Zee09
$200 Site Donor 2023
Do you have the fortitude to get only liability insurance on a new vehicle.
Of course this means no loans on it. Paid off! Well????????????
Of course this means no loans on it. Paid off! Well????????????
New Car-Liability Insurance only- Would You?
- Thread starter Zee09
- Start date
Not where I live
Zee09
$200 Site Donor 2023
The only thing I fear is the Deer at night here in MD.
They cross in herds.
I see plenty of people in San Antonio underwater on new cars that drive them around wrecked because of lack of insurance. Makes no sense to me.
I'd need to be in a relatively low traffic area and committed to driving very carefully with no risk of it being stolen, and I'd need to have some savings to either repair or replace it.
Frankly I'd never buy a new vehicle but if I did, this would be my thought. When you think of the premiums you pay over the years, it makes more sense to consider this.
Frankly I'd never buy a new vehicle but if I did, this would be my thought. When you think of the premiums you pay over the years, it makes more sense to consider this.
Since the premium is generally the same for a new car vs a 9-10 year old one, the value of the coverage for dollar spent is much better for a new car. Use your insurance dollars where they have the potential to give you the most benefit, statistically speaking.
No way. Deer and other drivers can ruin a $70,000 vehicle that costs me $40-50/month for the comprehensive and collision coverage. I worked in insurance and saw too many people remove full coverage after paying off a vehicle only to have it get totaled a few weeks later.
Zee09
$200 Site Donor 2023
General liability does not cover theft-vandalism. You brought up good points.
A real gamble.
Not a chance. In Dallas, the probability of being hit by an uninsured driver is nearly 100%. My co-worker has been hit by 2 in the last 2 years.
You can bank on regretting this choice unless you live on remote farmland with a military-grade bunker to park it in. If an idiot on the road doesn't get it, the weather will.
You can bank on regretting this choice unless you live on remote farmland with a military-grade bunker to park it in. If an idiot on the road doesn't get it, the weather will.
That's what my dad did on his (now mine) F350 when he bought it brand new in 2001.
This was the first thing I thought of. My last deer hit was almost $10k in damage. Would take a lot of insurance premium savings over the life of the vehicle to make up for that comprehensive claim.
I certainly wouldn't.
Too many variables to address, some that I have no control over (ie: other people.)
Comprehensive coverage is another issue. Yes, I would want that.
I even carry full coverage on my 18 year old pickup.
At $89 for the full year (including liability), why not?
Too many variables to address, some that I have no control over (ie: other people.)
Comprehensive coverage is another issue. Yes, I would want that.
I even carry full coverage on my 18 year old pickup.
At $89 for the full year (including liability), why not?
Liability insurance covers your mistakes that cause damage to other cars or property.
Collision insurance covers damage to your own vehicle when it's your own fault.
Comprehensive covers theft, vandalism, fire, flood, animals, glass damage from debris, etc.—things beyond your control. Usually comprehensive is cheap.
Uninsured motorists' coverage covers damage to your vehicle caused by other drivers without insurance.
If you really want to cut one, cut collision. Then be prepared to pay the full cost of a replacement vehicle if your car gets totaled and it's your fault. Don't cut comprehensive.
As the OP mentions, if you have a car loan, then the lender requires you to have full insurance including at least the first three above, if not all four. You don't have a choice.
Collision insurance covers damage to your own vehicle when it's your own fault.
Comprehensive covers theft, vandalism, fire, flood, animals, glass damage from debris, etc.—things beyond your control. Usually comprehensive is cheap.
Uninsured motorists' coverage covers damage to your vehicle caused by other drivers without insurance.
If you really want to cut one, cut collision. Then be prepared to pay the full cost of a replacement vehicle if your car gets totaled and it's your fault. Don't cut comprehensive.
As the OP mentions, if you have a car loan, then the lender requires you to have full insurance including at least the first three above, if not all four. You don't have a choice.
I bought Personal Liability Umbrella policy that covers the family for stupid acts and losses - even libel for 1M for $134/yr.
But since loans are usually CHEAP, free money these days, I always have a loan and that cash is working for me in the Market.
During the virus maket drop in November, I saw say Goodyear (GT) trading at half it's normal price so i went in big on that and it paid off handsomely in a couple months nearly doubling in value
Enough to buy a car. Unfortunately the car I bought had a failing engine and I lost most of that value.
As Grandma from Scotland used to say, "Easy come, easy GO" !
But since loans are usually CHEAP, free money these days, I always have a loan and that cash is working for me in the Market.
During the virus maket drop in November, I saw say Goodyear (GT) trading at half it's normal price so i went in big on that and it paid off handsomely in a couple months nearly doubling in value
Enough to buy a car. Unfortunately the car I bought had a failing engine and I lost most of that value.
As Grandma from Scotland used to say, "Easy come, easy GO" !
