot the bill if I am in an accident that is my fault or the other insured doesn't have coverage or has elected only the state minimum 25/50/$25k (for VA). Jesse Sic Semper Tyrannis | |||
|
| Yew got a spider on yo head  |
Really depends on what the vehicle is worth. For a 2000 car Id carry the bare minimum liability, comp. My 2009 tacoma is paid off and still worth around 18k. That still gets full coverage. | |||
|
| You're going to feel a little pressure... |
Drop it and put the difference towards 100/300 liability and medical payments coverage. It's usually not much more than 25/50 and much better coverage. Also, don't let him skimp on Uninsured Motorist. Nevada lets you refuse it and we have a huge problem with illegal immigrants in uninsured cars hitting and running. That's when you need it. Bruce "The designer of the gun had clearly not been instructed to beat about the bush. 'Make it evil,' he'd been told. 'Make it totally clear that this gun has a right end and a wrong end. Make it totally clear to anyone standing at the wrong end that things are going badly for them. If that means sticking all sort of spikes and prongs and blackened bits all over it then so be it. This is not a gun for hanging over the fireplace or sticking in the umbrella stand, it is a gun for going out and making people miserable with." -Douglas Adams “It is just as difficult and dangerous to try to free a people that wants to remain servile as it is to try to enslave a people that wants to remain free." -Niccolo Machiavelli The trouble with fighting for human freedom is that one spends most of one's time defending scoundrels. For it is against scoundrels that oppressive laws are first aimed, and oppression must be stopped at the beginning if it is to be stopped at all. -Mencken | |||
|
| Member |
Spend some time each year shopping. You might be surprised by the difference. I spent several hours last November researching policies and saved about 800 bucks a year by combining all insurance with one company (houses an vehicles),and switching from straight liability to an umbrella policy. Independent agents are great. | |||
|
| His diet consists of black coffee, and sarcasm.  |
The exact point at which you should drop full coverage is vague, but I do think you reach a point of diminishing returns after 10 model years old. But take a look at your policy and see how the coverages break down. For instance, on my 2009 car, out of my personal $348 6-month premium, my collision is $114 with $500 deductible, and comprehensive is only $30 ($200 deductible). At those prices I can afford to keep collision until 2019 or 2020, at which point I'll reexamine it, as by that time the car will only be worth about $2500. I really can't afford payments on any vehicle right now. | |||
|
Member |
We have Erie Ins on the trucks full coverage and we keep that till traded. They say insurance is worthless till you need it so why not get the best coverage just in case. Years back we had a wind storm hit the barn blew the slate off in a couple of places, the adjuster came out said get it fix send us the bill paid 100%. We run all of insurance for the house, barns, garages, trucks, and trailer with them. Chris | |||
|
My hypocrisy goes only so far |
My truck is a 1999. I’ve had full coverage on it since day one. It costs me $400 a year. I won’t save much ($75) annually if I drop it. Everything else we own has full coverage as well & is paid off like our home . The only thing we own that isn’t paid off is the motorhome. U.S.M.C. VFW-8054 III% "Never let a Wishbone grow where a Backbone should be "  | |||
|
Go Vols! |
I keep it. Here if someone hits you they only pay your deductible. No more. If you don’t have full coverage you are SOL. | |||
|
Member |
^^^^This, right here. So important, I'll say it again... ^^^^This, right here. So many people think they're insured because they have 25/50. You cannot hit a motorcycle without racking up $25,000 in property damage nowadays. You cannot break someone's leg without racking up more than $50,000 medical / lost wages. The cost for increasing your liability coverage from the minimums isn't that significant. Demand not that events should happen as you wish; but wish them to happen as they do happen, and you will go on well. -Epictetus | |||
|
| Page late and a dollar short |
And filing civil suit to collect your deductible from an uninsured motorist is a losing proposition in this state also. My friend has been trying for close to three years to collect on a judgement for his deductible. Michigan Uninsured Motorist Coverage only covers injury, not physical damage to your vehicle. And as we have a minimum of 20k Personal Injury Protection you also have to carry Underinsured Motorist Coverage also. -------------------------------------—————— ————————--Ignorance is a powerful tool if applied at the right time, even, usually, surpassing knowledge(E.J.Potter, A.K.A. The Michigan Madman) | |||
|
| Member |
It's obviously not that simple. If you pay cash and total your brand new Yukon Denali as you leave the dealership, you might be wishing you had full coverage. | |||
|
| Powered by Social Strata | Page 1 2 |
 | Please Wait. Your request is being processed... |
|
© SIGforum 2024