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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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    Thanks guys for your answers. What prompted me to ask was I was making order in my paperwork and found a copy of my car insurance contract. It didn't mention collision/theft insurance, so I was a bit worried ... My car is a 2008 Toyota in pretty good shape and fairly low mileage (115 000 kilometers) and it is not completely paid off yet.

    So I just called insurance and they assured I was covered both sides with a $500 franchise. I intend to keep this form of insurance until my car is older and paid off.
     
  2. Andy B

    Andy B Friend of Leo's Silver Supporter

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    When the value of the car became low enough the insurance company would total it rather than repair it.
     
  3. bettyseldest

    bettyseldest Friend of Leo's

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    When I was cycling a lot (10-12,00 miles per year) I always had third party insurance. As I saw it the cost of totalling an expensive motor was one thing, but supporting someone for the rest of their life was something I could never afford. Thankfully I never needed it, but the insurance company twice won compensation for me when I was knocked off my bike. The first time bought an Ovation Elite and a Dawes Tandem, the second a Gordon Smith GS1 and Yamaha Keyboard.
     
  4. Mjark

    Mjark Doctor of Teleocity Silver Supporter

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    Is it legal to not have liability (3rd party) coverage in the UK?
     
  5. TC6969

    TC6969 Friend of Leo's

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    What E said!

    I would only save about $80.00 per year by dropping full coverage, and my deductible is only $250.

    Might as well keep it in case a tree falls on my truck or it gets vandalized or something.
     
  6. telemnemonics

    telemnemonics Telefied Ad Free Member

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    There was a time when I could get around in a $500 car, and liability only made sense.
    But now the cheapest junker that passes inspection is worth at least $1000 in these parts, and my two 14yo vehicles will never be worth less than maybe $2000 as long as they take a sticker.
    So if a car is actually usable it's worth $200 a year for collision.

    I can see the idea of betting against yourself, being if you're a safe driver you won't wreck it, but if you have a tire blowout or hit some unexpected road debris, or black ice, it's still your fault, and in my case I might lose $2000 to save $200 a year.

    I guess there are areas where there's no snow and cars don't rust that a good running inspected car can be had for $500, in which case I could see skipping the collision coverage.
     
  7. bettyseldest

    bettyseldest Friend of Leo's

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    In the UK any motor vehicle must have at least 3rd party insurance. However, there is no requirement for horses, pedal cycles etc. to have insurance of any type.
     
  8. sax4blues

    sax4blues Friend of Leo's

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    Good drivers can have "accidents", probably more often than they have "purposes". My daughter swerved at 65mph to avoid a deer. She spun and hit a curb, doing $1,200 of front suspension damage and blown tire.

    In addition to damage repair most full coverage policies cover rental car costs. At $30/day, a week or so in the shop can add $200-$300+ if you don't have any other means of transportation.
     
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