when do you drop full coverage car insurance? - GoFuckYourself.com

goldfish · 02-22-2010, 04:42 PM

Got a truck thats 9 years old, paid for, low mileage in pretty good shape, I am thinking of dropping full coverage on it. So as the title reads when do you drop to just liability on a vehicle?

dyna mo · 02-22-2010, 04:42 PM

usually right before you need it.

CBunny · 02-22-2010, 04:46 PM

I was actually wondering the same thing earlier today. I remember being told that once you don't owe anything on it, is when to switch. But I don't know if that is something to go by or not?

sicone · 02-22-2010, 04:49 PM

Personally, I never would

baddog · 02-22-2010, 04:50 PM

You had full coverage because the loan company forced you to protect it in case something happened. "In case" something happened. A 9 year old truck is probably not worth much so if anything substantial happened, they would just total it out and pay you off a few hundred dollars.

So, how much extra a year are you paying for collision?

baddog · 02-22-2010, 04:51 PM

Quote:

Originally Posted by sicone

Personally, I never would

What is the oldest car you kept collision coverage on? That was not a classic or something like that?

Robbie · 02-22-2010, 04:57 PM

If I were you I'd get the bare minimum of car insurance. I drop mine down to bare minimum just as quickly as I pay them off.

The couple of times I made the mistake of making an insurance claim I found my insurance rate jacked to the sky the next month. So most people end up paying for shit out of pocket anyway.

theking · 02-22-2010, 04:57 PM

Quote:

Originally Posted by baddog

What is the oldest car you kept collision coverage on? That was not a classic or something like that?

At the moment I have full coverage on an '03 Toyota Tacoma which I bought new and it will be 7 years old in April. I will keep full coverage as long as I have the truck...which will probably be the rest of my life since I only have put 55,000 miles on it.

baddog · 02-22-2010, 05:02 PM

Quote:

Originally Posted by theking

At the moment I have full coverage on an '03 Toyota Tacoma which I bought new and it will be 7 years old in April. I will keep full coverage as long as I have the truck...which will probably be the rest of my life since I only have put 55,000 miles on it.

And how much extra a year [or month] are you paying for the collision coverage? and your deductible?

sicone · 02-22-2010, 05:03 PM

Quote:

Originally Posted by baddog

What is the oldest car you kept collision coverage on? That was not a classic or something like that?

My Expedition is a 2001, the Acura is a 2003. Both fully covered through AAA and is less then 90 a month for the coverage. I would save a whopping 20 bucks a month to drop down to just liability. the 240 a yr i would save would not be worth the loss from medical, personal property and so forth that I get with full coverage if I were to get in a accident. Not to mention if the vehicle is stolen or broken into.

J. Falcon · 02-22-2010, 05:06 PM

Quote:

Originally Posted by dyna mo

usually right before you need it.

beemk · 02-22-2010, 05:10 PM

depends on how much its worth and how much it costs to insure it. you have to look at it like if you factor in all of the odds, the insurance company is always going to come out ahead so unless you really "need" the insurance its probably not worth it.

CYF · 02-22-2010, 05:10 PM

You can always drop the collision coverage, and keep the comprehensive coverage so that you'll still have coverage for theft, vandalism, hail, fire, hitting a deer, etc.

I generally drop full coverage after the car is 10 years old.

goldfish · 02-22-2010, 05:11 PM

Quote:

Originally Posted by baddog

You had full coverage because the loan company forced you to protect it in case something happened. "In case" something happened. A 9 year old truck is probably not worth much so if anything substantial happened, they would just total it out and pay you off a few hundred dollars.

So, how much extra a year are you paying for collision?

No, I had collision on it because I paid cash for it and didn't want to loose my "investment" in it, but it is coming to the point where it has paid for itself, so to speak.

Collision runs me $154a yr, same price as my liability coverage.

theking · 02-22-2010, 05:16 PM

Quote:

Originally Posted by baddog

And how much extra a year [or month] are you paying for the collision coverage? and your deductible?

