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full coverage or liability? #4685717
03/05/18 10:37 PM
03/05/18 10:37 PM
Joined: May 2015
Posts: 967
Missouri
gabriel9766 Offline OP
gabriel9766  Offline OP
Joined: May 2015
Posts: 967
Missouri
So i'm wanting to wing off my parents cars insurance because it high enough right now and i'm for sure its gonna go up next time the insurance renews because of my brothers car accident then totaled his car. I give my parents my portion of the car insurance for my cars each month. I took my taurus off the insurance and added my escape to to it. My agent quoted me about 250 a month for full coverage on both the escape and the malibu. I have to have full coverage on the malibu because im still financing it. The escape on the other hand i paid cash for... i paid 3K for it and it worth over 5K as it sits. Its a decent lil car. 109k, new tires, new brake system, 2WD V6, some under body rust. Im trying to decide if it worth putting full coverage on it or not. I mean i got it cheap and it woth something at the moment. so full coverage or not? on a side note the escape is a 2nd car, the malibu is the DD

Last edited by gabriel9766; 03/05/18 10:42 PM.

2015 Malibu LT 2.5L PPPP 0w20 46.1K
2007 Escape XLT 3.0L 5Q STHM 5w30/1Q MC full syn 5W20 115K
2010 Fusion SE 2.5L MC 0w20 110K
2008 Escape XLT 2.3L MC 5w30 187K
2007 Fusion SE 2.3L- 173.5K STHM 0W20
Re: full coverage or liability? [Re: gabriel9766] #4685726
03/05/18 10:43 PM
03/05/18 10:43 PM
Joined: Mar 2017
Posts: 5,767
...
PimTac Offline
PimTac  Offline
Joined: Mar 2017
Posts: 5,767
...
I would consider dropping the collision on your Escape. It wouldn’t take much of a wreck to total it.


2017 Mazda CX-5 GT.

Valvoline Modern Engine 0w20
Mobil 1 EP 108A
Re: full coverage or liability? [Re: gabriel9766] #4685730
03/05/18 10:46 PM
03/05/18 10:46 PM
Joined: Nov 2011
Posts: 4,899
MTL, CANADA
Rolla07 Offline
Rolla07  Offline
Joined: Nov 2011
Posts: 4,899
MTL, CANADA
Depends how confident you are in your driving ability. If you choose 1 way coverage, you only foot the bill for your own car if you are at fault. At least thats my understanding of how it works up here. Have the advisor tell you how much the full coverage vs partial on the escape is. My guess is, getting partial may not save you all that much. I do recommend you shop around and try and get multiple quotes from other companies. See if you get multicar discounts, auto club discounts, or employment related savings with any of these insurers.


2007 Corolla Red Pearl 155k miles
PP 0w20 & ST 4967

Re: full coverage or liability? [Re: gabriel9766] #4685732
03/05/18 10:50 PM
03/05/18 10:50 PM
Joined: Dec 2016
Posts: 6,472
Waco, TX
Linctex Online content
Linctex  Online Content
Joined: Dec 2016
Posts: 6,472
Waco, TX
Originally Posted By: gabriel9766
I'm trying to decide if it worth putting full coverage on it or not. I mean i got it cheap and it worth something at the moment. so full coverage or not?


I typically do liability/comprehensive only if it's paid for and worth less than $4000

The value of the Escape is dropping faster than the insurance premiums you would pay on it for full coverage.

Take the money saved - and SAVE it...... in a safe place!


"The evidence demands a verdict".
(Re:VOA)"it's nearly impossible to actually know the particular additives that are in there at what concentrations."
Re: full coverage or liability? [Re: gabriel9766] #4685739
03/05/18 10:54 PM
03/05/18 10:54 PM
Joined: May 2015
Posts: 967
Missouri
gabriel9766 Offline OP
gabriel9766  Offline OP
Joined: May 2015
Posts: 967
Missouri
I didnt ask how much it would be for full coverage on the malbu and liability on the escape to my agent ( allstate ). Progressive tells me bout $187 for it.


