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Liability Only: When did you guys make the switch

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Old 01-06-2012, 10:00 AM   #1
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Liability Only: When did you guys make the switch

So, my annual insurance renewal is coming up for my truck. I'm using a company called Wawanesa, which IMO has pretty good rates if you live in California or Oregon. Anyway, I'm currently at full coverage, with maximum liability, since I own my home.

My annual premiums are only $909 per year, which is the lowest I could get while shopping around.

I did call, and doing liability only (no comprehensive or collision) would knock that premium down to $618 per year.

My question for you guys is, how did / will you make the decision to "downgrade" your coverage? My truck is turning 9 years old next month and sitting at around 115,000 miles. I have no plans to get rid of her, and I'm hoping she can last another 10 years for me. I'm actually planning on driving her until she explodes at 500,000 miles leaving my stranded on the freeway. I'm just kind of torn between paying the higher premiums for a car that is approaching the 10 year mark. My "commute" is only 6 miles one way, and I have a secondary weekend fun car.

What you guys think/do?
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Old 01-06-2012, 12:07 PM   #2
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I drop comp when the value of the vehicle is less than the annual cost of comp ins.
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Old 01-06-2012, 12:10 PM   #3
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I pay $710 annually for full comprehension.

State Farm
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Old 01-06-2012, 12:23 PM   #4
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My beater costs me 30$ a month for liability..
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Old 01-06-2012, 12:25 PM   #5
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When the vehicle is 6 years old or older and/or has a value of less than 6K, I drop collision. I typically leave fire/theft/glass on a vehicle as long as said vehicle has any value. These are relatively inexpensive.
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Old 01-06-2012, 12:48 PM   #6
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well for what its worth this is what happened to me. I bought a new 2000 mustang gt and loved the car, my 3rd stang also. I lived in chicago but I worked in china, 3 weeks there and one week home, and i had garage parking, so by the summer of 2008 I had only 48,000 miles on her and when the big crash hit, and credit died, my job died also
so to save a few bucks I only had basic coverage, ( I did not worry about anyone stealing it because it was a 5 speed ( kids today dont know what they are missing)
well that spring a non-citizen who was higher the hell, fake id girlfriends big ole tank who reported it stolen when she found out, and no insurance destroyed my car, the 10,000 dollars in mods and my good southern nature, only the full length subframe connectors saved it from a total loss. he t boned me through a stop sign. and the police were no help, they dont respond unless someone is dead. so dont have a wreck here!
If you love and plan on keeping it keep the coverage.
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Old 01-06-2012, 07:55 PM   #7
I deal with dead animals
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Had just liability from the start untill this month when my daughter moved away (had her on my policy) dropped her and mput full coverage on my truck for yje same ammount as before. I feel alot better about it and the peace of mind for me is worth alot
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Old 01-06-2012, 08:01 PM   #8
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It's a gamble. But your only talking less the $300 a year, I wouldn't imagine it's worth it.
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Old 01-06-2012, 08:03 PM   #9
Lest We Forget
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My truck is 13 years old and I'm upgrading mine at the end of the month...then again I commute 500+ miles a week.
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Old 01-06-2012, 08:05 PM   #10
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i'd keep the full coverage "if" you can afford it. i'd rather pay a few hundred per year for the ten years "just in case", than have to try to cough up thousands at one time if my truck got wrecked.
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Old 01-06-2012, 08:07 PM   #11
Is there a long john silvers on the island?
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From Clark Howard:
"Very often I'm asked when is the right time to drop comprehensive and collision coverage on an old vehicle. The general rule is when the annual cost of comp and collision exceeds 10% of your vehicle's value, that's the time to dump it and just have liability coverage. You can determine your vehicle's value at Edmunds.com, KBB.com and NADA.com.
So let's take a simple example. Say your vehicle is worth $4,000. If you're paying anything more than $400 annually (that's 10% of $4,000) for comp and collision, it no longer makes any financial sense. One notable exception to this rule: If there's no way you could financially cover the loss of your vehicle, forget the math and keep paying for comp and collision.
Finally, you should always opt for a $1,000 deductible for the best savings on your policy. At that level, you'll pay a lower premium and won't be tempted to file any small piddling claims."
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Old 01-06-2012, 08:16 PM   #12
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I keep comp on my 96 with 260,000 miles. Damn deer crazy round here!
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Old 01-06-2012, 08:25 PM   #13
Just out for a rip are ya bud?
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hell, when i sold the 99 and got the 96 i switched to full coverage. if im taking the truck out all of the time to more dangerous situations like driving through snowy mountains to go snowboarding and going off roading i want it covered in case i fuck it up. i wasnt worried about full coverage on my street truck because it never left the pavement, but if i slide off the highway or roll the truck i dont want to be stuck without a vehicle.
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Old 01-06-2012, 08:31 PM   #14
I sell fishing and fishing accessories
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full coverage on anything I own..The only exception was my old 89 4runner that I bought for $40..lol
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Old 01-07-2012, 12:06 AM   #15
once flirted with danger, danger got clingy
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Quote:
Originally Posted by wildjerseyfirefighter View Post
full coverage on anything I own..The only exception was my old 89 4runner that I bought for $40..lol
this^. 3 of my trucks have full coverage and the shit beater has liability only. i pay like 240 a month and thats with 2 drivers on all cars.
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Old 01-07-2012, 12:23 AM   #16
Custom Tacoma bumpers & more for your offroad toy
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Full coverage on all my vehicles. I just dont want to pay out of pocket when I have a totaled truck/car when someone blows a stop light, or I hit some black ice and roll the truck or something along those lines. Then instead of saving $50 a month, I'm out $10k with no way to get around.
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Old 01-07-2012, 05:22 AM   #17
abides.
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Quote:
Originally Posted by RelentlessTaco View Post
Full coverage on all my vehicles. I just dont want to pay out of pocket when I have a totaled truck/car when someone blows a stop light, or I hit some black ice and roll the truck or something along those lines. Then instead of saving $50 a month, I'm out $10k with no way to get around.
Ditto- Won't put me back into the same vehicle but it'll help me get into something.
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Old 01-07-2012, 07:45 AM   #18
Wait for it...
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If you have another vehicle, you can register you truck as a recreational vehicle (weekend driver) and keep full coverage on the cheep.
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Old 01-07-2012, 08:04 AM   #19
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Quote:
Originally Posted by TurfTaco View Post
From Clark Howard:
"Very often I'm asked when is the right time to drop comprehensive and collision coverage on an old vehicle. The general rule is when the annual cost of comp and collision exceeds 10% of your vehicle's value, that's the time to dump it and just have liability coverage. You can determine your vehicle's value at Edmunds.com, KBB.com and NADA.com.
So let's take a simple example. Say your vehicle is worth $4,000. If you're paying anything more than $400 annually (that's 10% of $4,000) for comp and collision, it no longer makes any financial sense. One notable exception to this rule: If there's no way you could financially cover the loss of your vehicle, forget the math and keep paying for comp and collision.
Finally, you should always opt for a $1,000 deductible for the best savings on your policy. At that level, you'll pay a lower premium and won't be tempted to file any small piddling claims."
This is what I tell people when I get asked. There is no perfect time for everyone. As this says in red, if you cannot afford the loss of the vehicle at any given time, you should not drop coverage.

Every person has a different financial picture and dropping coverage is not the right thing to do for every person.

-Employee of USAA for 6 years and this is just my opinion.
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Old 01-07-2012, 09:06 AM   #20
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First thing that will happen as soon as you drop collission a person with out insurance will hit ya, murphy's law!
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