I would have to get out my insurance paper work to provide an exact break down but my total insurance payment is around $980 per year and I have a $250 dedudctible. BTW...I too paid cash when I bought it.

quiet · 02-22-2010, 05:21 PM

i bought my 911 new for 140K cash, no collision. my saab 92-x, same thing, my subaru, same thing. waaay cheaper for three cars. i got fucked over crashing my S2000 8 years ago, total waste of money imho. never again unless i somehow end up with a lease again, which will never happen.

baddog · 02-22-2010, 05:28 PM

Quote:

Originally Posted by goldfish

No, I had collision on it because I paid cash for it and didn't want to loose my "investment" in it, but it is coming to the point where it has paid for itself, so to speak.

Collision runs me $154a yr, same price as my liability coverage.

Okay, well . . . figure out how much you think it is worth, cut it in half and that is what the insurance company will total it out at. Factor in your deductible and determine what would have to be broken to cost that much.

kane · 02-22-2010, 05:51 PM

Check the blue book value of the car then find out how much the difference is between having bare minimum insurance and full coverage. Then take the blue book value, subtract your deductible and you can assume that will roughly be a total loss payout. If that dollar amount is worth paying whatever the extra is for full coverage keep it. If not, cut it and put the difference in a savings account.

La_Sexorcist · 02-22-2010, 06:20 PM

I dropped mine after I paid my car off. It was an older car. If it was newer/nicer maybe I would have kept the full coverage.

HandballJim · 02-22-2010, 08:51 PM

I am thinking the same thing on my 2000 toyota corola 55k miles, currently paying full coverage with allstate for $179 a month.

goldfish · 02-22-2010, 09:20 PM

Quote:

Originally Posted by HandballJim

I am thinking the same thing on my 2000 toyota corola 55k miles, currently paying full coverage with allstate for $179 a month.

damn, that is expensive. Maybe I will leave mine alone, $689 a yr plus discounts, split into 8 payments so, about $77/month.

Gerco · 02-22-2010, 09:29 PM

I go though Farm Bureau and just run Liability on my 3 cars. The most expensive of the 3 is my 85 c-10 at 33 bucks a month. My 99 Sonata GLS is 27 a month and my 97 Land Rover is 30 a month. Out of them the Land Rover has the highest book, with only 88k on it. Worth almost 3 times what the 99 Sonata GLS is.

I look at it this way, I buy the cars outright when I need them for cash. I can work on cars, including most body work, so if something did happen chances are I could fix it myself. I don't buy new anymore cause there is way to much of a hit in depreciation.

The only time I would put full coverage on a vehicle is if it where something special and hard to replace.

HandballJim · 02-22-2010, 09:30 PM

Quote:

Originally Posted by goldfish

damn, that is expensive. Maybe I will leave mine alone, $689 a yr plus discounts, split into 8 payments so, about $77/month.

It depends were you live, I have my car in the Bronx which is a high risk area. If I moved 10 minutes north it would be around half the amount. I used a relatives address in the past and it just became a hassle.

That price I mentioned is even a discounted rate since I also have a renters insurance plan with allstate for my apt. incase of fire or theft. (this plan cost around $150 a year)

heymatty · 02-22-2010, 09:30 PM

Wow some expensive insurance payments on fairly low priced cars.

heymatty · 02-22-2010, 09:32 PM

The only way I'd ever drop full coverage on any car I owned was if I got a divorce. Till that time accidents are considered likely not possible.

DBS.US · 02-22-2010, 09:58 PM

http://en.wikipedia.org/wiki/Self_insurance

theking · 02-22-2010, 10:55 PM

Quote:

Originally Posted by theking

I would have to get out my insurance paper work to provide an exact break down but my total insurance payment is around $980 per year and I have a $250 dedudctible. BTW...I too paid cash when I bought it.

The $980 is not correct it is about $806 per year.

woj · 02-22-2010, 11:27 PM

insurance is really only mean to protect you from major losses... in the grand scheme of things, losing a $5k or $10k car is not THAT bad... of course it would suck, but it's not like you would go through major financial hardship because of it... I would save the $500 or whatever per year and invest it for your retirement instead...

baddog · 02-22-2010, 11:30 PM

Quote:

Originally Posted by woj

insurance is really only mean to protect you from major losses... in the grand scheme of things, losing a $5k or $10k car is not THAT bad... of course it would suck, but it's not like you would go through major financial hardship because of it... I would save the $500 or whatever per year and invest it for your retirement instead...

