Would you carry full coverage insurance on a 20 year old Suburban with 185K miles? With the looming hail I?m trying to decide if it?s worth the extra $40 a month
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Would you carry full coverage insurance on a 20 year old Suburban with 185K miles? With the looming hail I?m trying to decide if it?s worth the extra $40 a month
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I carry full coverage on everything. In your vehicle, a decent hailstorm will likely total it. I mostly keep the full coverage in the event that my vehicle is stolen or if I?m involved in some sort of accident with an uninsured driver.
Full coverage on everything. The extra $40 a month is well worth the extra coverage in case of any damage, whether it's your fault or not. I learned that a long time ago.
Here's a scenario that happened to be a few years ago:
2003 Tahoe with 165K purchased for $2700
Hail storm damage 'totaled' it, insurance valued it at $7900
Salvage value was $1400
I kept the Tahoe and insurance paid me $6500 (difference between value and salvage) and it retained a clean title. Colorado will not issue a salvage title due to hail. After that, full coverage is still applicable, but not on prior damage unless you show a receipt it has been fixed.
Sold the Tahoe later for $5000
Netted me $8,800
We had full coverage on my son's '99 Cherokee that I paid $1200 for. It got totalled, and we received a payout of $8000. With that I bought a 2002 4runner with 120k miles, no dents or rust. We could sell that for 9-10k easily.
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Originally Posted by ray1970
This
My insurance (State Farm) requires a separate coverage for uninsured motorists as dumb as that is, even with full coverage.Quote:
Originally Posted by ray1970
We're over insured. With Illegals being handed DL's who rarely maintain ins on their vehicles. Freeloaders who cash in on slip & falls. Uninsured drunk or DWI drivers. It's a small price per year extra, to keep some weasel with an even worse lawyer from living in the house you're still paying for.
Good friends (as opposed to bad ones) were low budget, on things, including ins. They never understood why we paid so much for full coverage, when minimum coverage (liability, no UI drivers etc) was all they ever needed..
TILL............................... he hit a drunk pedestrian OOPS! Even with witness etc who said the guy walked out from between parked cars. They were sweating losing everything, since the drunk's atty (Did i mention weasels?) slapped them with a very high 5 figure lawsuit. Loss of this , that, things he never did, including inability to work.
Luckily for them, a PI snapped pics of the severely injured plaintiff, playing hockey.. Ask them about having full coverage, different song they sing, now.
Just had a local (Colorado) member on another (truck) forum deal with a stolen/recovered vehicle (his adult son's truck).
Stolen vehicles are tested for drug residue. It came up positive for Meth or Fentanyl (can't remember which - don't think it matters for either of those two) so the Ins company totaled it. Older Dodge Ram 12V Cummins so worth more than book. IIRC they got 16K (I think it was a 96 2500?) No buyback allowed - straight to the crusher. In this case, it was somehow returned to the owner prior to being totaled so the owner was able to strip off a lot of the aftermarket parts though they had to be replaced with equivalent junk parts. Vehicle didn't have to run, but it had to be whole and not just a shell/stripped. He did apparently make it a 2WD model to get his built trans and t-case. LOL. Unfortunately, he wasn't able to pull that sweet Cummins 12V and weld in a Ford or Chevy motor.
I wouldn't think of not carrying full coverage on my 03 Tundra with 242K miles. The one vehicle I only carry liability on is my 85 Toy plow truck that rarely leaves the driveway.
How much do you trust others?
Our newest vehicle is a 2013 and we carry full coverage on everything except for the old farm truck which rarely travels more than 15 miles from home.
Full coverage with $500 collision and $0 comp. If hail hits, it’s a comp claim and does not affect your rates. I also over insure, do at least 100/300/100 in CO. I have a 21 year old beater/commuter that I have full insurance on. I even drove it to a neighboring business that has a garage 5 minutes before the hail started. I know it sucks to pay a lot for insurance but when you really do need it, it will payoff.
I have a 99 4Runner with a lift for the trails. Comprehensive was going to be 100 a month and I declined. 2 mo after we declined someone cut out our catalytic converter??.
Still think it was the right call to just go with liability but that one stung.
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Comprehensive is good to have if you need an expensive windshield like a Rover (some models have heated windshields that are crazy expensive) or if you have one that is nearly vertical and is prone to frequent replacement like a Jeep or in my case, an FJ Cruiser.
An extra $480 a years seems excessive. Time to shop your insurance.
You need to find an independent agent. They can shop a dozen companies at once. State Farm, Farmers, Allstate are all captive- meaning they can only sell their company's product.
My brother in law has been an independent agent since 2008 after jumping from Farmers. He now has a large agency and would be happy to shop for anyone. No cost or obligation. He's not the guy that will call or spam you. If he can help, great. If not, we can try again in the future.
PM me if anyone wants his contact info.
Given the crazy costs of used vehicles these days, I'd say yes. We carry full coverage on all 5 of our vehicles (1 car, 1 truck, 2 motorcycles and one travel trailer.) All are paid for.