2015 Malibu LT 2.5L PPPP 0w20 46.1K
2007 Escape XLT 3.0L 5Q STHM 5w30/1Q MC full syn 5W20 115K
2010 Fusion SE 2.5L MC 0w20 110K
2008 Escape XLT 2.3L MC 5w30 187K
2007 Fusion SE 2.3L- 173.5K STHM 0W20
Re: full coverage or liability? [Re: gabriel9766] #4685745
03/05/18 10:57 PM
03/05/18 10:57 PM
Joined: Apr 2012
Posts: 5,280
MA
Wolf359 Offline
Wolf359  Offline
Joined: Apr 2012
Posts: 5,280
MA
Depends how it breaks down. I'd keep collision because even when the car is parked, you never know when a window might break and it's not that much. At one point my collision was less than $200 a year so I just kept it even though the car at the time was probably worth less than 2k. I'm in the city though and it seems like something happens every year or two. Collision is still handy even when it's not your fault because they cover it right away and figure it out later. But if you don't have it, you have to chase the other party. One guy tapped me and it took over a year before the insurance finally got the money from the other guy and reimbursed me my deductible. But I didn't have to deal with the other insurance company, mine took care of it all.

Re: full coverage or liability? [Re: gabriel9766] #4685748
03/05/18 10:59 PM
03/05/18 10:59 PM
Joined: Feb 2013
Posts: 10,887
Phoenix, AZ
Nick1994 Offline
Nick1994  Offline
Joined: Feb 2013
Posts: 10,887
Phoenix, AZ
Keep Comprehensive with a low deductible on the Escape. It's pretty cheap.

I lowered my Comprehensive deductible on my Sonata to $0 because when I was quoted a $500 deductible, it was only a $6 difference. That's with State Farm.


2015 Hyundai Sonata 2.4L 86k Mobil 1 AFE 0w30 & OEM
2000 Toyota Camry 2.2L 230k Valvoline 5w30 & Fram Ultra
1996 Jeep Cherokee 4.0L 147k Mobil 1 HM 10w40 & Fram Ultra
Re: full coverage or liability? [Re: gabriel9766] #4685762
03/05/18 11:09 PM
03/05/18 11:09 PM
Joined: Mar 2014
Posts: 3,322
NJ
Leo99 Offline
Leo99  Offline
Joined: Mar 2014
Posts: 3,322
NJ
I have full coverage on my Rav4. It's like $180 a year for it. Might be time to drop it. I'd keep it on your Escape.


Without data you're just another person with an opinion. W. E. Deming

2003 Corolla 250,000 miles
2004 Rav4 359,000 miles
2015 Camry 59,000 miles
Re: full coverage or liability? [Re: gabriel9766] #4685769
03/05/18 11:20 PM
03/05/18 11:20 PM
Joined: Feb 2013
Posts: 412
California
xfactor9 Offline
xfactor9  Offline
Joined: Feb 2013
Posts: 412
California
When you buy insurance, you're making a wager with a casino (ie, insurance company), where the odds are usually in their favor. The only time this makes sense is if you're undisciplined with money and need the insurance as a forced savings plan, which is most of the population.

But if you're disciplined and can save for a catastrophic event, it's better to skip the insurance, save & invest the money.

I've saved over $30k by not having collision & comprehensive. I prefer not to place a losing bet

Re: full coverage or liability? [Re: xfactor9] #4685816
03/06/18 12:37 AM
03/06/18 12:37 AM
Joined: Apr 2012
Posts: 5,280
MA
Wolf359 Offline
Wolf359  Offline
Joined: Apr 2012
Posts: 5,280
MA
Originally Posted By: xfactor9
When you buy insurance, you're making a wager with a casino (ie, insurance company), where the odds are usually in their favor. The only time this makes sense is if you're undisciplined with money and need the insurance as a forced savings plan, which is most of the population.

