full coverage or liability?

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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
 
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I would consider dropping the collision on your Escape. It wouldn’t take much of a wreck to total it.
 
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.
 
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!
 
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.
 
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.
 
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.
 
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.
 
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
 
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.
 
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?
 
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.
 
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.
 
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.
 
Get a quote either way and do some estimating of your personal odds. We've had 30 car years of not making a claim of any type so we dropped both collision and comprehensive for our cheap cars a couple years ago, and max'd out the insurance the covers us, like income replacement, home care, life insurance, etc, in case one of us has a big one on the highway...
We live out in the sticks with zero chance of vandalism and windows and lights are cheap at the wreckers anyways. If you live in a city where car accidents are common then you may want to keep collision, but not comprehensive.
 
Originally Posted By: IndyIan
Get a quote either way and do some estimating of your personal odds. We've had 30 car years of not making a claim of any type so we dropped both collision and comprehensive for our cheap cars a couple years ago, and max'd out the insurance the covers us, like income replacement, home care, life insurance, etc, in case one of us has a big one on the highway...
We live out in the sticks with zero chance of vandalism and windows and lights are cheap at the wreckers anyways. If you live in a city where car accidents are common then you may want to keep collision, but not comprehensive.


Comprehensive is even cheaper than doing any work yourself. If you're going to drop one I would drop collision before I would drop comprehensive. Comprehensive also covers fires floods and windows. Even things like a tree branch falling on your car.
 
Originally Posted By: oilmutt
If you drive with no car insurance,do you have to put up a bond in the state of California?


I think he just drives without collision and comprehensive. You can just get full liability coverage.
 
Originally Posted By: Wolf359
Originally Posted By: IndyIan
Get a quote either way and do some estimating of your personal odds. We've had 30 car years of not making a claim of any type so we dropped both collision and comprehensive for our cheap cars a couple years ago, and max'd out the insurance the covers us, like income replacement, home care, life insurance, etc, in case one of us has a big one on the highway...
We live out in the sticks with zero chance of vandalism and windows and lights are cheap at the wreckers anyways. If you live in a city where car accidents are common then you may want to keep collision, but not comprehensive.


Comprehensive is even cheaper than doing any work yourself. If you're going to drop one I would drop collision before I would drop comprehensive. Comprehensive also covers fires floods and windows. Even things like a tree branch falling on your car.

With $500 deductible though, all comprehensive covered for us was someone smashing all the windows or a fire I guess.
Plus our cars would be totaled probably for 2-3k damage... We don't park under trees either.
Statistically the insurance company wins on average and I think we have a far lower risk than average so why not get a few hundred bucks for sure and only have like a 1:1000 risk for loosing a couple thousand.
If we lived in suburban traffic [censored] then I might think otherwise, but I don't want to subsidize bad city drivers while paying for insurance in a low risk environment...
 
Depends on what the vehicle is worth. I just have liability on my Jeep, and have only had that for a long time now. I dropped comprehensive three years ago. The reason for that is if I hit something bigger than a stick in the road it will be totaled and the insurance will give me 1500 bucks. I've never had collision or glass coverage. Glass coverage through my insurance was an extra $100 a year. I priced out a windshield for my Jeep and it was $150. In my opinion, having worked in the insurance field before switching to IT, collision is only necessary for vehicles you finance or if it is still worth a decent amount. Depends on your driving abilities too, if you suck at driving than collision might be helpful.

If you are somewhat confident in your driving, I'd just carry liability.
 
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