SIGforum.com    Main Page  Hop To Forum Categories  The Lounge    Paying off car. Should I adjust insurance coverage?
Page 1 2 
Go
New
Find
Notify
Tools
Reply
  
Paying off car. Should I adjust insurance coverage? Login/Join 
erj_pilot
Member
Picture of erj_pilot
posted Hide Post
My vehicles...full coverage on paid-off 2011 Venza. Liability only (for the most part) on paid off 1997 Corolla DX. Like others have said, crunch the numbers, but I'd say your car has to be quite a bit older before carrying liability only starts to pay off; maybe 10 years or more.


"If you’re a leader, you lead the way. Not just on the easy ones; you take the tough ones too…” – MAJ Richard D. Winters (1918-2011), E Company, 2nd Battalion, 506th Parachute Infantry Regiment, 101st Airborne
"Woe to those who call evil good, and good evil... Therefore, as tongues of fire lick up straw and as dry grass sinks down in the flames, so their roots will decay and their flowers blow away like dust; for they have rejected the law of the Lord Almighty and spurned the word of the Holy One of Israel." - Isaiah 5:20,24
 
Posts: 11066 | Location: NW Houston | Registered: April 04, 2012Reply With QuoteReport This Post
220-9er
Just because you can,
doesn't mean you should
posted Hide Post
Look up the cars value and subtract the deductible to see what you'd net from a total loss.
Then calculate how much time paying the premium would equal that number.


___________________________
Avoid buying ChiCom/CCP products whenever possible.
 
Posts: 10030 | Location: NE GA | Registered: August 22, 2002Reply With QuoteReport This Post
gpbst3
Member
posted Hide Post
Double check the liability coverage. Will you loose medical coverage on yourself? If you are at fault for a crash and have injuries you may be out of luck.

Also check your state laws. In PA you cannot sue for "pain and suffering" claims if you do not have full tort coverage.


 
Posts: 5492 | Location: Pittsburgh, PA, USA | Registered: February 27, 2001Reply With QuoteReport This Post
smithnsig
We gonna get some
oojima in this house!
Picture of smithnsig
posted Hide Post
quote:
Originally posted by selogic:
quote:
Originally posted by jezsuiz:
I keep full coverage on mine. The difference is about $10 a month for me.
But is your vehicle worth what you pay in insurance ? Right now my Mom pays full coverage ( $150/month) for a car that is only worth about $1600 if she were to sell it . It doesn't take much of an accident to exceed $1600 in damages these days . BAD situation but she will not reduce her coverage . There is no one size fit's all answer . Every situation is different .


She needs to find another insurance company.


-----------------------------------------------------------
TCB all the time...
 
Posts: 6501 | Location: Cantonment/Perdido Key, Florida | Registered: September 28, 2009Reply With QuoteReport This Post
  Powered by Social Strata Page 1 2  
 

SIGforum.com    Main Page  Hop To Forum Categories  The Lounge    Paying off car. Should I adjust insurance coverage?

© SIGforum 2024