At what point do I swap to liability only for my cars?

If you live in Louisiana then never, full coverage including UM

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Any rule of thumb you guys have

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when you are comfortable not using the equity you have in your current vehicle to help with purchasing your next vehicle

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If you live in Louisiana then never, full coverage including UM

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Hey silly.... he's asking about dropping physical damage coverage not liability or UM


I swear


OP, it's a personal financial decision but when the Actual Cash Value gets to about 4-8 times the deductible the coverage should probably be dropped.

Example:

$500 deductible X8 = $4,000.

Should you really pay money for the unlikely chance a tree falls on your car?

If someone hits you, they pay. So Comp/collision can be dropped

When you don't think it's worth it anymore.

Example:
You are paying $500 for insurance. if deemed a total loss you get the worth of your car. Let's say it's $2000 and you have to pay a deductible of $500 to get it. You will pocket $1500 if it's a total loss.

You pay only liability at $300. Save $200 every 6 months while the car depreciates. If it's a total loss now you get nothing.

So it's a small gamble on what you choose.

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If someone hits you, they pay

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Not if they don’t have money or insurance to cover the loss they don’t.

To give you some concrete examples:

I have a 2005 Honda Pilot with 189,000 miles on it. Driven less than 5000 miles a year. I have not carried physical damage insurance on it for 3 or 4 years.

I have a 2012 Honda CRV with 118,000 on it. I still have physical damage coverage on it, but I will likely drop it in 2-3 years when it gets to 150,000.

Windshield replacements alone every few years sometimes pays for the comprehensive coverage alone.

Exactly. I have 189k on my Titan and I only have liability. Same with pilot which has 205k. Only vehicle I have with full coverage is my Armada because I still have a note on it.

percentage of uninsured motorists


Mississippi – 28 percent
New Mexico – 26 percent
Tennessee, Oklahoma, and Florida – 24 percent
Alabama – 22 percent
Michigan – 19 percent
Kentucky and Rhode Island – 18 percent
Indiana, Washington, Arkansas, Ohio, and Georgia – 16 percent
Washington D.C., Colorado, California, Maryland, Texas, and Wisconsin – 15 percent
Missouri and North Carolina – 14 percent
Nevada, Minnesota, Alaska, and Louisiana – 13 percent
Arizona – 12 percent
Iowa, Montana, Hawaii, New Jersey, New Hampshire, West Virginia, Virginia, Delaware, and South Carolina – 11 percent
Wyoming, Oregon, Kansas, and Connecticut – 10 percent
North Dakota and South Dakota – 9 percent
Utah, Idaho, and Nebraska – 8 percent
Vermont and Pennsylvania – 7 percent
New York – 5 percent
Maine and Massachusetts – 4 percent


LINK