car insurance question

[Snuffaluffaguss]

When should you do drop full insurance coverage of your vehicles?

 

[KLin]

Never.

 

[SampSon]

It only costs me a few extra bucks to get full coverage, why risk it?

I'd say the cutoff is when your deductable is more than the total cost of your car.
If you're driving a heap like that who cares about collision.

 

[amdskip]

Originally posted by: SampSon
It only costs me a few extra bucks to get full coverage, why risk it?

I'd say the cutoff is when your deductable is more than the total cost of your car.
If you're driving a heap like that who cares about collision.

It cost a lot more for full coverage here. I say drop it when the car becomes valued at 7k or less.

 

[SampSon]

Originally posted by: amdskip

Originally posted by: SampSon
It only costs me a few extra bucks to get full coverage, why risk it?

I'd say the cutoff is when your deductable is more than the total cost of your car.
If you're driving a heap like that who cares about collision.

It cost a lot more for full coverage here. I say drop it when the car becomes valued at 7k or less.

How much is "a lot", I'm sure that depends on you as the policy holder. In the past full coverage would have cost me a significant amount more than just liability.

7K is much too high of a cutoff imho. Most insurance claims arn't that high, they are in the 1-5K range. Dropping your collision then getting in an accident that costs you $4000 with a car you still owe money on would really suck.

 

[Snuffaluffaguss]

It would save me about $250 every 6 months and our cars aren't worth that much, 95 Camry and 95 Altima. I think its time to, but I justed wanted to see everyone else thoughts.

 

[Ornery]

1. Unwritten rule is, once you drop it, you'll get burned... guaranteed!

 

[Snuffaluffaguss]

Originally posted by: Ornery

1. Unwritten rule is, once you drop it, you'll get burned... guaranteed!

I know, that is why I am still sitting on fence, with the change policy buttong ready in another tab.

 

[markgm]

When you no longer care what happens to the car, or you'll pay more for coverage than it's worth.

 

[shortylickens]

Originally posted by: markgm
When you no longer care what happens to the car, or you'll pay more for coverage than it's worth.

That sounds like the best plan.

 

[jadinolf]

Originally posted by: Ornery

1. Unwritten rule is, once you drop it, you'll get burned... guaranteed!

Yep. I dropped it on a previous car. I was tooling along on the freeway when a two foot length of 4X4 came flying off a truck and bouncing in front of me. I had dropped the coverage only a few days earlier.