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Message
Should I drop insurance coverage on my car?
Posted on 1/26/17 at 2:08 pm
Posted on 1/26/17 at 2:08 pm
I have a 2003 GS 300 Lexus that is paid for. Just checked the NADA value and it's valued around 6000 give or take. The car is paid for, i'm hoping to get a few more years out of her. The current coverage is as follows:
Bodily Injury Liability 100/300
Property Damage Liability 50k per accident
Uninsured Motorist 25/50k
UM Property Damage 25k
Comp & Collision 1k on each
total annual premium is 447.90
Should I downgrade to just liability since the car itself isn't worth much anyway.
Bodily Injury Liability 100/300
Property Damage Liability 50k per accident
Uninsured Motorist 25/50k
UM Property Damage 25k
Comp & Collision 1k on each
total annual premium is 447.90
Should I downgrade to just liability since the car itself isn't worth much anyway.
6
Posted on 1/26/17 at 2:13 pm to MasCervezas
Annual premium is pretty low already. Get a quote with Liab only to see how low it is first. Might not even be worth it if its only a few dollars a month in savings
Posted on 1/26/17 at 2:16 pm to Hodson4heisman
Just out of curiosity, you waited 11 months to post for this?
Posted on 1/26/17 at 2:28 pm to WG_Dawg
Good catch, but you gotta start somewherePosted on 1/26/17 at 2:38 pm to Hodson4heisman
it would reduce it about 22 bones a month
Posted on 1/26/17 at 3:52 pm to MasCervezas
I just did the same thing for my 2004 truck which is only worth about $5k for the same reason.
My new total annual premium is nearly DOUBLE that. Even after dropping the comp/collision. We have the same coverage otherwise.. how in the hell is yours so low?
quote:
total annual premium is 447.90
My new total annual premium is nearly DOUBLE that. Even after dropping the comp/collision. We have the same coverage otherwise.. how in the hell is yours so low?
This post was edited on 1/26/17 at 3:54 pm
Posted on 1/26/17 at 4:07 pm to PhiTiger1764
quote:
My new total annual premium is nearly DOUBLE that. Even after dropping the comp/collision. We have the same coverage otherwise.. how in the hell is yours so low?
Trucks cause more damage when they hit things. I had a 2012 F150 FX2, replaced it with a 2014 Mustang GT, and my premium went down 20%. I was already over 25, married, home owner. Nothing changed with my policy but the vehicle.
Posted on 1/26/17 at 4:57 pm to LNCHBOX
Even taking that into consideration, his policy seems extremely cheap. I'm paying $876/year for my new policy. No accidents, tickets. Great credit. Homeowner bundle discount. Over 25. Same exact coverage except he also has comp and collision. And still about 50% cheaper. There has to be some other factors..
ETA: his policy will be $184/year if he gets rid of comp and collision. That is stupid. What am I missing?
ETA: his policy will be $184/year if he gets rid of comp and collision. That is stupid. What am I missing?
This post was edited on 1/26/17 at 4:59 pm
Posted on 1/26/17 at 5:31 pm to PhiTiger1764
Are y'all in the same market?? I would assume that makes a huge difference.
Posted on 1/26/17 at 10:01 pm to PhiTiger1764
quote:
ETA: his policy will be $184/year if he gets rid of comp and collision. That is stupid. What am I missing?
Yeah I'm thinking I looked at it wrong and was seeing the 6 month policy
Posted on 1/27/17 at 7:05 pm to MasCervezas
After looking at my policy again, that figure was indeed my annual premium. Here is a screen shot of my premium for our cars:
Eta:the Mustang is my wife's. I loathe the car
Double eta: just realized we just added the camry on Jan 1, so that's the premium on 2 vehicles for a year plus 4 months of coverage on the camry. Nvmnd. I is dumb
Eta:the Mustang is my wife's. I loathe the car
Double eta: just realized we just added the camry on Jan 1, so that's the premium on 2 vehicles for a year plus 4 months of coverage on the camry. Nvmnd. I is dumb
This post was edited on 1/27/17 at 7:26 pm
Posted on 1/28/17 at 6:52 am to MasCervezas
quote:
Should I downgrade to just liability since the car itself isn't worth much anyway.
If you do, be sure to keep UM. You might even want to increase UM coverage from what you have.
When a drunk idiot with no insurance or minimum coverage smashes into you and breaks your legs or blows out a disc, UM is your only friend. It essentially becomes the idiot's insurance policy. $25K isn't much.
Posted on 1/28/17 at 11:23 am to MasCervezas
Book value of vehicle divided by annual premium(s) for full coverage (OTC/COLL/Towing/Labor, Not Liability UM/IUM and Med Pay) equals approximate number of years that you are self insuring (at NPV). The value drops every year. The value also gives you an indication at the midpoint where an insurance company would total a vehicle.
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