nikkimarie303
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Post by nikkimarie303 on Dec 2, 2019 13:17:54 GMT -5
My insurance just automatically renewed and I nearly had a heart attack because it almost doubled. Called in and it was because of a minor traffic ticket that I got in March. Needless to say, I am going to have to shop around, but also, maybe I need to reduce my coverage? I drive a 2013 Toyota Camry. It has been paid off for several years, but I have kept full coverage on it. Do I need that?
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Deleted
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Post by Deleted on Dec 2, 2019 13:22:10 GMT -5
Would replacing it in a total loss situation be a financial hardship for you?
I drop full collision once it gets down to less than 3K value. That's my "I can absorb this loss" number. I would not personally be able to do that on with a 2013. I would have to shop around to other carriers and maybe raise the deductible to get the premium down.
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Post by The Walk of the Penguin Mich on Dec 2, 2019 13:46:02 GMT -5
You need to calculate what the difference is between full coverage and liability only, the current value of the vehicle and whether or not you have the resources to replace it.
That being said, I still carry full insurance on my 2007 Subaru. For me, it is a very small component of what I pay for insurance, my vehicle has a higher than normal value than it should for a 12 year old vehicle and I live in an area where hitting a deer is very likely.
About reducing your coverage, a lot of it depends upon what levels you have and what investments you have that make you sue able. When I lived in KY, I did not have a lot of investments but I still preferred that I be able to cover more than the basic limits. Those limits are squat. I upped my limits, looking at the costs of cars. If you hit the wrong car, a $25K limit could easily have you sued. If you can afford to raise your deductible, that might be the only way to reduce your costs, but you need to see what the difference is.
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Deleted
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Post by Deleted on Dec 2, 2019 13:55:14 GMT -5
That being said, I still carry full insurance on my 2007 Subaru. For me, it is a very small component of what I pay for insurance, my vehicle has a higher than normal value than it should for a 12 year old vehicle and I live in an area where hitting a deer is very likely. Deer hits are covered by comprehensive, so you can still drop collision and keep that.
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weltschmerz
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Post by weltschmerz on Dec 2, 2019 14:20:17 GMT -5
My insurance just automatically renewed and I nearly had a heart attack because it almost doubled. Called in and it was because of a minor traffic ticket that I got in March. Needless to say, I am going to have to shop around, but also, maybe I need to reduce my coverage? I drive a 2013 Toyota Camry. It has been paid off for several years, but I have kept full coverage on it. Do I need that? I keep full coverage on my 2005 Tiburon. It's only about $35 a month, though.
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haapai
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Post by haapai on Dec 2, 2019 14:43:07 GMT -5
Someone has to present the other argument.
Get quotes. Get quotes for full coverage, no-fault plus collision, and no-fault plus general coverage. Then calculate.
I live in a state where no-fault is expensive but adding comp and collision can make the premiums slightly absurd. (Think about a premium that is a quarter of the value of the car per year. I think that's the same premium that small, ocean-going yachts paid in the eighties.) You need to do the math on the quotes that you get. You may be surprised at the results that you come to. Dropping down to no-fault may be a no-brainer, or the opposite may be true.
You need to do your own analysis, on your own vehicle, given your own driving risks and your own risk tolerance.
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lund
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Post by lund on Dec 3, 2019 18:20:29 GMT -5
And don't forget to check if there are any Defensive Driving Classes or similar that you can take in order to reduce insurance costs.
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countrygirl2
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Post by countrygirl2 on Dec 3, 2019 18:43:13 GMT -5
I have full coverage on everything. I know they will not pay more then the depreciated0 value. But the 2006 Lincoln could be expensive to fix, they would probably just total it if extensive, same with motorhome. But I'm like the Walk, we raised our limits as I don't want to be sued as cars and motorhomes now can be very very expensive. Our old backhoe and truck are covered under commercial insurance under our LLC. That's just personal use still though.
It isn't much for our 2 trucks and motorhome so keeping it. I have to look and see what insurance company it is. We went to a local broker and its not an insurance you see advertised but is A rated. We have Berkshire Hathaway for our rent houses, we were able to say we only wanted a fixed dollar of insurance so if they burn would get our investment back, we aren't concerned about rebuilding or appreciation here, we would not rebuild those houses. They only cost us $250 each for something like $35k of coverage.
You might check with a broker who has multi lines of insurance and save yourself some money, it sure did us.
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zibazinski
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Post by zibazinski on Dec 4, 2019 6:36:40 GMT -5
I have full coverage and an umbrella policy.
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schildi
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Post by schildi on Dec 4, 2019 12:33:59 GMT -5
I have full coverage and an umbrella policy. Umbrella is liability, and "full coverage" usually refers to collision coverage on a certain vehicle, right? Kinda two different things, but you have an "and" in between ..... Collision is cheap for our cars: $47 for the Subaru Outback and $49 for the F-150 (that's the 6 months premium), so I do not see much of a reason to drop that coverage. Keeping cars usually for around 12 years, and likely they'll be worth $5k or around that even at that time, so the worst case annual premium would only be around 2% of the value. Seems like a good idea to keep the coverage since it's fairly inexpensive.
