I'm curious to see how long people continue to carry full coverage insurance on their vehicles after they're paid for and are no longer required to carry full coverage. Starting from the date your vehicle is paid for, how long do you continue to carry Full Coverage Insurance on your vehicles? If you paid cash for your vehicle the start date is the date of purchase.
I carry full coverage with a $1000 deductable. If the 'real world value' for one of my vehicles drops below around $5k...I'll think about just having liability, but I'm not there yet, and won't be for a while. I still owe a few thou on my 09 Sierra ( ) so I have to carry full coverage for that one... Like I said.....5K is about my comfort level. May not be 'smart' but that's how I roll. Most people I know have $25,000-$35,000 vehicles that they still owe lotsa money for. That's not how I roll.
5K is about my threshold as well. I keep the deductible at $240 until I drop to liability only. With our recent massive hail storm last year and tornados, ice storms, etc., we've recently become a very expensive state to live in insurance cost wise. The Insurance companies keep upping our risk level every year. I paid cash for the Prius but I'll keep the full coverage until it hits the $5K mark.
I always carry full coverage especially since the Prius' rate of depreciation may be slower than more conventional vehicles. What I find curious is owners will spend hundreds or more for mods, but try to save a few bucks on insurance coverage. That's crazy, but it happens.
I usually take a look at the cost of full coverage once the value falls below about 5k. Most of the time by then the cost for FC is so low I will usually just decide to keep it.
I put full coverage on any vehicle I can't just walk away from financially if it gets totalled. To me that means a secondary vehicle worth under 3 or 4 grand or so.
I always pay cash and keep full coverage, 1000 deductible on collision, 100 on comprehensive, and maximum liability coverage. I usually don't keep cars more than 4 or 5 years so they are still worth quite a bit when I sell them. Full coverage on the Prius was $255 per 6 months at the last renewal. On the other hand I have a 1992 Chevy 4X4 truck which is still in pretty good shape. I just checked my policy and full coverage is $130 per 6 months, of that amount $14 is for collision and $17 is comprehensive. So why not keep full coverage? Comprehensive is worth while because I need a new windshield from time to time and the local glass place will absorb part of the deductible.
My full coverage is $638 per six months. No tickets, no accidents, multi-car discounts, credit rating 823, ultra preferred, etc., etc. yes, I've checked them all. There's nothing about me personally that increases the rate. Insurance is expensive living in OKC.
Here's an article about insurance costs by state. Car insurance rates OK is #3. My Prius was damaged in the OK hailstorm last May that they mention towards the bottom of the article. My rates did not go up after the claim. The survey averaged coverages from six providers per state for a 40-year-old driver with a 12-mile commute to work. The quotes were for a yearly policy with $100,000 coverage for a single person, $300,000 for all injured and $50,000 for property damage. Michigan, $2,541 Louisiana, $2,453 Oklahoma, $2,197 Montana, $2,190 Washington, D.C., $2,146 California, $1,991 Mississippi, $1,896 New Mexico, $1,896 Arkansas, $1,836 Maryland, $1,807 North Dakota, $1,794 Connecticut, $1,786 Rhode Island, $1,747 Wyoming, $1,714 Hawaii, $1,707 South Dakota, $1,707 Georgia, $1,670 New Jersey, $1,663 West Virginia, $1,633 Kentucky, $1,629 New York, $1,627 Minnesota, $1,614 Washington, $1,584 Missouri, $1,563 Indiana, $1,518 Colorado, $1,508 Texas, $1,492 Delaware, $1,489 Florida, $1,476 Nebraska, $1,470 Pennsylvania, $1,468 Kansas, $1,461 Alaska, $1,454 New Hampshire, $1,334 Massachusetts, $1,328 Idaho, $1,325 Alabama, $1,306 Oregon, $1,306 Nevada, $1,300 Illinois, $1,290 Arizona, $1,280 Utah, $1,272 Virginia, $1,237 Iowa, $1,179 North Carolina, $1,154 Ohio, $1,152 Tennessee, $1,146 Wisconsin, $1,128 Maine, $1,126 South Carolina, $1,095 Vermont, $995
The price by state doesn't tell the whole story either. A lot depends on what part of the state you live in. I'm pretty sure my insurance would more than double it I lived in Portland instead of out in the sticks. The author says the study averaged 10 zip codes per state but doesn't say how they selected them. I haven't always had good rates, when I was in my early 20s, single, in the military, and had a few speeding tickets they were unbelievable. Probably for good reason.
Wow and I thought 368.00 for the same coverages out here in Ca., assuming your at 300k/100k, was robbery.
Exactly. OKC and Tulsa are the highest and I'm in OKC. I also had my share of tickets when I was younger. Back then they could only go back 3 years for tickets to determine rates. Today, it's less about tickets and more about credit score which is bizarre to me. So with the high rates, it begins to make sense to start doing the cost/benefit analysis on premiums paid very value of the vehicle and how long you will keep it. That's what made me wonder and create this poll to see what others are doing.
Our coverage is $30,000/$60,000 Bodily injury, $50,000 Property, $5,000 Medical/No-Fault, $240 deductible comp & collision, and $30,000/$60,000 uninsured motorist. Since I pay in full it's a "bargain" $638.00 for 6 months or $707.50 in two installments ever 6 months. Changing the deductibles does not make that much difference.
