insurance????

[2late4u]

So I was asked by my ins agent did I want to drop full coverage in an attempt to lower my premiums, I immediately said no right away but it did get me thinking at what point it might make sense.... so I have a silver 2014 crossroad 3.6 great shape no damaged body parts 176 k on the clock and I do have the lifetime warranty as well of course that wouldn't transfer to anyone else...was wondering how ins companies would treat me with a payout or replacement in case of it being totaled do they go by replacement value or kbb value? guess I'll start checking into this but it seems like replacing it would still be worth quite a bit....

[2late4u]

just looked it up kbb and they are saying private sale 4k-8400k

[5rebel9]

Keeping full coverage really depends on your driving area risks in your area.

flooding

URBAN and risk of other drivers causing any accident to you.

IF you cause your own "OOPS" damage .

Etcetera

 

I carried COMP/glass on my Buick due to weather, animal, glass damage from a myriad of causes. But I left off the collision due to the rarity of being in heavy traffic that I would cause an accident(which collision is for).

All my DJ's have just needed liability with raised limits to pay out other "victims"if I was the cause of an accident. My DJ's are '11- '13's and more miles with the traditional NY rust and small dents and scratches.

I don't have a "ton" of money into any of them like having bought new and maintained, so no great loss.  Mine usually have the body/undersides go out and need for "junking" rather than accidents. AND I have ready access to good used body parts (if needed) thru my friend. I guess you could say I'm a bit different in my "circumstances" than most members here.

 

YES just what coverages and ins. company is a real "crap shoot" in today's world !!!!

GOOD LUCK !

[2late4u]

Guess I need to check and see what book they use or what level ..probally NOT private resell price more like trade in value or something like that, we live in a small town and the wife is going down hill  with her health she doesn't even want to go on any more gambling trips to Biloxi so I guess that tells me a lot on her health as she was always ready to go at a moments notice,,,going to the Drs or getting her hair done is about the most exciting thing these days

[jkeaton]

I carry liability and comp only unless it's financed and the bank requires full coverage. No collision. I like to roll the dice. Significantly cheaper.

Edited November 10, 2025 by jkeaton

[Locosiete]

I have worked in the insurance industry for over a decade and give the same advice to everyone. Picking your deductible should never be based on price. 2 things to consider when trying to determine what is the right deductible is.

1) what can I afford to pay out of pocket. If your headlight or tail light broke today what can you afford without putting yourself at a financial risk or burden? That number is different for everyone. No everyone has $500 laying around and for some $5000 is a drop in a bucket. 

2) at what point are you filing a claim?

If you backed into something and broke a tail light and it cost $800 would you file a claim knowing it could cause your rates to increase? Small claims and hurt your rates just as much and large claims. You have to think long term, will this cost me more in the long run if I put in a claim?

 

As far as carrying comprehensive and collision?

I always recommend comprehensive, typically it's not very expensive even with a lower deductible, it's also what your broken windshield will fall under from getting hit by a rock on the freeway or a deer jumping out. 

There's no way to plan for mother nature. 

 

Collision is subjective to personal preference once a vehicle is a little older and depreciated in value. 

KBB is a good way of getting a estimated value. NEVER use the top value, unless your car is 100% factory condition, you'll never get that value. Use the medium to lower value as an estimate. 

Here is a common formula used to help some people. Based on that value of the vehicle, minus your deductible and minus the cost for collision for a year is that amount worth claiming? 

Sometimes it's better to save that money in your bank. It's a gamble but could pay off in the long run.

 

Lastly while I am on my soap box... please don't ever say you have full coverage. There is actually no such thing as full coverage insurance. It's a expression used to imply you have comprehensive and collision coverage. Saying you have full coverage implies your covered in full for everything. Go hit a new Ferrari and see if your insurance will pay for everything... if you picked the cheap "full coverage" option you're going to learn an expensive lesson on how your not fully covered. 

It's no different then saying I'm selling a set of new car tires. There are many different sizes out there but all I am saying is a new set of tires is for sale. If you don't know what you just bought, your gonna learn after it's too late if they fit your needs.

Edited March 17 by Locosiete
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