Collision insurance
Marsha
keep only liability coverage. I have a 2004 Malibu.
Thanks.
Marsha/Ohio
The Real Bev
> Looking for opinions of when to drop insurance coverage on a car and
> keep only liability coverage. I have a 2004 Malibu.
Compare the cost of the premium with the maximum the insurance company
will pay if your car is totaled -- which means that even if the car is
driveable the cost of repair exceeds its value -- according to the
insurance company. It's up to you to decide.
--
Cheers, Bev
==============================================================
"I am working for the time when unqualified blacks, browns and
women join the unqualified men in running our government"
-- Cissy Farenthold
SpammersDie
"Marsha" <m...@xeb.net> wrote in message news:gip8pc$vmn$1...@news.datemas.de...
> Looking for opinions of when to drop insurance coverage on a car and keep
> only liability coverage.
That's a function of your financial net worth, current and expected income,
the role the vehicle plays in your life and the FMV of the vehicle. Only you
know most of this data.
Drop the collision when you can answer yes to at least one of these:
1. Is your financial picture solid enough that you could pay cash today for
a comparable 2004 Malibu without enduring hardship?
If yes, dump the collision and comp. You don't have a financial
stability risk to insure here so why pay premiums.
2. Can that car vanish from your life today and not be replaced without you
enduring hardship (e.g. it's the third car in a two-driver household?)
If yes, dump the collision and comp. If car is destroyed, do without.
James
> "Marsha" <m...@xeb.net> wrote in messagenews:gip8pc$vmn$1...@news.datemas.de...
I dropped the collision but kept the comp. Good thing because I've
since collected 3 times on the comp. Once a deer hit me, and 2 glass
breakage due to vandalism. I've also had lots of collisions but I
figure I pay for it either way. If I had the insurance they jack up
my premiums for 3 years.
Marsha
Yes and Yes. I have another older car that does not have comp and
collision, and I could pay cash for another comparable car without undue
hardship. Just undecided whether to take that chance this early. The
insurance company is charging $125.00/yr for collision and $45.00 for
damage other than collision, but the car is still worth about $7,000.
Marsha/Ohio
Marsha
> Marsha wrote:
>
>> Looking for opinions of when to drop insurance coverage on a car and
>> keep only liability coverage. I have a 2004 Malibu.
>
> Compare the cost of the premium with the maximum the insurance company
> will pay if your car is totaled -- which means that even if the car is
> driveable the cost of repair exceeds its value -- according to the
> insurance company. It's up to you to decide.
>
My husband and I were just discussing this. It doesn't take much to
"total" a car anymore, at least in the insurance company's eye.
Marsha/Ohio
phil scott
> "Marsha" <m...@xeb.net> wrote in messagenews:gip8pc$vmn$1...@news.datemas.de...
good advice imo
there is also the issue of who causes an accident. 40% involve drunk
drivers, so if you dont get drunk, nor drive around a lot in night
time traffic then the odds of you getting in an accident are much less
than the averages, making your primary risk one of being hit by an
uninsured motorist.... additionally if you dont put many miles on a
car and have a driving history of very few accidents..then the premium
you pay for comprehensive may be over priced.
Rod Speed
> Looking for opinions of when to drop insurance coverage on a car and keep only liability coverage.
Varys with what your assets are like, and whether you
must have a viable car to keep your job, and whether
you are likely to cause the damage yourself etc.
Clearly if you have considerable assets, its just a nuisance
even if it does get written off and that was your fault so you
wont be able to force anyone else to pay for the replacement.
> I have a 2004 Malibu.
Its not old enough to be an absolute that it isnt worth having collision cover.
Vic Smith
Personal decision. I would keep it because of cost/possible benefit
ratio. Given your premium, I might keep it until the car is worth
less than $3500 or so. But like just about everything insurance
related, your tolerance for risk should be your guide.
If you can write off $7000 without "undue hardship" where's the "undue
hardship" about kicking in $170 a year?
--Vic
JR Weiss
> Looking for opinions of when to drop insurance coverage on a car and keep only
> liability coverage. I have a 2004 Malibu.
1) When you no longer have a lender that requires it.
2) When you can afford to replace it if you wreck it.
SpammersDie
> hardship" about kicking in $170 a year?
You could also write off that carton of milk that went sour without undue
hardship - does that mean you buy insurance to cover it?
