SIGforum.com Main Page The Lounge At What Point Do You Drop Collision, Etc On Older Car And Just Have Liability?
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| Get my pies outta the oven!  |
Situation: my daily driver car. 2007 Honda Civic with 176,000 miles on it. In decent but not pristine condition, it does a good job of getting me from point A to point B. Paid off and the plan we just decided is for me to keep it for another 2 years or so until my wife's Mazda is paid off, then I get a new or newer car so we only ever have 1 car payment. Based on how much I drive, it will be clocking in at around 205,000 in 2 years. I was looking at my insurance coverage on it through State Farm and realized I still have full coverage on it same as our Mazda. Should I be thinking about dropping everything except liability coverage on this? It would save a decent amount of money a year, maybe $500? Or should I keep the coverage? There's so much conflicting info out there on this topic! | ||
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| Master of one hand pistol shooting  |
When the cost of repairing a fender bender is the same as or more than the sale value. Or before that. I had a real nice 87 Camry that had a bumper bender repair estimate of 2500$. The responsible drivers ins co would total the car on that rather small hit. I fought and fought the ins co. Finally settling on 2000$ straight payment and a clean title. The Camry is way too nice to total. So we fixed it ourselves for almost no $$. Since then I sold it to a friends step daughter who desperately need good wheels . The car has 120000 on it and gets 30mpg. I bought a 2017 Forrester to replace it. | |||
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Member |
To me, it really depends on what the car is worth, and what it would cost/difficulty of replacement vs the added cost of carrying full coverage. My 2014 Tundra and the Wife's GX460 will probably carry full coverage for another 10 years because they hold value so well. On the other hand, I have a beater that I drive to my relatively dirty job so my nicer cars stay that way, and I only carry liability on it. I'm a mechanic, so I have a seemingly endless supply of cheap cars coming my way should I need a new one, which makes the choice easy for me. Hell, my current "beater" is a one-owner BMW 325is that I have maybe $300 invested in. Not too shabby for me. "America could use some turpentine, all the way from Hollywierd to New York City." -- Phil Robertson | |||
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Sound and Fury |
When you can truly afford to self insure. If it got stolen or totaled tomorrow, could you afford to replace it without hardship? If so, consider dropping the non-required insurance. Your premiums are based on the risk-adjusted cost of repair or replacement. So theoretically, if you stick those monthly premiums in a savings account, you could use them to pay for any loss, and you won't be paying any profit to the insurance company. "I've spoken of the shining city all my political life, but I don't know if I ever quite communicated what I saw when I said it. But in my mind it was a tall proud city built on rocks stronger than oceans, wind-swept, God-blessed, and teeming with people of all kinds living in harmony and peace, a city with free ports that hummed with commerce and creativity, and if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here." -- Ronald Reagan, Farewell Address, Jan. 11, 1989 Si vis pacem para bellum There are none so blind as those who refuse to see. Feeding Trolls Since 1995 | |||
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Yokel |
Beware the man who only has one gun. He probably knows how to use it! - John Steinbeck | |||
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Invest Early, Invest Often |
I had my older Accord stolen. Since I had dropped Liability, I had to deal with the towing, storage fees and an Impound Lot in San Francisco. And then figuring out what to do with it. Wasn't worth dropping the coverage (in the future) for me. | |||
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| Do No Harm, Do Know Harm |
I'd say once you are comfortable paying out of pocket for the total value the insurance company would give you if the vehicle was totaled. Knowing what one is talking about is widely admired but not strictly required here. Although sometimes distracting, there is often a certain entertainment value to this easy standard. -JALLEN "All I need is a WAR ON DRUGS reference and I got myself a police thread BINGO." -jljones | |||
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Member |
Keep comp. What am I doing? I'm talking to an empty telephone | |||
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fugitive from reality |
This is excellent advice. To this I'll add on older cars I drop collision but keep fire/theft. It's cheap coverage just in case. State laws differ, but in NY collision pays you for your damage. If someone causes your accident and has insurance, their provider will pay even if they didn't carry collision. _____________________________ 'I'm pretty fly for a white guy'. | |||
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| His diet consists of black coffee, and sarcasm.  |
The portion of my insurance premium that goes to collision ($500 deductible) is ~$112 for 6 months. $225 a year is less than half of one payment. I'll take it. | |||
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Green Mountain Boy |
I still have full coverage on my 01 Tacoma. It's still in such good shape and the insurance is so cheap I see no reason to change it. !~God Bless the U.S. Military~! If the world didn't suck, we'd all fall off Light travels faster than sound, this is why some people appear bright until you hear them speak | |||
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Alienator |
I look at it this way. It's maybe $20-30 per vehicle for full coverage. At this point, I don't have savings or the cash to cover a total loss, even at $3000, so I keep it. SIG556 Classic P220 Carry SAS Gen 2 SAO SP2022 9mm German Triple Serial P938 SAS P365 FDE Psalm 118:24 "This is the day which the Lord hath made; we will rejoice and be glad in it" | |||
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| Lawyers, Guns and Money  |
This.
1. What's the FMV of the car? This is the amount the insurance company will give you if it's totaled. A quick look on Craigslist and I see one for : 2007 Honda Civic - $4000 2. What's your annual savings? You have to ask your agent to quote it both ways, which he will do in a couple of minutes over the phone. 3. What's your deductible? So in this example, if the car is worth $4000 and you would save $500 the first year, and they aren't covering the first $500 anyway, the insurance is really only covering $3000. "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
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