Anyone adding collision coverage to their daily driver beater?

GON

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Anyone adding collision insurance coverage to their daily driver beater?

I recently added collision to my daily driver beater, a 2005 MB S500 salvaged titled with 217k miles. The cost for a replacement beater could easily be 3k-7k, in today's market. I drove it the past four years with liability only.

Not sure if it is a good move, but if my beat up and tired S500 gets taken on as a result of my own doing, I will have the ability to replace it at today's very high used car prices, without breaking the savings account.
 
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Hmm, no, but I haven’t removed it either. Maybe ill put it off for another year.
 
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Since I ride a motorcycle (9,000+ miles this year) and a bicycle, I always lean towards being over-insured.

There are so many people out there who don't have enough skill to possess a driver's license... but somehow they do. And the majority of them drive Toyotas.
 
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Anyone adding collision insurance coverage to their daily driver beater?

I recently added collision to my daily driver beater, a 2005 MB S500 salvaged titled with 217k miles. The cost for a replacement beater could easily be 3k-7k, in today's market. I drove it the past four years with liability only.

Not sure if it is a good move, but if my beat up and tired S500 gets taken on as a result of my own doing, I will have the ability to replace it at today's very high used car prices, without breaking the savings account.
I once read, not sure if it is good for today. Waive collision coverage if the annual amount for collision coverage is greater than 10% of the book value of the vehicle. To an insurance company, book value on an automobile is what they go by.
 
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Since I ride a motorcycle (9,000+ miles this year) and a bicycle, I always lean towards being over-insured.

There are so many people out there who don't have enough skill to possess a driver's license... but somehow they do. And the majority of them drive Toyotas.
I agree, but around here they drive a BMW. ;)
 
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I took it off our beater a few months ago (2010 Mazda3). It only gets driven 1,500 miles or so a year anymore, used to drive the dog to/from the park, small errands, etc... We could make due without it, if need be. I'd like to trade it in for some used CUV/SUV like vehicle at some point when prices (if ever) settle back down... High mileage Rav4, Scion xB, Kia Soul, etc... Something that will allow me to haul larger items when needed (other vehicles we have include a Camry and Camaro, so those are quite tight on space!)
 
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No - but I do have comprehensive coverage with full glass on my '97 Suburban. I think it was only $50 or so per year over straight liability. We live in a rural area and one of the most common causes of vehicle damage is hitting some sort of animal in the road.
 
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Collision was such a small amount that it didnt make sense to not carry the coverage. For some crazy reason a car with a 5 star crash rating and more airbags than lugnuts is crazy expensive to insure due to the medical portion. Way more than my brand new Silverado. It makes no sense, but thats the insurance business.
 
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It really depends on your policy and rates, but I know right now it's a nightmare for the auto-insurance industry. I have a friend who still works in the claims dept at the company I worked for, and he said they have a ton of lawsuits because many companies are paying out what they consider the value of a totaled vehicle, but it's not enough to replace the vehicle with today's inflated market prices.
 

Nick1994

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I’ve thought about it with my Jeep, I might put Hagerty on it.

I would never consider it for the Camry, but at least here in AZ you can’t put full coverage on a car with a salvage title. Did you tell them it’s salvage?
 

GON

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I’ve thought about it with my Jeep, I might put Hagerty on it.

I would never consider it for the Camry, but at least here in AZ you can’t put full coverage on a car with a salvage title. Did you tell them it’s salvage?
I have USAA. Everything is done on-line. I don't tell them its salvage, but I am fully confidant their systems know and identifies this when I placed the car on the policy, and late added collision.
 

Nick1994

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I have USAA. Everything is done on-line. I don't tell them its salvage, but I am fully confidant their systems know and identifies this when I placed the car on the policy, and late added collision.
I wouldn’t assume anything. My brother has State Farm and has had a salvage title on his Jeep since 2015. When it’s down for repairs or he just isn’t using it much, he uninsures it. This last month he asked them to reinstate it, but they added the same coverages to it as his truck which included full coverage. He had to ask them to remove it since it has a salvage title.
 
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Gon, After my motorcycle got totaled, I received a vehicle value report from a company called CCC One. It listed everything you would want to know about my bike. Whether it was used as a rental vehicle, used in Police work, been in any accidents ect. So I'm pretty confident they would know if it had a salvage title. From what I've been told, you can get liability ins on a salvage vehicle, but they won't give you collision coverage. If you keep your older car for say 10 years, the added amount you'd pay in premiums for collusion, would be enough to buy a 3-4k car.,,,
 
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