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Thread: Do you have full coverage on your vehicle?

  1. #1

    Do you have full coverage on your vehicle?

    I imagine that everyone would with a newer vehicle but at what point do you drop it? My vehicle is a 2009 but in great shape with low mileage so I have kept full coverage on it.

    Thankful I did too, seems a big pickup truck didn't see my little SUV and kissed my rear driver's side door pretty good.

  2. #2
    Super Moderator Quest's Avatar
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    We do on one, my husbands truck because of it's value and the cost of replacing it...we do not on mine because of its book value...when the book value and cost of replacement is less than the cost of the insurance it does not make sense...better t just save that insurance money to replace the vehicle WHEN the need arises, whether due to accident or just serious mechanical failure...

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    Quote Originally Posted by krystian View Post
    I imagine that everyone would with a newer vehicle but at what point do you drop it? My vehicle is a 2009 but in great shape with low mileage so I have kept full coverage on it.

    Thankful I did too, seems a big pickup truck didn't see my little SUV and kissed my rear driver's side door pretty good.
    So there are several factors to consider...value, risk, and financial situation...could you replace it if you needed to without the insurance?

    Full coverage is only ging to pay BOOK VALUE regardless of the condition and reliability...at some point you will be paying more for insurance than they will pay you to replace it...

    I have a 2007 Nissan Xterra in great shape with 200K miles...the book value is around 4K. That is all they are ging to pay me for total loss...full coverage insurance would cost me about 600 a year...I am a safe driver and do not use it a lot so the risk factor is also greatly diminished...I would rather accumulate my OWN money to replace it rather than give it to an insurance company and never see it again..


    Same with homeowners...some people have far more insurance than the company is actually ever going to pay out...some may have 100K in replacement of their interior, furniture and such but if they did an inventory could replace it all for 50K..and the insurance company is going to ask for that list....can you actually support the claim of 100K? That is just an example for consideration...

    People tend to think in terms of this cars value to ME and not in terms of the value the insurance company has on it...and are shocked to find out what they are willing to pay in a total loss...

  4. #4
    We no longer have full coverage on our car. It is a '98 with fewer than 175k (I think). Mr C keeps it in good condition.

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