I am looking for an age or dollar figure that would be a good guideline for dropping all insurance but liability. This was suggested as a way to save insurance money.
2007-03-03 08:48:07 · 8 answers · asked by rog@home 2 in Cars & Transportation ➔ Insurance & Registration
Definitely if the full coverage costs more per year than the car is worth, drop it and go liability and uninsured/underinsured.
If you can afford to buy a replacement vehicle or have a few thousand in savings to put toward a new vehicle if something happened to yours, go ahead and drop the full coverage if you want to.
Something to keep in mind, though. If the vehicle is your only source of transportation, then you'll probably want to keep the extra coverage. The costs of a rental and repairs or replacement can quickly go over what you save by dropping it.
2007-03-03 13:37:53 · answer #1 · answered by Mark B 6 · 0⤊ 0⤋
Maybe this will help.. A lot of insurance companies will not allow a person to have comp, and coll on a veh that is over ten years old.. Also if you want to save some you can always take off coll, and keep comp.. Coll is the most expensive part of the insurance when you have full coverage...
2007-03-03 13:28:59 · answer #2 · answered by D.L. 4 · 0⤊ 0⤋
Yes, it is a good idea. If a car's blue book value is $750 and you have a $250 deductible then in the case of a bad accident in which you total the car, you would only get $250. You may want to try a website that compares multiple companies at once to get you the best price. I am paying less than ½ after I did.
Go to: http://www.insureme.com/landing.aspx?Refby=616165&Type=auto
Take care,
Casey
2007-03-05 02:02:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Just be sure to have uninsured and under insured on there because it can save you. I was in a hit and run accident and if I hadn't had that on my insurance I would have been SOL on a car. I had it only a month and I was hit from behind on the freeway I-5 to be exact.
2007-03-03 11:48:18 · answer #4 · answered by WINGS 4 · 0⤊ 0⤋
what u are doing is becoming self insured for the value of the car. if your car is worth less than 4000 and u can afford to replace it if totaled then why pay insurance on it. another idea u might consider is upping the deductible to 1000. if the car isnt worth much it might not make much difference in your cost anyways as the insur. comp. knows that even if totalled they wont be much out of pocket for them. call your insurance agent and see what she says.
2007-03-03 08:53:28 · answer #5 · answered by robert s 5 · 0⤊ 0⤋
cars over 10 years with over 125000 miles or cars where the value is low under say 2000. ALSO IF THE CAR ISNT WOTH THE DEDUCTIBLE PRICE THEN ITS TIME TO GET RID OF THE EXTRA COVERAGE. OWNED ALOT OF OLDER CARS MYSELF.
2007-03-03 08:52:52 · answer #6 · answered by Anonymous · 0⤊ 0⤋
when the car is only worth a couple thousand dollars it's time to drop full coverage or when ever you think you can replace a car and it won't hurt your budget.
2007-03-03 13:27:01 · answer #7 · answered by mister ss 7 · 0⤊ 0⤋
Its got more to do with whether you wish to have the car repaired or not,,,,if you dont care about repairing your own car,,,then dont put collission insurance on it.
2007-03-03 08:53:05 · answer #8 · answered by Thunder 3 · 0⤊ 0⤋