Insurance is a sucker's bet.

DBS.US · 02-22-2010, 11:31 PM

Quote:

Originally Posted by baddog

Insurance is a sucker's bet.

Ya, It's betting your going to crash or get your cat stolen.

JD · 02-23-2010, 01:31 AM

if you decide to drop it... be damn sure to keep non/under insured driver on it.

Jakke PNG · 02-23-2010, 01:39 AM

I'd drop it as soon as my wife would stop driving it.

MrMaxwell · 02-23-2010, 01:45 AM

I'll second dropping collision and keeping comprehensive coverage
Insurance is a suckers bet like a single number on a roulette wheel
The insurance is for those times when you suffer an unlikely but great loss
The insurance company can WELL WELL afford the variance, if you can't afford to lose something, you should probably insure it.

02-22-2010, 04:42 PM	#1
goldfish Confirmed User Join Date: Jan 2009 Location: Somewhere east of the Mississippi Posts: 723	when do you drop full coverage car insurance? Got a truck thats 9 years old, paid for, low mileage in pretty good shape, I am thinking of dropping full coverage on it. So as the title reads when do you drop to just liability on a vehicle? __________________ ICQ: 566990329 "There is no rest for the wicked... and porn purveyors!

02-22-2010, 04:46 PM	#3
CBunny Confirmed User Join Date: Jun 2009 Posts: 115	I was actually wondering the same thing earlier today. I remember being told that once you don't owe anything on it, is when to switch. But I don't know if that is something to go by or not? __________________ CBunny ~ goddess of the Playboy Girls Network http://www.playboysfreshfaces.com/ http://www.womenofplayboy.com/ http://playboylive.com/

02-22-2010, 04:49 PM	#4
sicone Retired Industry Role: Join Date: Jan 2004 Location: Sac Posts: 18,453	Personally, I never would __________________

02-22-2010, 04:57 PM	#7
Robbie Leaner, Meaner, Faster Industry Role: Join Date: Aug 2002 Location: Vegas Posts: 20,959	If I were you I'd get the bare minimum of car insurance. I drop mine down to bare minimum just as quickly as I pay them off. The couple of times I made the mistake of making an insurance claim I found my insurance rate jacked to the sky the next month. So most people end up paying for shit out of pocket anyway. __________________ -Robbie ClaudiaMarie.Com

02-22-2010, 05:10 PM	#12
beemk CLICK HERE Industry Role: Join Date: Jan 2002 Posts: 20,829	depends on how much its worth and how much it costs to insure it. you have to look at it like if you factor in all of the odds, the insurance company is always going to come out ahead so unless you really "need" the insurance its probably not worth it. __________________ I host with Vacares

02-22-2010, 04:42 PM	#2
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 65,015	usually right before you need it.

02-22-2010, 04:50 PM	#5
baddog So Fucking Banned Industry Role: Join Date: Apr 2001 Location: the beach, SoCal Posts: 107,089	You had full coverage because the loan company forced you to protect it in case something happened. "In case" something happened. A 9 year old truck is probably not worth much so if anything substantial happened, they would just total it out and pay you off a few hundred dollars. So, how much extra a year are you paying for collision?

02-22-2010, 05:10 PM	#13
CYF Coupon Guru Industry Role: Join Date: Mar 2009 Location: Minneapolis Posts: 10,973	You can always drop the collision coverage, and keep the comprehensive coverage so that you'll still have coverage for theft, vandalism, hail, fire, hitting a deer, etc. I generally drop full coverage after the car is 10 years old. __________________ Webmaster Coupons Coupons and discounts for hosting, domains, SSL Certs, and more! AmeriNOC Coupons \| Certified Hosting Coupons \| Hosting Coupons \| Domain Name Coupons

02-22-2010, 05:21 PM	#16
quiet we'll miss you our friend. RIP Industry Role: Join Date: Sep 2001 Location: Fernie, BC Posts: 25,115	i bought my 911 new for 140K cash, no collision. my saab 92-x, same thing, my subaru, same thing. waaay cheaper for three cars. i got fucked over crashing my S2000 8 years ago, total waste of money imho. never again unless i somehow end up with a lease again, which will never happen. __________________ we'll miss you our friend. RIP

02-22-2010, 05:51 PM	#18
kane Too lazy to set a custom title Join Date: Aug 2001 Location: portland, OR Posts: 20,684	Check the blue book value of the car then find out how much the difference is between having bare minimum insurance and full coverage. Then take the blue book value, subtract your deductible and you can assume that will roughly be a total loss payout. If that dollar amount is worth paying whatever the extra is for full coverage keep it. If not, cut it and put the difference in a savings account.

