How long do you keep full insurance coverage on your auto

[BigNick]

Someone gave me a rule of thumb: drop the "I damaged my own car and it was my fault" cover - I think that's what we're talking about here - when the difference in premium exceeds 10% of (the book value of the car, minus the deductible). I sort of try to follow that.

[ronocnikral]

Quote:

Originally Posted by MBMiner Are you really willing to risk all your personal assets by carrying the minimum liability coverage? Bruce

are you really risking all your personal assets? i don't know, but it would be really difficult for someone to get your 401k. depending on your state laws, you can throw in your IRA, cars, homes, certain amount of cash, horses etc into the category of "protected personal assets." some states even allow one to transfer assets up until the date of a judgment. my state's homestead laws tend to be pretty liberal towards the person being sued. once one starts to dig into the laws and how insurance works, the more one wants to shed the need of insurance asap. talk to your lawyer though...as i have never even seen a building where a bar exam is administered.

as to the OP, i shed the full coverage this year on my vehicle. i first called, as nords suggested, to ensure all information was correct. they had my vehicle down as a commuter with a 20 mile daily commute. this isn't true, as 1) i only live 6 miles from my place of employment and 2) i ride my bike everyday. then we went through every discount they have and i made sure i qualified. then we took off the full coverage. dropped our total (for 2 vehicles) premium by about 30%. of course, my car is only worth about $4000 on a good day--combined with me filling up with gas once every 2 months, i wanted the bare bones.

[Texas Proud]

Quote:

Originally Posted by BigNick Someone gave me a rule of thumb: drop the "I damaged my own car and it was my fault" cover - I think that's what we're talking about here - when the difference in premium exceeds 10% of (the book value of the car, minus the deductible). I sort of try to follow that.

Not really... I don't think you can get uninsured motorist without this covereage.... so it can be someone else damaged my car and has not insurance and I have to pay for it...


Or, it can be like the time when I was living at home and my mom looked out the window and asked me "Why did you part in front of the driveway?"... which I did not... someone driving down the street ran smack dab into the back of my car and pushed it down the street in front of our driveway... I had to live with the damage as I was not carrying collision / uninsured insurance....

What if a neighbors tree falls down on top of your car... if it was healthy, then it is an act of god and they do not have to pay... it is now 'that tree damaged my car and I have to pay for it'.... or, you are parked in the street and it floods... another act of god...



Then again, I could have been told wrong on what is covered by what insurance and this whole post is meaningless.....

[ronocnikral]

Quote:

Originally Posted by Texas Proud Not really... I don't think you can get uninsured motorist without this covereage.... so it can be someone else damaged my car and has not insurance and I have to pay for it... Or, it can be like the time when I was living at home and my mom looked out the window and asked me "Why did you part in front of the driveway?"... which I did not... someone driving down the street ran smack dab into the back of my car and pushed it down the street in front of our driveway... I had to live with the damage as I was not carrying collision / uninsured insurance.... What if a neighbors tree falls down on top of your car... if it was healthy, then it is an act of god and they do not have to pay... it is now 'that tree damaged my car and I have to pay for it'.... or, you are parked in the street and it floods... another act of god... Then again, I could have been told wrong on what is covered by what insurance and this whole post is meaningless.....

or your garage starts on fire with your "liability only" car parked inside...