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Liability Only: When did you guys make the switch

Discussion in '1st Gen. Tacomas' started by asus611, Jan 6, 2012.

  1. asus611

    asus611 [OP] Well-Known Member

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    CA
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    03 Double Cab Prerunner
    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?
     
  2. fsusteve

    fsusteve Well-Known Member

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    Naples, Fla
    I drop comp when the value of the vehicle is less than the annual cost of comp ins.
     
  3. Madjik_Man

    Madjik_Man The Rembrandt of Rattle Can

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    Boulder, CO
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    1998 Ext Cab TRD 5MT sunfire red pearl
    About 25 pounds of spray paint and vinyl dye
    I pay $710 annually for full comprehension.

    State Farm
     
  4. Zoot

    Zoot Well-Known Member

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    2011 DC/SB TRD O/R 4X4
    Toyota bed mat, Access tonneau cover, Wet Okole's, Window Tint, custom trail-stripes, Cooper A/T3 265/75R16, MedlinAround interior LEDs
    My beater costs me 30$ a month for liability..
     
  5. bobg03

    bobg03 Well-Known Member

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    NE Ct
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    Tacoma
    Wheels, Bull Bar, Tonneau Cover
    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.
     
  6. Robertgeejr1

    Robertgeejr1 Well-Known Member

    Joined:
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    779
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    First Name:
    Robert
    Aorora, Ill, yeah!
    Vehicle:
    1996 Toyota Tacoma SR5 4x4
    I have done all the hi-pro mods for a life time, since I got this truck at a great price, I will be happy with showroom new.
    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.
     
  7. meatman

    meatman I deal with dead animals

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    Greg
    Murphy N.C.
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    More than the wife knows!
    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
     
  8. TacoDawgfan

    TacoDawgfan Hunker Down You Hairy Dawg!

    Joined:
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    Mike
    Georgia
    Vehicle:
    2011 Silver 4x4 TRD Sport w/JBL
    5100's at 1.75, Rear leaf TSB, Moto Metal 951 16x8, BFG TKO2 265/75/16, AFe Stage 2 CAI w/pro dry filter, Access Loredo tonneau cover, Tinted windows, EGR in channel vent visors, Ultragauge, UGA drink coasters in the front cup holders, and an Evenflow car seat in the back seat
    It's a gamble. But your only talking less the $300 a year, I wouldn't imagine it's worth it.
     
  9. cmack

    cmack Living vicariously through Snowtank

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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.
     
  10. jackhart

    jackhart Well-Known Member

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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.
     
  11. TurfTaco

    TurfTaco Is there a long john silvers on the island?

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    07 Deer Collector
    285/75-16 BFG KM1's, AVS vent visors, AVS hood shield, pioneer avic F900BT, pac steering wheel control adapter, Boyo rearview camera, pac ipod interface, tinted windows, Toytec 1.5 AAL, Bistein 5100s (front set to .85) Eibach coils, Black headlights, grillcraft black billet insert, N-fab light bar, 4 Hella FF700 lights & color matched grille, Sockmonkey bedside decals. 16x8 MT sidebiters, Weathertechs, Fabtech spare carrier.
    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."
     
  12. Airun

    Airun Well-Known Member

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    Aaron
    Show Me State
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    TRD sport, DCLB, 4wd
    Debadged, custom emblem, Husky liners, custom bedrail Yak Trak setup with load bars, , BakFlip Fibermax, OME 3" lift with LightRacing UCAs
    I keep comp on my 96 with 260,000 miles. Damn deer crazy round here!
     
  13. IDtrucks

    IDtrucks Just out for a rip are ya bud?

