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Car Insurance - Full Coverage?

Discussion in 'Fred's House of Pancakes' started by Mark57, Mar 30, 2011.

?

Based on the date your vehicle is paid for, how long do you continue to carry Full Coverage Ins.

  1. Never, I always pay cash & carry liability only

    0 vote(s)
    0.0%

  2. 1 or 2 years

    0 vote(s)
    0.0%

  3. 3 or 4 years

    1 vote(s)
    4.2%

  4. 5 or 6 years

    0 vote(s)
    0.0%

  5. 7 or 8 years

    2 vote(s)
    8.3%

  6. Until the vehicle's value isn't worth the Ins FC cost anymore

    11 vote(s)
    45.8%

  7. Until I sell the vehicle

    10 vote(s)
    41.7%
  1. Mark57

    Mark57 2021 Tesla Model 3 LR AWD

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    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.
     
    #1 Mark57, Mar 30, 2011
  2. ETC(SS)

    ETC(SS) The OTHER One Percenter.....

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    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. :)
     
    #2 ETC(SS), Mar 30, 2011
  3. Mark57

    Mark57 2021 Tesla Model 3 LR AWD

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    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.
     
    #3 Mark57, Mar 30, 2011
  4. twittel

    twittel Senior Member

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    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.
     
    #4 twittel, Mar 30, 2011
  5. jdcollins5

    jdcollins5 Senior Member

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    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.
     
    #5 jdcollins5, Mar 30, 2011
  6. Sporin

    Sporin Prius Noob

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    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.
     
    #6 Sporin, Mar 30, 2011
  7. tumbleweed

    tumbleweed Senior Member

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    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.
     
    #7 tumbleweed, Mar 30, 2011
  8. Mark57

    Mark57 2021 Tesla Model 3 LR AWD

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    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.
     
    #8 Mark57, Mar 30, 2011
    1 person likes this.
  9. Mark57

    Mark57 2021 Tesla Model 3 LR AWD

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    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.


    1. Michigan, $2,541
    2. Louisiana, $2,453
    3. Oklahoma, $2,197
    4. Montana, $2,190
    5. Washington, D.C., $2,146
    6. California, $1,991
    7. Mississippi, $1,896
    8. New Mexico, $1,896
    9. Arkansas, $1,836
    10. Maryland, $1,807
    11. North Dakota, $1,794
    12. Connecticut, $1,786
    13. Rhode Island, $1,747
    14. Wyoming, $1,714
    15. Hawaii, $1,707
    16. South Dakota, $1,707
    17. Georgia, $1,670
    18. New Jersey, $1,663
    19. West Virginia, $1,633
    20. Kentucky, $1,629
    21. New York, $1,627
    22. Minnesota, $1,614
    23. Washington, $1,584
    24. Missouri, $1,563
    25. Indiana, $1,518
    26. Colorado, $1,508
    27. Texas, $1,492
    28. Delaware, $1,489
    29. Florida, $1,476
    30. Nebraska, $1,470
    31. Pennsylvania, $1,468
    32. Kansas, $1,461
    33. Alaska, $1,454
    34. New Hampshire, $1,334
    35. Massachusetts, $1,328
    36. Idaho, $1,325
    37. Alabama, $1,306
    38. Oregon, $1,306
    39. Nevada, $1,300
    40. Illinois, $1,290
    41. Arizona, $1,280
    42. Utah, $1,272
    43. Virginia, $1,237
    44. Iowa, $1,179
    45. North Carolina, $1,154
    46. Ohio, $1,152
    47. Tennessee, $1,146
    48. Wisconsin, $1,128
    49. Maine, $1,126
    50. South Carolina, $1,095
    51. Vermont, $995
     
    #9 Mark57, Mar 30, 2011
  10. bisco

    bisco cookie crumbler

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    wow! i that mass was much worse. looks like y'all have caught up to us!
     
    #10 bisco, Mar 30, 2011
  11. tumbleweed

    tumbleweed Senior Member

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    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.
     
    #11 tumbleweed, Mar 30, 2011
  12. 2011v

    2011v Member

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    Wow and I thought 368.00 for the same coverages out here in Ca., assuming your at 300k/100k, was robbery.
     
    #12 2011v, Mar 30, 2011
  13. Mark57

    Mark57 2021 Tesla Model 3 LR AWD

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    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.
     
    #13 Mark57, Mar 30, 2011
  14. Mark57

    Mark57 2021 Tesla Model 3 LR AWD

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    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.
     
    #14 Mark57, Mar 30, 2011
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