auto ins. question
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- genfour
my car is worth 7-8k
thinking about switching to liability insurance only instead of my full comprehensive plan. I'd save $500 every six months.
worth it? or stupid idea?
- dbloc0
can you afford to fix it if anything happens to it?, then yes. If not, then no.
- d_rek0
how accident prone are you?
Also, if this vehicle is still being financed it's not likely they'll let you switch to liability/plpd insurance. Most financing requires full-coverage.
that being said, If i owned a used vehicle I would definitely not pay more than I had to. I'm not very accident-prone (knock on wood). Just make sure when you get in an accident you total it out. Otherwise you're stuck with forking out cash for cosmetic and/or mechanical repairs. Also, you're not longer going to have the benefit of paying a deductible for those repairs - it's all gonna come out of your pocket. Again, if you're gonna get in an accident make sure you total it out.
- genfour0
it'll be paid off in a month. then I renew my policy in two months. so that's why I'm thinking of going liability.
never been in an accident, never been pulled over, no tickets, etc in my 9 years of driving. there are some small dents here and there but no real damage to it.
I guess I should be worried about theft?
- VikingKingEleven0
Not a good idea. Especially if you or someone gets hurt.
Sell the car for $7000
Buy a car for $3000
Profit $4000
- if someone get's hurt liability covers it right? and if I get hurt their ins. covers me? (in a perfect world)genfour
- What if they aren't insured?VikingKingEleven
- Thats the crappy thing. DRek is right, its like a necessary evilVikingKingEleven
- Liability insurance only gives you the opportunity to 'drive' the carVikingKingEleven
- you will have no medical coverage or anythingVikingKingEleven
- uninsured motorist coverage maybe?genfour
- possibleVikingKingEleven
- d_rek0
meh, Auto insurance is mostly a fucking scam like all other insurance out there.
Do what's right for you, not for your vehicle and certainly not for the insurance company.
- bjladams0
we purchased a car back in 05, and it was totaled within a few months. the payout was almost double what we paid for it. all their assessment. we were deciding that very morning if we should switch to liability... never considered it again. were able to put the extra into a second vehicle and a downpayment of a house.
never had another accident since then though.