JonquilJan
Marsha <m...@xeb.net> wrote in message news:gip8pc$vmn$1...@news.datemas.de...
I haven't had anythong other than liability for years. However, I haven't
had anything other than 6 or more year old cars - second or third hand - for
years. All started with 100,000 miles on them when I got the vehicle..
As others posted, check with value (Blue Book) of the car - then compare
with your driving record and cost of coverage other than liability.
JonquilJan
Learn something new every day
As long as you are learning, you are living
When you stop learning, you start dying
Marsha
> If you can write off $7000 without "undue hardship" where's the "undue
> hardship" about kicking in $170 a year?
>
> --Vic
It's not much, granted, but I abhor donating money to insurance
companies. A necessary evil, though.
Marsha/Ohio
Marsha
> "Marsha" <m...@xeb.net> wrote...
>> Looking for opinions of when to drop insurance coverage on a car and keep only
>> liability coverage. I have a 2004 Malibu.
>
> 1) When you no longer have a lender that requires it.
The car was bought when it was new and there was never a loan. BTW, I
will never buy a new car again. It simply isn't frugal.
Marsha/Ohio
George
Why? insurance is nothing more than gambling. You are betting something
will happen and they are betting that it won't. Most folks can't cover
catastrophic stuff but are able to cover the routine stuff. If you add
up all of the money you never spent on extended warranties, collision
etc you would find that you could easily cover the routine stuff if
necessary and still be ahead.
Marsha
If I want to go to a casino, that's my choice. A minimum of liability
is required in this state, although, by my insurance company's
statistics, 50% of drivers do not have even that. That upsets me. Why
should anyone need to pay for uninsured motorist coverage?
Marsha/Ohio
Ben
> If I want to go to a casino, that's my choice. A minimum of liability is
> required in this state, although, by my insurance company's statistics,
> 50% of drivers do not have even that. That upsets me. Why should anyone
> need to pay for uninsured motorist coverage?
>
> Marsha/Ohio
You don't need uninsured motorist coverage. You will be covered
even if you don't have that. Only difference is that you will have to pay
your regular deductible if an uninsured motorist hits you. OTOH, if you have
uninsured motorist coverage, you will get the full repair costs without
a deductible.
I have never had uninsured motorist coverage after I realized this.
imascot
9d9564...@g1g2000pra.googlegroups.com:
> I've also had lots of collisions but I
> figure I pay for it either way. If I had the insurance they jack up
> my premiums for 3 years.
>
Lots of collisions, eh? Um, where do you live?
J.
Marsha
I didn't know that. Is that true for underinsured motorist coverage, too?
Marsha/Ohio
Marsha
> You don't need uninsured motorist coverage. You will be covered
> even if you don't have that. Only difference is that you will have to pay
> your regular deductible if an uninsured motorist hits you. OTOH, if you have
> uninsured motorist coverage, you will get the full repair costs without
> a deductible.
>
> I have never had uninsured motorist coverage after I realized this.
>
I just called the insurance company and that's not true in my case. If
I didn't carry uninsured/underinsured coverage, which costs me $120/yr.
for 2 cars, I would get nothing for injuries or property damage. On the
other hand, they told me I was on a list of names for them to check
other carriers for a lower premium overall, since my insurer's rates
went up.
Marsha/Ohio
Ben
"Marsha" <m...@xeb.net> wrote in message news:gitn16$3vg$2...@news.datemas.de...
> Ben wrote:
>> You don't need uninsured motorist coverage. You will be covered
>> even if you don't have that. Only difference is that you will have to pay
>> your regular deductible if an uninsured motorist hits you. OTOH, if you
>> have
>> uninsured motorist coverage, you will get the full repair costs without
>> a deductible.
>>
>> I have never had uninsured motorist coverage after I realized this.
>
> I just called the insurance company and that's not true in my case.
Your company gave you wrong/misleading info.
Medical bills etc aren't covered. But your collision insurance will
cover damage to the car if the other person is uninsured. I checked
this multiple times before I removed it.
Ben
"Ben" <b...@ben.com> wrote in message
news:gitnu5$t91$1...@news.motzarella.org...
>
> "Marsha" <m...@xeb.net> wrote in message
> news:gitn16$3vg$2...@news.datemas.de...