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    Boise ID
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    96' X-Cab 4x4 TRD Off Road
    JVC Deck, 10" sub mountd in rear seat cubby, 2 LED off road lights mounted in grille, amber raptor style grille lights, LED rock lights, square led bed light, custom made fuse block tray, 12 blade Blue Sea fuse block, 100a marine circuit breaker, black plasti dipped full grille, tinted tail lights + third, Uniden 520 with 4' firestik, Bilstein 5100s with 620lb Eibach coils, Diff drop, Chevy 63 leaf swap, TG creeper joints, 14" triangulated biletein 5125s, 8" extended steel braided brake line, TG Rock Sliders, CBI Moab 1.0 front bumper, custom fabbed bed rack, full TRD E-Locker axle swap and matching re-gear with custom stand alone wiring circuit, tubbed for 35x12.5" general grabbers on Ultra type 181 wheels, crush sleeve eliminator, removable mothafuckin doors
    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.
     
  14. wildjerseyfirefighter

    wildjerseyfirefighter I sell fishing and fishing accessories

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    Joe
    NJ
    Vehicle:
    05 Tacoma TRD Sport
    stock, for now
    full coverage on anything I own..The only exception was my old 89 4runner that I bought for $40..lol
     
  15. magikbean562

    magikbean562 once flirted with danger, danger got clingy

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    socal
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    02 4runner 04 solara
    4runner-32x11.5x15 falken rocky mt, tundra king 2.5 coilovers with taco perch, TC UCA, OME rear springs and procomp es9000's, thule roof rack.
    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.
     
  16. RelentlessTaco

    RelentlessTaco Custom Tacoma bumpers & more for your offroad toy Vendor

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    East side of the Sierras, NV
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    07 SR5 4x4> 03 SR5 4x4 total> 14 Crewmax TRD
    Had tons on the Taco's.... new truck is stock for now
    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. :eek:
     
  17. Brunes

    Brunes abides. Staff Member

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    Big Easy, USA
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    Inside: Tint, Wet Okole 1/2 Piped Red/Black Covers, Black Weathertech Digital Fit Mats, URD Short Throw w/ TWM Weighted Knob, USA Spec iPod adapter. Outside: 4300K Retro w/ Angel Eyes and Red Shrouds, 5000K Blazer Fog Light Retrofit, Debadge, Bed Locking Handle, Satin Black Rims Performance: TRD/Steigmeier Blower w/ 2.7 Pulley. 668 Injectors and 320 LPH AEM Fuel pump. URD UCON and 7th Injector. DTLT Headers, URD Y-Pipe, Wicked Flow Muffler. Suspension: Both: OME Shocks Front: 886X's and TC UCAs Rear: Dakars Armor: Relentless Front Bumper Relentless High Clearance Rear w/ Tire/Rotopax Swing Out Relentless Front, Mid, and TCase skids BAMF Diff Skid Recovery and Spares: Fullsize Spare Tire 2x2 gal Rotopax 1x1 gal Rotopax 1x1 gal Water Rotopax Warn 9.5XP-S Winch Hi-Lift Extreme 60" Ironman Off-Road Recovery Kit Upcoming: ATO Gas Tank Skid and Sliders w/ kickout. ATO Shackle Flip Kit. Down the line: Front/Rear ARB Lockers w/ OBA. 4.56 Gears
    Ditto- Won't put me back into the same vehicle but it'll help me get into something.
     
  18. StAndrew

    StAndrew Wait for it...

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    Chris
    Hampton Roads, Va
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    SR5 4x4TRD
    Deck Plate Mod; Grey Wire Mod; 1.5" AAL; 1.75" Lift Shackles; Bilstein 5100's; Eiback Coils; LR UCA; Front Diff Drop; Tundra Brake Upgrade; Wheels Offroad Brake Lines; Rear Diff Breather Mod
    If you have another vehicle, you can register you truck as a recreational vehicle (weekend driver) and keep full coverage on the cheep.
     
  19. TRDguyKC

    TRDguyKC Well-Known Member

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    Glendale, AZ
    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.
     
  20. twfsa

    twfsa Well-Known Member

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    Tom
    Omaha Ne
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    04 TRD 4X4
    881 Front coils, Bilstien 5100's all the way front set to "0" Icon Dynamic's mini leafs in rear, stock tires.
    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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