Almighty Beeb. Both my car and SUV are paid off. 02 Suburban Z71 and 00 VW Passat LX My question is this. I continue to carry full coverage ins on both, and have been considering dropping to Basic Liabillity. Nobody is gonna steal the Vdub, in south Texas the Burb maybe, but underinsured is my concern if I'm hit by an uninsured driver. If that happens I guess my recourse is to sue somebody that doesn't have any $ anyway? How many of you just carry liabillity opposed to carrying full coverage on an aging vehicle? Colin
I had liablity only on my old truck that got totaled. Thankfully I was not at fault. I've been hit by under/un-insured peeps and my full coverage was the only $$ i saw.
If you're not worried about the car, you can dump the comprehensive. I wouldn't get rid of the UM though. If you are seriously injured, you'll be glad you paid a bit extra for it.
Good question, I'll have to get a new quote from my agent. Sorry, just kicking it around the brain for now?
get a quote. i had inquired about it and the difference was not that that much. i decided to keep full coverage.
You need to determine market value for the cars, how much they would pay if the vehicle was stolen or totalled, how much the premiums would drop and how much you could afford to lose.
I'd strongle recommend something known as Uninsured Motorist (UM) coverage. My girl got rear ended in my beater '84 Toyota truck a few months ago. Not a huge hit, but damage was done. The hitter broad had an insurance card, but coverage had lapsed. I got a check from my ins co. for $500 or so. I actually manage to get hit in this truck about every two years, so it keeps paying for itself! Thankfully they are small-ish hits, and the rear bumper is pretty semi-mangled. Last one was at a Hardley dealership that had a Big Green Egg giveaway. As we are leaving, waiting to pull out into the roadway, a guy just backs right into the rear fender and just keeps laying on the throttle of his F150, pushing/rotating my truck. Got almost $1000 for that one alone. Minimum coverage + UM on anything not new enough to care about seems to be the way to go... Crazy...
Can you afford to replace the vehicles if they get totaled? Bought a '03 E150 conversion van (only 38K miles) in 2009 and considered just getting liability for it. Well, I put full coverage because how clean it is and it paid off. Got into a minor fender bender with it, my fault, and the repair cost was over $4k. If I didn't have the full coverage, I'd be driving a crunched POS instead of my nice van again. Just had to pay the $500 deductible.
Yeah no way I can afford a new vehicle right now. Looks like UM on top of liabillity, but gonna get with my agent, crunch some #s. Thanks fellas. Good advice and expieriances.
i have a 2003 express 3500. owned it for many years, never had a lien, but always kept full coverage. i don't even drive it much. maybe the last four or five years i put less than 5k miles on it.
That's the big question. It's like taking a bike to the racetrack. Unless you are prepared to throw it away in pieces, don't do it. Saying that, I have liability on my daily gas saver, a 98 saturn, and my wifes older scubi awd outback. But the Duramax has full. All are paid for. I could save a lot by having liability only ont he Dmax, but I also don't have $20k to replace it if it gets totaled
Liability is the coverage that pays for you injuring someone or damaging someone property ie car. Unless you live in a box you are crazy to drize a car with less than 100k BI and 50k Prop damage. If you don't carry enough and cause an accident expect to get sued. Comprehensive and collision cover your vehicle. See what you are paying for comp/coll and see if the savings are worth the risk.. also consider the cost of things like a busted windshield. In some states they are repaired/replaced with no ded. That alone may pay for itself.
Another thing to consider is whether you rent cars or not. Your credit card may cover you so it may not be an issue for you. We have an 11 year old Tacoma. When we also had a newer car with full coverage, we only had liability and comprehensive (theft). When we sold the car, I put full coverage back on the truck just so I can decline the rental car coverage that they always try to gouge you with. Plus, full coverage was only a few more bucks with Geico so it wasn't that big of a deal. Trucks seem to be worth a lot here so the replacement value is not always accurate.
