Need Opinions On Insurance

[Impalacat]

My 2000 1500 LT ext cab stepside has 102000 miles and will be 9 years old in June, according to Kelley Blue book says its worth $7475-good condition or $8000- Excellant condition. I am very good on maint, and it looks as good today as when I bought it, always garaged or in carport when not used.

My question is, I am thinking of putting only P.L. & P.D. on it istead of full coverage at between $650-700 a year I would like your thoughts of when is it practical to take the full coverage off. Thanks.

[Spurshot]

That BB value sounds pretty high. Might be worth looking at comparable trucks on the market that have sold recently (asking prices may be much different than selling prices these days). No matter the value, you need to consider your financial situation. How much you make, recurring expenses, savings, risk of loss (bad area, aggressive driver, etc.) investments, etc., all make a difference.

 

It really boils down to how much money you can shell out if you need another vehicle.

[VMax2007]

That BB value sounds pretty high. Might be worth looking at comparable trucks on the market that have sold recently (asking prices may be much different than selling prices these days). No matter the value, you need to consider your financial situation. How much you make, recurring expenses, savings, risk of loss (bad area, aggressive driver, etc.) investments, etc., all make a difference.

 

It really boils down to how much money you can shell out if you need another vehicle.

 

+1

 

This decision is purely based on YOUR personal situation. Opinions here from other folks should be "taken with a grain of salt".

[ScottyBoy]

I've always heard that in most cases if the vehicle is worth more than 5k, and you can't afford to replace it, then you should insure it. Either way, if your truck was stolen,flooded, wrecked next week, would you be able to afford to buy another one? If not, then insure it.

[txab]

Posts 2 and 4 cover it. What you can afford determines your decision. Have you raised your deductables so as to lower your costs some?

[Fyrcaptain]

You should definately shop every 3 years according to the "experts".

One year when I shopped I saved 800 the next year with Geico. I was with Nationwide for 20 years and no one could ever beat

them until 3 years ago!

[Impalacat]

Thanks Guys,Yes the KBB figures I quoted was if you sell it out right not trade in value, I figure if it was to be wrecked the Ins. would give me low book which was $6800, less for trade in, I make good money, and if I wanted to I could go pay cash for a new truck, I have never wrecked a car in 43 yrs driving, so when it comes due I think I will go to P.L.&P.D. and save about $300 a yr,the truck gets driven less than 5000 miles a yr now. I might as well take a chance, Columbus did. Thanks again for your input.

[bubba33]

that is 25 bucks a month it will cost you. that don't sound bad.org

[Zembonez]

I buy cars for a living... LOTS OF CARS! Hundreds a month. I can't begin to tell you all of the stories I have heard from people who canceled their insurance on their $7500 vehicle and then totaled it. Salvage dealers are paying them $500 for the remaining bits. That's a pretty hard pill to swallow IF it happens to you.

 

It's a crap shoot every time you drive out your driveway. As others have said. How much can you afford to lose?

[MarkD]

Personally I'd insure at that rate. Not my bill though.

[66nova]

Personally I'd insure at that rate. Not my bill though.

 

 

+1

 

If you can afford to replace your vehicle, you can afford $300. Like Zembonez said its a crap shoot. If you are a gambler I say go for it. But, don't for get about that 80 year old lady that needs cataract surgery, but can't afford it due to her $600 insurance premium.

[ukrkoz]

The way it goes with trucks now, you won't sell it anywhere close to anything KBB or other sources tell you. Market is packed with trucks for sale, and they SIT.

Some folks are crash magnets, so they should be careful removing full coverage.

Some folks are just dumm dumms behind the wheel, same goes for them.

You need to look back at your driving history and be frank to yourself. Then, make educated decision. As it's a potential lawsuite, if you are a bad driver.

Otherwise, esp if you are very handy person, Buy Liability only, and uninsured motorists. The last one saved us - and made us - good $$ historically.

No doubt you have Sam's or Wallmart or Costco membership. go to one of their websites, and fish for insurance services(usually, in customer service links). This is where you get THE BEST rates. They will search about a dozen of insurers for you, at no cost, while you on the phone, and get it for you on a platter. Plan for about 20 mins. They hooked me up with Safeco, and I am so happy that I got house with them too. So, we ended with any discount possible - multiple vehicles and house, family plans and such.

[ScottyBoy]

Thanks Guys,Yes the KBB figures I quoted was if you sell it out right not trade in value, I figure if it was to be wrecked the Ins. would give me low book which was $6800, less for trade in, I make good money, and if I wanted to I could go pay cash for a new truck, I have never wrecked a car in 43 yrs driving, so when it comes due I think I will go to P.L.&P.D. and save about $300 a yr,the truck gets driven less than 5000 miles a yr now. I might as well take a chance, Columbus did. Thanks again for your input.

