I am thinking of taking off one or more of my vehicles that are already paid off from insurance and just paying Liability. From my understanding is that if I were to get in an accident, etc. Liability only pays for damage to the other person's vehicle and medical if it is my fault. However it will NOT pay for any damages to my vehicle and that is why it is less expensive compared to regular full coverage insurance. Is this a correct understanding of how Liability insurance works ? Thank you for any info. God Bless

Yes, it is the basic understanding I have of how that works. I used to own a 2002 Tahoe that eventually I took collision off of because it just wasn't worth paying for what the insurance company would low ball me if I totaled it.

That dropped my premium down to about $25 per month.

Think of it this way. Basic liability on your vehicle protects you from being sued by someone if you're at fault in an accident. Nothing else.

quote:

Originally posted by jljones:
Yes, it is the basic understanding I have of how that works. I used to own a 2002 Tahoe that eventually I took collision off of because it just wasn't worth paying for what the insurance company would low ball me if I totaled it.

That dropped my premium down to about $25 per month.

Thank you all for sharing. Both of my vehicles even though they both run very well and are in excellent shape, one is a 2003 and the other a 2006, their values are not that much according to Kelly Blue Book and my insurance company. What I am paying for insurance a year is about 1/6 the cost of the vehicle. God Bless

Sometimes it's worth keeping comprehensive on older vehicles, even if you take collision off. Comp covers you for fire, theft, vandalism, glass, etc...

You’ve got to sit down and do the math.

quote:

Originally posted by ryan81986:
Sometimes it's worth keeping comprehensive on older vehicles, even if you take collision off. Comp covers you for fire, theft, vandalism, glass, etc...

But it's still adjusted based on the current book value of the vehicle. So if your old car isn't worth much, you're wasting your money on Comp too as virtually any damage will cause the car to be totaled with you receiving virtually nothing for it.