car insurance

123bedebtfree · September 2016

all of our vehicles have full coverage ( 3)-1000.00 deductible! (Yikes)- They are not "new cars" and I was thinking about changing one of our vehicles to liability have full coverage on the other 2 that we drive the most. What do you all think?

labro · September 2016

We considered this for our pick-up truck because the replacement value would never "replace" it in our lives, so it seemed like carrying comprehensive coverage on it wasn't worth it. However, when we went over the quote with our insurance agent, the difference in cost was pretty minimal...I don't remember the exact numbers anymore but it was close enough that we just stuck with comprehensive, at least then we'd get SOME money in case of a total loss incident.

LillibetteV · September 2016

If it's a toy car without a loan on it that wouldn't need to be replaced then I think it's worth getting a quote to see how much you could save. I'd look at other discounts before lowering coverages though - do you qualify for low mileage discounts? Do you need towing or do you have AAA? Do you need rental coverage since you have a backup car? Those types of things might help you shave the bill.

als1982 · September 2016

What is the value of the car(s)? Up until recently, we both drove beaters valued at less than $3,000, and felt comfortable with only liability. About 6 months ago though we both got new to us cars that appraise for $8,000-$9,000, and it's important to us that we have full coverage on these.

brij2006 · September 2016

I'm an insurance agent, but what I ask clients is can they afford to take that hit on their pocketbook if the car were to be totaled and need replaced from an accident? If the answer is no, then keep full coverage on it. If the answer is yes, that they could afford to replace the $2k or $20k vehicle, then you can go to liability only.

Another option is liability plus comprehensive. It's an in-between coverage that many people either forget about or don't know about. It covers your liability as well as comprehensive coverage. Comprehensive covers "acts of nature/God." So a tree falling on the car, hail damage, hitting a deer, rock chip to the windshield, etc. However, it does not cover a collision, so something that is your fault. Like backing into something, going into the ditch, etc.

We keep full coverage on all of our vehicles, except the $3k SUV we use for pulling a trailer and my H to drive in the snow in the winter. We have a $2,500 show car with full coverage, but the annual cost for it is $185. It only saves us $60/year to put it down to liability only. We'll let the insurance company take that risk instead of us.

123bedebtfree · September 2016

it is worth 4000.00 2005 nissan altima over 200,000 miles i purchased it new

brij2006 · September 2016

123bedebtfree said:

it is worth 4000.00 2005 nissan altima over 200,000 miles i purchased it new

So the question would be, can you afford to spend $4,000 to replace it if it were to be totaled?
If I'm remembering correctly, you're currently trying to get out of debt. If so, I would keep full coverage on it and keep your deductibles higher so it saves you money. Fully knowing that if it were to be totaled, you would only receive $3,000 after paying the $1,000 deductible.

short+sassy · September 2016

Also check to see what cost difference there would be to lower your deductible.

Where I live, we have some of the highest car insurance rates in the country. Despite that, the difference between a $100 deductible or a $500 deductible is less than $5/month.

If an uninsured motorist causes an accident, good luck getting your deductible back at all. But even in an accident where the other person is at fault and has insurance, it can sometimes take awhile before the other company pays up. The last accident I was in, 100% the other person's fault and not even a question about it, it still took 3 1/2 months for her insurance to pay for my totaled car. So you can either eat the deductible for the short-term or wait until the other company pays to get your car fixed.

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