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zibazinski
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Post by zibazinski on Dec 4, 2019 16:03:29 GMT -5
It covers my car and my home
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nikkimarie303
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Post by nikkimarie303 on Dec 9, 2019 12:13:54 GMT -5
I did some shopping around and I was able to change companies and keep the coverage that I had for just a slight increase. So, for now, will continue to have full coverage. However, Esurance mentioned one of the reasons for the increase, in addition to my ticket, was the rising cost of insuring Denver drivers. I can see that, traffic is horrible and getting worse by the second, and there are accidents everywhere. So, if prices continue to rise, I can't see myself paying more and more to cover a car that is worth less and less every year. Although, on the flip side, you total your car, have to get a new one and then for sure need full-coverage and all your costs skyrocket. What a racket!
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schildi
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Post by schildi on Dec 9, 2019 12:51:56 GMT -5
It covers my car and my home What does? Umbrella? No, umbrella will not cover YOUR car. It will cover the other party's damages in an accident that you have caused, as it's a liability type coverage. Collision coverage on your car will cover YOUR car after an accident that was your fault, umbrella or liability will not.
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zibazinski
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Post by zibazinski on Dec 9, 2019 18:32:00 GMT -5
It covers my car and my home What does? Umbrella? No, umbrella will not cover YOUR car. It will cover the other party's damages in an accident that you have caused, as it's a liability type coverage. Collision coverage on your car will cover YOUR car after an accident that was your fault, umbrella or liability will not.
I’m assuming it kicks in after my insurance would Peter out if I got sued big time. I’ve got huge limits to begin with. But I pay for umbrella on car and home.
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Deleted
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Post by Deleted on Dec 9, 2019 19:39:54 GMT -5
I have full coverage and an umbrella policy. Umbrella is liability, and "full coverage" usually refers to collision coverage on a certain vehicle, right? Kinda two different things, but you have an "and" in between ..... Collision is cheap for our cars: $47 for the Subaru Outback and $49 for the F-150 (that's the 6 months premium), so I do not see much of a reason to drop that coverage. Keeping cars usually for around 12 years, and likely they'll be worth $5k or around that even at that time, so the worst case annual premium would only be around 2% of the value. Seems like a good idea to keep the coverage since it's fairly inexpensive.
But you just demonstrated why I keep collision. It is so little of the 6-month premium that I don't really see the purpose of dropping it. So my premium goes down from $350 for six months to $300. But if I wreck my car, I have no downpayment for a new car. My car has about $3500 value at this point. It is worth a lot more to me because it is a low mileage Toyota Corolla. However, $3500 would help if I had to buy a new one suddenly.
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Post by Deleted on Dec 9, 2019 20:23:38 GMT -5
What does? Umbrella? No, umbrella will not cover YOUR car. It will cover the other party's damages in an accident that you have caused, as it's a liability type coverage. Collision coverage on your car will cover YOUR car after an accident that was your fault, umbrella or liability will not.
I’m assuming it kicks in after my insurance would Peter out if I got sued big time. I’ve got huge limits to begin with. But I pay for umbrella on car and home. Umbrella covers only liability for damages you cause to others. In some states it MIGHT cover Uninsured/Underinsured drivers who cause damage to your car but it doesn't in mine. If your car is stolen or damaged in a fender-bender that's your fault, Umbrella will not cover. You CAN drop Physical Damage (Collision and Comprehensive for thefts and damage to your car if you're at fault) and still buy Umbrella coverage. One caveat that I've posted before and is worth repeating: I told my agent to drop Comp. and Collision and asked if that violated any underwriting rules and he said no. The decrease was not what I expected. I asked why and they told me that since I'd dropped those coverages I was considered to be in a riskier rating tier for Liability so my Liability premiums went up. My car MIGHT be worth about $4,000. I still carry Comp and Collision- I know that any damage is likely to result in the company declaring it totalled but it's gonna kill me to ante up the money to buy a replacement so the proceeds will come in handy.
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bobosensei
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Post by bobosensei on Dec 11, 2019 8:10:49 GMT -5
It hurt when I had to get full coverage on a car again. I carry a million in liability on my house and car. Eventually I'll add umbrella coverage, but right now I don't need more than that. After my car is paid off I'll up the deductible, and I will likely drop collision. I may keep comprehensive since I live near a lake and there are tons of deer.
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countrygirl2
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Post by countrygirl2 on Dec 17, 2019 18:29:49 GMT -5
We have full coverage on everything and a personal umbrella for a million.
Then with our LLC because of the post office we have an umbrella of a million, but its for all of them, the rentals only $250 fire insurance on them up to $35k. If one burns we won't replace it, just clean up the site. Whoops there is some liability in there too.
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finnime
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Post by finnime on Dec 17, 2019 18:39:06 GMT -5
I just wanted to say that I saw the title and thought this thread was about bras.
Carry on.
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