General Question

chyna's avatar

When do you stop paying full coverage insurance for your vehicle?

Asked by chyna (44262points) 1 week ago from iPhone

Do you carry only liability insurance after it’s paid off, after it’s a certain amount of years old? Or do you carry full coverage forever?

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8 Answers

zenvelo's avatar

When the deductible is more than you are willing to spend to fix it if it is in an accident.

I quit paying for collision when my CRV was 10 years old. At the point if I got in an accident I would rather spend the deductible dollars towards a new car than fix it up what would be nothing more than a beater.

Tropical_Willie's avatar

I’m still paying for full coverage on my 207,000 mile vehicle that’s 15 years old. Just had the windshield replace with zero deductible. It is well maintained and rust free.

jca2's avatar

Collision is optional after it’s paid off. Once it’s paid off, you only pay liability.

As long as you owe the bank or any loan, you have to pay full collision.

KNOWITALL's avatar

Most people I know drop full coverage after the loan is paid off.

A long time ago my old rich boss told me that with all his vehicles he only had the basic liability and collision because he saved so much in payments, he could easily pay for repairs with that savings.

LuckyGuy's avatar

I only pay for collision coverage for up to 4–5 years. After that I have enough cash to handle whatever happens. Of course I keep the required liability and whatever else. But the optional collision coverage I drop. The insurance company makes money by figuring they will pay out about half of what they take in for the whole population of drivers and vehicles.
Since I drive fewer miles than the average person, plus I am a better driver than average, (By the way 75% of drivers think they are better than average.:-) ) I figure I should keep the money rather than letting the insurance company keep it.

zenvelo's avatar

I should have stated my method better: when the deductible + premium > willingness to fix.

Sagacious's avatar

In Florida what is “most expensive” has turned around. Now the liability costs more than comprehensive and collision so there is not much difference in full coverage and liability only. The insurance here is very expensive and ‘no fault.’ You would think that means fault doesn’t matter, but it does.

KNOWITALL's avatar

@Sagacious Wow, just like diabetic meds. Required and overpriced. That’s really messed up.

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