>> Ben wrote:
>>> You don't need uninsured motorist coverage. You will be covered
>>> even if you don't have that. Only difference is that you will have to
>>> pay
>>> your regular deductible if an uninsured motorist hits you. OTOH, if you
>>> have
>>> uninsured motorist coverage, you will get the full repair costs without
>>> a deductible.
>>>
>>> I have never had uninsured motorist coverage after I realized this.
>>
>> I just called the insurance company and that's not true in my case.
>
> Your company gave you wrong/misleading info.
>
> Medical bills etc aren't covered. But your collision insurance will
> cover damage to the car if the other person is uninsured. I checked
> this multiple times before I removed it.
I have really good medical insurance - so I wasn't worried about it.
Marsha
> Your company gave you wrong/misleading info.
>
> Medical bills etc aren't covered. But your collision insurance will
> cover damage to the car if the other person is uninsured. I checked
> this multiple times before I removed it.
>
Are you sure that this isn't specific to your policy and/or your state?
My question to the rep was very specific. "If I don't have
uninsured/underinsured coverage, and someone without insurance or
inadequate insurance causes an accident, what would my insurance pay?"
Her response was "nothing."
Marsha/Ohio
Ben
"Marsha" <m...@xeb.net> wrote in message news:gitqs2$c4s$1...@news.datemas.de...
> Ben wrote:
> > Your company gave you wrong/misleading info.
>>
>> Medical bills etc aren't covered. But your collision insurance will
>> cover damage to the car if the other person is uninsured. I checked
>> this multiple times before I removed it.
>>
>
> Are you sure that this isn't specific to your policy and/or your state?
No. I am sure. I had checked multiple times earlier.
I got this from googling.
http://www.whybike.com/blog/index.php?p=152
As it says, your comprehensive will take care of the repair
costs of your vehicle, but you will have to pay the deductible.
But your medical expenses etc, loss of wages etc will not be
paid.
>
> My question to the rep was very specific. "If I don't have
> uninsured/underinsured coverage, and someone without insurance or
> inadequate insurance causes an accident, what would my insurance pay?" Her
> response was "nothing."
Her response was wrong. Check again.
Dave Garland
> You don't need uninsured motorist coverage.
You do in Minnesota. Also liability, personal injury, and
underinsured motorist.
Dave
George
Votes, if I let my insurance drop and don't return the plate they will
send the state police to remove it. That is known to be a much rarer
occurrence in Philly.
I didn't think liability was under discussion since it is typically a
regulatory requirement and your original question was about collision
insurance.
George
It isn't an option in PA. Also anyone taking the state required minimum
insurance whose values seem to have been set 50 years ago should rethink
that idea.
Marsha
> Votes, if I let my insurance drop and don't return the plate they will
> send the state police to remove it. That is known to be a much rarer
> occurrence in Philly.
Ohio doesn't do anything. We don't even have to show proof of insurance
to renew your plate. We only have to sign a statement saying that you
have insurance or have enough money to cover the minimum liability
requirement.
> I didn't think liability was under discussion since it is typically a
> regulatory requirement and your original question was about collision
> insurance.
It evolved into uninsured/underinsured coverage. I'm upset that there
is even a need for such a thing, because of so many irresponsible,
illegal drivers on the road. I'm just bitchin' out loud.
Marsha/Ohio
The Real Bev
> "Marsha" <m...@xeb.net> wrote in message news:gitk2q$nps$2...@news.datemas.de...
>> If I want to go to a casino, that's my choice. A minimum of liability is
>> required in this state, although, by my insurance company's statistics,
>> 50% of drivers do not have even that. That upsets me. Why should anyone
>> need to pay for uninsured motorist coverage?
>
> You don't need uninsured motorist coverage. You will be covered
> even if you don't have that. Only difference is that you will have to pay
> your regular deductible if an uninsured motorist hits you. OTOH, if you have
> uninsured motorist coverage, you will get the full repair costs without
> a deductible.
>
> I have never had uninsured motorist coverage after I realized this.
Then you obviously carry collision. People who carry only liability
might or might not need UM depending on their medical insurance
situation. At least that's my understanding of the way the California
system works.
--
Cheers,
Bev
-----------------------------------------------------------------
"Nothing in the universe can withstand the relentless application
of brute force and ignorance." -- Frd, via Dennis (evil)
rick++
e.g. hopme and car from same company. Mine firced collision, but not
much
on old car.