But if you're disciplined and can save for a catastrophic event, it's better to skip the insurance, save & invest the money.

I've saved over $30k by not having collision & comprehensive. I prefer not to place a losing bet



Not sure I totally agree. Having full insurance means I drive with some reckless abandon sometimes. Also means I don't really worry about where I park it, if someone smashed the window and that's happened a couple times it's no big deal, the insurance covers it. Nor do I worry about it being smashed when it's parked on the street or getting stolen.

Re: full coverage or liability? [Re: xfactor9] #4685850
03/06/18 02:19 AM
03/06/18 02:19 AM
Joined: Dec 2011
Posts: 437
Connecticut 06033
oilmutt Offline
oilmutt  Offline
Joined: Dec 2011
Posts: 437
Connecticut 06033
If you drive with no car insurance,do you have to put up a bond in the state of California?


'05 Chevy Malibu 6cyl,119k, Syn. Oil (owned)
'16 Toyota Camry,4cyl 25k Syn oil (leased)
'92 Ford Tempo ,4cly 26k Conv oil (managed)
Re: full coverage or liability? [Re: gabriel9766] #4685880
03/06/18 04:57 AM
03/06/18 04:57 AM
Joined: Dec 2011
Posts: 4,898
North Carolina
rooflessVW Offline
rooflessVW  Offline
Joined: Dec 2011
Posts: 4,898
North Carolina
Full coverage on everything.

It's $36/6mo difference between collision and comprehensive on my '86 pickup, and I have $0 deductibles.

Why not get cut a check if something happens?


"Zed's dead baby, Zed's dead."
Re: full coverage or liability? [Re: rooflessVW] #4685904
03/06/18 06:34 AM
03/06/18 06:34 AM
Joined: Dec 2012
Posts: 361
PA
copcarguy Offline
copcarguy  Offline
Joined: Dec 2012
Posts: 361
PA
Originally Posted By: rooflessVW
Full coverage on everything.

It's $36/6mo difference between collision and comprehensive on my '86 pickup, and I have $0 deductibles.

Why not get cut a check if something happens?


+1

Even my '97 Mercury Tracer commuter car has full coverage as I commute into NY.

Two years ago they were doing construction on one of the major highways. I went through three windshields in one month on that car.

My wife had been telling me a little bit prior to then that our agent was recommending we just put basic coverage on that car "as it was so old". I stuck to my guns, and I'm glad I did.

Re: full coverage or liability? [Re: gabriel9766] #4685915
03/06/18 07:04 AM
03/06/18 07:04 AM
Joined: Dec 2006
Posts: 4,219
Port Orange, Florida
Panzerman Offline
Panzerman  Offline
Joined: Dec 2006
Posts: 4,219
Port Orange, Florida
The way I look at it if I can afford the loss I go to liability insurance. Know that insurance company is going screw you over on a older car.
It's what they do. If you have two cars and don't drive either of them much you may get a reduced premium. I'd drop it only if you can self insure it.



2006 Dodge Ram 2500 Hemi 4x4
2016 Dodge Challenger Scat Pack
Re: full coverage or liability? [Re: gabriel9766] #4685919
03/06/18 07:16 AM
03/06/18 07:16 AM
Joined: Aug 2009
Posts: 3,277
Ohio
Tdbo Online content
Tdbo  Online Content
Joined: Aug 2009
Posts: 3,277
Ohio
I'd price it out and then make a decision.
For years, I kept full coverage on the Taurus that I drove back and forth to work (130 miles/day.)
When I priced the premium for full coverage, it was $60/yr. or $5/month.
For the 2.5 hrs/day that I spent on the road, it was worth it for me.
Now, if it would have been several hundred dollars? No.


2012 Honda Accord LX-P 94K
2008 Ford Mustang Pony Package Convertible 17K
2006 Honda Odyssey EX-L 76K
2003 Ford Ranger 3.0 Supercab 111K
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