02-22-2010, 06:20 PM	#19
La_Sexorcist Confirmed User Join Date: Feb 2010 Posts: 337	I dropped mine after I paid my car off. It was an older car. If it was newer/nicer maybe I would have kept the full coverage.

02-22-2010, 08:51 PM	#20
HandballJim Confirmed User Industry Role: Join Date: Sep 2008 Location: NYC Posts: 4,024	I am thinking the same thing on my 2000 toyota corola 55k miles, currently paying full coverage with allstate for $179 a month. __________________ HOW I MAKE LOTS OF $$$

02-22-2010, 09:29 PM	#22
Gerco Confirmed User Join Date: Nov 2005 Posts: 2,052	I go though Farm Bureau and just run Liability on my 3 cars. The most expensive of the 3 is my 85 c-10 at 33 bucks a month. My 99 Sonata GLS is 27 a month and my 97 Land Rover is 30 a month. Out of them the Land Rover has the highest book, with only 88k on it. Worth almost 3 times what the 99 Sonata GLS is. I look at it this way, I buy the cars outright when I need them for cash. I can work on cars, including most body work, so if something did happen chances are I could fix it myself. I don't buy new anymore cause there is way to much of a hit in depreciation. The only time I would put full coverage on a vehicle is if it where something special and hard to replace. __________________ Http://www.extremehole.com ** CLOSED ** 400 HOURS of exclusive custom extreme content, already on external HD in Raw DV ready to encode. over 150,000 exclusive images and more.

02-22-2010, 09:30 PM	#24
heymatty Confirmed User Join Date: Oct 2001 Location: Scottsdale :) Posts: 2,188	Wow some expensive insurance payments on fairly low priced cars. __________________ Cashlantis ~ Black Book Cash

02-22-2010, 09:32 PM	#25
heymatty Confirmed User Join Date: Oct 2001 Location: Scottsdale :) Posts: 2,188	The only way I'd ever drop full coverage on any car I owned was if I got a divorce. Till that time accidents are considered likely not possible. __________________ Cashlantis ~ Black Book Cash

02-22-2010, 09:58 PM	#26
DBS.US Geo Cities Industry Role: Join Date: Aug 2003 Location: North Captiva Island, Florida USA Posts: 11,832	http://en.wikipedia.org/wiki/Self_insurance __________________ Make a Free Chaturbate White Label site in 34 minutes and be making money tonight

02-22-2010, 11:27 PM	#28
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	insurance is really only mean to protect you from major losses... in the grand scheme of things, losing a $5k or $10k car is not THAT bad... of course it would suck, but it's not like you would go through major financial hardship because of it... I would save the $500 or whatever per year and invest it for your retirement instead... __________________ Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager

02-23-2010, 01:31 AM	#31
JD Too lazy to set a custom title Industry Role: Join Date: Sep 2003 Posts: 22,651	if you decide to drop it... be damn sure to keep non/under insured driver on it.

02-23-2010, 01:39 AM	#32
Jakke PNG ex-TeenGodFather Industry Role: Join Date: Nov 2001 Location: Suomi Finland Perkele Posts: 20,306	I'd drop it as soon as my wife would stop driving it. __________________ ..and I'm off.

02-23-2010, 01:45 AM	#33
MrMaxwell Too lazy to set a custom title Industry Role: Join Date: Jul 2005 Posts: 10,057	I'll second dropping collision and keeping comprehensive coverage Insurance is a suckers bet like a single number on a roulette wheel The insurance is for those times when you suffer an unlikely but great loss The insurance company can WELL WELL afford the variance, if you can't afford to lose something, you should probably insure it.