Full Coverage Vehicle Insurance; For How Long?

[MasterBlaster]

When should someone stop carrying full coverage on their ride? I've had it all along, to the tune of around 1400 bucks yearly. The problem is now my rides reached that magic number 10, as in ten years old. The most I'd get is between 5 to 6 thousand if totaled. I paid 7500.

I'm think I'll still keep carrying it, just to get a decent check, but it's a high price to pay. I mean, I've already got as much insurance paid out as I paid for the vehicle itself. No ticket, fender benders or anything.

It just don't seem right...

When would YOU stop full coverage?

 

[sotc]

Probably a good time, I would make sure you up your liability if it is only $25k, guess whose door will be knocked on if you wreck someones car valued more than that?

 

[bonner1040]

I have never had anything other than liability insurance. I pay less than $500/year.

 

[JoshINtrees]

$1400?!?!

 

[SkwerI]

I dropped comp and collision on my F150 as soon as it was paid for. For myself, I think I would keep it as long as the vehicle was worth more than $10K or if I was super concerned about keeping it pristine.

If you got in a fender bender tomorrow but it was still drivable, would you pay to fix it or would you keep driving it as is? If you are unwilling to drive it as is, do you have the money to pay to have it fixed?

 

[MasterBlaster]

I'm not worried about appearances, so to speak. I just dropped 2 grand into the girl, but that was regular shit going out.

 

[Al Smith]

I think I'm paying about 5-600 a year for full coverage plus 300-500 thou liability on Mrs Smiths '08 Merc .I'm bitchen about paying that much 1400 would really burn my buttocks .

 

[MasterBlaster]

Lordy.

 

[Paul B]

we have state run insurance here, and its 'fault' insurance as in they decide in an accident who to blame and whom to charge. My insurance on my 04 GMC pickup is in the range of $1600 a year for full ride with relatively low deductibles for collision, comprehensive and glass etc. thats AFTER my good driver discount of 45%. Thats 10 years claim free to get to 40 then each year for the next 5 years is one additional % to a max of 45. I also get a program called roadstar which pays me back for uses like locking my keys out and calling a tow to come break in for me, free tow of 100km to the nearest shop in case of a breakdown and free rental vehicle for a couple weeks if I wipe it out rather than having it in a shop with a courtesy car. My rate class is Artisan, which also covers my tools somewhat and allows me to drive for pleasure use as well as work purposes.

yikes, eh?

 

[MasterBlaster]

I get just about everything in the world for the coverage I pay.

Peace of mind when out amongst the fools...

 

[NickfromWI]

As soon as you have enough money saved up to by a suitable replacement, then stop paying extra. You have just become self-insured!

 

[MasterBlaster]

LOL @ "money saved up"

 

[CurSedVoyce]

Katy's van is almost paid off. I will continue putting the payment back each month.

 

[treesmith]

I have liability on 4, and full coverage on our 2001 Xterra. I was just fixing to drop it to liability when the hail storm hit, denting the hood all up. Now I'll let them fix it and then drop it to liability. I haven't insured my dump truck or bucket truck in over 9 years, and I can attest to the fact that they drive just as good without it. Without a tag, to boot!

 

[sotc]

.

 

[MasterBlaster]

The thread isn't about how much you pay for all your vehicles.

 

[SoonerFan]

Butch, seems like your premium is a little high. Have you shopped around with any other companies for a lower rate?

 

[MasterBlaster]

No, but I'm gonna. Any leads? Thoughts?

I'm presently using Direct General...

 

[SoonerFan]

I've always had good luck with GEICO. My kids use Progressive.

You might also consider raising your deductible to reduce the premium.

 

[NickfromWI]

I've been doing Esurance for several years now and they've been great.

My car was totalled in December and they paid me a couple thousand MORE than what it Blue Booked at.

They have great customer service. Call 800-ESURANCE and after pressing one once or twice, you're talking to an American. I value that highly.

The other good thing is they are all online or phone. You don't have to go into an office to do anything.

 

[treesmith]

My dad had a 1985 S-10, always kept full coverage on it. He hit a deer one night, State Farm called it a total...paid him ~$1500. He wouldn't have sold it for twice that, as it was still a fairly nice truck. It had just gotten to the point where book value was lower than what he valued it at. I had already dropped most of mine to liability, but that situation reinforced my decision.

 

[MasterBlaster]

Esurance?

That sounds pretty good. Usually, they need to physically look at your ride.

 

[MasterBlaster]

Hell, I just did the esurance calculation and THEY want 1400 bucks, too!!!

Where's that discount???

 

[Burnham]

That seems high to me, too. You have a good record, you said? You're getting charged nearly as much as I am for 3 vehicles, full coverage.

It's time I dropped down to liability on the '99 Buick, but I'll keep it on the '03 Tundra...that rig is still worth it.

 

[MasterBlaster]

Yes, I have a good record. What company do you use???