At what point stop insuring your car ?

Discussion in 'Bad Dog Cafe' started by rocksteady Max, Oct 21, 2014.

  1. rocksteady Max

    rocksteady Max Tele-Afflicted

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    At what age/mileage/value do you decide to stop insuring your car ( but insure only for damages you may cause to other vehicules) ?
     
  2. Boomhauer

    Boomhauer Friend of Leo's

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    After it was declared 'mechanically totaled' by my primary mechanic, so I dropped a reman engine into it at a cost of nearly twice the KBB value.
     
  3. dented

    dented Doctor of Teleocity Gold Supporter

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    When insurance won't pay you to repair it to it's original self. At a certain time it will be a total almost at any type of damage to the vehicle. Time to drop the collision and move on. I have a 26 year old truck. No collision insurance for years. If it gets slammed, I could sell it for some parts but most likely the junkyard. It has served me well and earned it's keep.
     
  4. Maricopa

    Maricopa Friend of Leo's

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    When you can afford to just write it off and the value approaches the deductible it becomes a waste of money to pay for comprehensive coverage. I've had several vehicles I carried only liability on, most were worth $800-1200
     
  5. Dismalhead

    Dismalhead Poster Extraordinaire

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    The last few cars I've had all cost me under $3000. I just get liability insurance.
     
  6. Deeve

    Deeve Poster Extraordinaire Silver Supporter

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    self insure when you can afford to lose it

    yup - as of last October I'm financing a car for the first time (ever) and paying the bigger bucks for ins (for another year or two)
    All previous vehicles were only insured as long as I felt I couldn't pop out and replace it if it was taken by fate.
    Yes, keep the Liability Coverage.
    Always.
    And gauge that policy limits amount by how much you want to pay _after_ the limits are exhausted (like my dear old bud who was a pedestrian, hit in a lighted crosswalk, broken hip, metal rod in leg, cognitive damage, 28 weeks out of work, life permanently changed and medical bills alone 2x the driver's policy limits (not counting wage loss or anything associated with her life being permanently changed) - is she gonna take the guys house? No, heĺl BR and be relieved of the judgment amount after the $100k that his insco will pay. They say You don't need high limits if you have no assets, because you can BR out of anything, as long as youŕe not drunk when you hurt somebody (DUI damages not dischargeable)

    Peace - Deeve
     

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  7. sax4blues

    sax4blues Friend of Leo's

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    When you can afford to replace/repair it from your own funds.
     
  8. sax4blues

    sax4blues Friend of Leo's

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    Most BR courts will not dismiss liability judgements for personal injury.
     
  9. Obsessed

    Obsessed Telefied Silver Supporter

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    As soon as the car is paid off per loan requirements. Unless you are a bad driver, drink and drive, or just plain out have a history of crashes. Insurance is basically betting against yourself.
     
  10. Lunchie

    Lunchie Poster Extraordinaire

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    A big fan of full coverage here. I still have full coverage on both my vehicles and I own a 99 F250 and a 03 Explorer. Our insurance is hardly breaking the bank so why not?

    I was in a wreck where a drunk driver ran a stop sign out in the country and I T-boned him. I had the car for technically 3 days and it was totaled. I had a check in hand from Progressive in just a couple days and GAP insurance through the bank kicked to cover the rest (after a nasty gram from a lawyer though). Progressive took care of all of it even though I was not at fault. I didnt have to go through the jerkfaces insurance for anything.

    Also, I'm a fan of uninsured driver insurance as well. Something like 1 in 7 drivers are uninsured and if the driver can't afford car insurance good luck suing them for damages and medical bills. Its well worth the extra couple of bucks a month.
     
  11. Thinlineggman

    Thinlineggman Tele-Afflicted

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    If any major repair is more than the KBB value, I put liability only on. My '97 accord was liability only. But my '09 impreza has a $500 deductible and full coverage.
     
  12. Robus

    Robus TDPRI Member

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    What the man said.
     
  13. bettyseldest

    bettyseldest Friend of Leo's

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    In the UK comprehensive rarely costs more than third party liability insurance so it is not usually an issue. With an older car the excess on the policy may well be close to the value of the vehicle so if I were at fault it may not pay out a great deal in the case of a write-off, but it usually comes with other benefits over third party cover, such as providing a hire car, allowing me to drive any insured car with the owners permission etc. Driving without any insurance at all will loose you your license, but those who do probably don't worry about having a license anyway.
     
  14. JayFreddy

    JayFreddy Poster Extraordinaire

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    Agree about uninsured motorist coverage, but most collision insurance will have a high deductible, and they won't replace the vehicle, the only pay what it was worth, minus the deductible.

    For example if your 99 F250 is worth $8,500 at the dealer, it's only worth $5,000 in a private party sale. If you have a $2,000 deductible, the insurance company will pay you the private party value minus the deductible, or in this case, $3,000.

    $3K is a whole lot more than nothing, but it won't come anywhere near replacing your ride, and most of the time, you will have paid that $3K in higher premiums, so you're unlikely to come out ahead.

    My vehicles are all paid for and worth less on paper than what it would cost to replace them in terms of functional transportation, so I just get basic liability coverage.
     
  15. Paleolith54

    Paleolith54 Tele-Meister

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    What the others are saying, BUT just to be clear, keep liability coverage to help protect yourself from damage to other people, not other cars. It's the civil suits that can bankrupt you.
     
  16. Colo Springs E

    Colo Springs E Doctor of Teleocity Ad Free Member

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    Unless I ever buy a REALLY cheap car, I will probably keep full coverage. My Bimmer's blue book was only around $6-7k, but the difference in my premium was negligible, so I decided to keep full coverage.
     
    Last edited: Oct 22, 2014
  17. trev333

    trev333 Telefied Ad Free Member

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    my thoughts too.... I just have insurance to cover the damage I may cause to people or property..added to the compulsory 3rd party insurance we pay in our rego fees....

    I'm responsible for my own car/repairs... and would never own a car I can't walk away from if it's wrecked...;)
     
  18. Thorby Bislam

    Thorby Bislam Tele-Afflicted

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    It's not that comprehensive is cheap; it's that third party is expensive because insurers reckon that third party only drivers are poor drivers so are a higher risk.
     
  19. trev333

    trev333 Telefied Ad Free Member

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    cars are basically worthless to insurers compared to people/property damage costs that they "might " cause to them... ... that's probably the real reason Thorby...

    they can throw the comprehensive in for free..... the car? mhea.. did anyone get hurt?.. what did they smash into?....
     
  20. Mjark

    Mjark Doctor of Teleocity Silver Supporter

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    Most cars hold their value longer these days but as long as there's no encumbrance and you don't mind paying for repairs or replacement out of your own pocket, any time. However it doesn't really save you much money to just carry liability. As expensive as they are to repair, I keep full coverage on all three of ours two which are 7 years old.
     
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