If you drive less than 5000 miles a year you can get a discount. I get one because I put less than 5000 miles a year on my truck. I'm with state farm and I simply asked about it and they said yes, they do give a discount for "limited driving" or something like that. Basically I can drive no more than 6000 miles a year, and they want to verify the mileage once a year. Doing that to my policy lowerd my monthly payment by about 19 bucks a month. At the same time I asked about having a $0 deductible on my comprehensive coverage. They said it would be $11 more a month. So I did that too, and ended up saving $8 a month and now have no dedectible on my comprehensive. I'm so glad I did it too, because a rock recently cracked my windsheild. With no dedeuctible, they have to cover the cost, not me. So I guess it just paid for itself and then some. I've been with state farm for almost ten years now. No one can touch their rates because I get so many "muti-line" discounts with them. I have my renters ins, car ins on 3 vehicles, life ins one me and my wife, and full coverage on my 4 wheeler and trailer as well. When I added my 4 wheeler, it was only $17 more a month to fully insure a $6000 ATV for wrecks, theft, fire, flood,etc, same as full coverage on a car. Now tell me who can touch that rate???

[jwstewar]

If you drive less than 5000 miles a year you can get a discount. I get one because I put less than 5000 miles a year on my truck. I'm with state farm and I simply asked about it and they said yes, they do give a discount for "limited driving" or something like that. Basically I can drive no more than 6000 miles a year, and they want to verify the mileage once a year. Doing that to my policy lowerd my monthly payment by about 19 bucks a month. At the same time I asked about having a $0 deductible on my comprehensive coverage. They said it would be $11 more a month. So I did that too, and ended up saving $8 a month and now have no dedectible on my comprehensive. I'm so glad I did it too, because a rock recently cracked my windsheild. With no dedeuctible, they have to cover the cost, not me. So I guess it just paid for itself and then some. I've been with state farm for almost ten years now. No one can touch their rates because I get so many "muti-line" discounts with them. I have my renters ins, car ins on 3 vehicles, life ins one me and my wife, and full coverage on my 4 wheeler and trailer as well. When I added my 4 wheeler, it was only $17 more a month to fully insure a $6000 ATV for wrecks, theft, fire, flood,etc, same as full coverage on a car. Now tell me who can touch that rate???

 

We shopped our insurance around a couple of years ago. Ironically didn't end up switching. One of the places we went was a State Farm Agent. He entered all of our info for the cars & house. Got the number back and said thanks for coming in. We were like huh? He said, thanks for coming in. I can't help you. He wouldn't even tell us the amount because he was so much higher than we were currently paying. We still have the same insurance co. that we had before. I'm so glad we stayed with them. We had a house fire in Sept. '07. They didn't cancel our policy because I had been with them for so long, but we would have a surcharge because of 2 large losses within 2 years (hail storm and the fire). I was like, OK, how much? They said $40 a year. I was cool with that. At least we still had insurance and they treated us great during the ordeal. Also have never had a problem with them on our car coverage. Right now we have our camper, house, Accord, Silverado, Suburban, and our New Holland tractor insured through them.

[jrrod2004]

If you drive less than 5000 miles a year you can get a discount. I get one because I put less than 5000 miles a year on my truck. I'm with state farm and I simply asked about it and they said yes, they do give a discount for "limited driving" or something like that. Basically I can drive no more than 6000 miles a year, and they want to verify the mileage once a year. Doing that to my policy lowerd my monthly payment by about 19 bucks a month. At the same time I asked about having a $0 deductible on my comprehensive coverage. They said it would be $11 more a month. So I did that too, and ended up saving $8 a month and now have no dedectible on my comprehensive. I'm so glad I did it too, because a rock recently cracked my windsheild. With no dedeuctible, they have to cover the cost, not me. So I guess it just paid for itself and then some. I've been with state farm for almost ten years now. No one can touch their rates because I get so many "muti-line" discounts with them. I have my renters ins, car ins on 3 vehicles, life ins one me and my wife, and full coverage on my 4 wheeler and trailer as well. When I added my 4 wheeler, it was only $17 more a month to fully insure a $6000 ATV for wrecks, theft, fire, flood,etc, same as full coverage on a car. Now tell me who can touch that rate???

 

We shopped our insurance around a couple of years ago. Ironically didn't end up switching. One of the places we went was a State Farm Agent. He entered all of our info for the cars & house. Got the number back and said thanks for coming in. We were like huh? He said, thanks for coming in. I can't help you. He wouldn't even tell us the amount because he was so much higher than we were currently paying. We still have the same insurance co. that we had before. I'm so glad we stayed with them. We had a house fire in Sept. '07. They didn't cancel our policy because I had been with them for so long, but we would have a surcharge because of 2 large losses within 2 years (hail storm and the fire). I was like, OK, how much? They said $40 a year. I was cool with that. At least we still had insurance and they treated us great during the ordeal. Also have never had a problem with them on our car coverage. Right now we have our camper, house, Accord, Silverado, Suburban, and our New Holland tractor insured through them.

 

 

 

 

 

As a licensed insurance rep for Progressive, I can tell you that State Farm retains 98% of their customers year over year. The reason is because State Farm will only insure the top 25% of the insurable risks - That is why they usually drop people after two large claims. As a licensed rep, I say keep it unless you have the finances to replace it on your own...much the same as what everyone else says 'cept they are not licensed