See if it covers uninsured motorists on it. Most basic insurance doesn't. A lady near me got hit my a guy with 4 felonies and from Mexico with no insurance. They didn't want to cover her damage.
Considering Dropping Collision Coverage
- Thread starter Nick1994
- Start date
My $500 collision deductible on my Sonata is probably more than the car is worth. But I'm keeping it.
of course they said they shopped around
I probably wouldn't drop the extra insurances on a nice 2018 car.
If it was a beater - sure.
If it was a beater - sure.
So basically-you wish to self insure in the event of a total loss under some circumstances. What's the vehicle worth?
If you think you will never get in to an accident-or said accident won't be deemed YOUR FAULT-you are kidding yourself.
It is if you drive 20 year old cars.
I've got an 05 camry that is rock solid. I hit a buck 3 yrs ago that messed up the headlight assembly, rt frt fender, bumper cover, and hood. I had liability only. If I had full coverage i wouldn't have got much for it and would have bought it back. I put a new fender, bumper cover, and headlight assembly on it. I straightened the hood so it opens and shuts well. It's still going strong. The parts only cost me about 300 dollars. I guess each situation is different but I go liability only on most of ours.
If you own it/no loan and think that $2K is more than you'd ever see from the additional insurance sure. It's always just a math/probability question. I only drop collision on my oldest vehicles that aren't worth more than ~$5K but they aren't likely as expensive overall to insure as your G80 which is a sportier car which I'm sure plays into their algorithum of what the collision premiums cost. Of course if you goof and wreck your car in the next 2 years that $80/mos./2K total will be nothing in comparison to what you loose having to dump the car for salvage value or fix it on your own dime...always the question right? Currently in my signature I only have collision on 3/6 vehicles that are all worth over $10K, the rest are liability/comp only. My deductables are $1K and I'm about optimized to the level I'm comfortable with trying to get premiums to be reasonable with USAA here in VA. 6 vehicles and 2 drivers that are 22/20 hurts the wallet..hahah so I've done what I can. I could drop it on all vehicles sure to save a bit but in the end, the Atlas is worth $20K (our most $$ vehicle), I'd hate to lose that even though the chances of my wife crashing is v. low. My Sportwagen and the S3 are teetering on the edge of saying screw with collision as they teeter around a $10K value which in the end isn't a major financial issue for me at this point. The most risky thing I do in the VW is track it and I buy a separate policy for that for every weekend I go b/c clearly USAA isn't covering that one.
Edit. Just ran the numbers on USAA's calculator...if I drop collision on the S3/Sportwagen/Atlas, it will drop my premiums ~$100 a month which isn't insignificant...but again, those 3 vehicles are probably worth $45K combined. $1200/year. Ouch but like life and medical insurance, sometimes you just have to pay it even though the risk is low.
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This was my experience as well. I learned the truth about what "uninsured motorist" means after I got hit by one.
I think it's like this: in some states, UM is required to cover property damage as well. In my state (MO), it isn't. When you buy insurance with a certain amount of UM coverage, in my state that should be assumed to cover medical payments only. I would say to everyone reading this: do not assume that your uninsured motorist coverage will pay for damages to your vehicle.
Maybe there is a way to buy uninsured motorist property damage coverage in my state... if so, it's not clear to me how.
Here is an article on Liberty Mutual's website that identifies UM coverage for bodily injury vs. property damage and the requirements by state as of 2023.
UNINSURED MOTORIST COVERAGE BY STATE
Anyway, I had the same kind of question as the OP - I just got a 2019 Accord Hybrid. This is a pretty nice looking car, but it has a 250k plus miles. I suppose it's worth less than 10k although it's a newer car. I decided to go with just liability.
It would be a real bummer if I wrecked it, or it got stolen or destroyed in a hit-n-run, etc. But I have been blessed with enough funds that it wouldn't really affect our day-to-day lives. And if I can avoid wrecking it for five years, I'm going to be ahead by thousands of dollars.
I believe you should insure against losses you can't afford to cover... On the other hand, I feel like I can relax just a bit more with full coverage. And having full coverage on at least one of our cars means that rentals have full coverage too.
My little Volvo got totaled by my son last year. Liability only, sigh, so I had to eat the loss. But realistically, I paid less than $4000 for it when I bought it 7 (?) years ago. I think I still came out ahead on that one, too. At least insurance paid for the damage to the guardrail ($1700).
It would be a real bummer if I wrecked it, or it got stolen or destroyed in a hit-n-run, etc. But I have been blessed with enough funds that it wouldn't really affect our day-to-day lives. And if I can avoid wrecking it for five years, I'm going to be ahead by thousands of dollars.
I believe you should insure against losses you can't afford to cover... On the other hand, I feel like I can relax just a bit more with full coverage. And having full coverage on at least one of our cars means that rentals have full coverage too.
My little Volvo got totaled by my son last year. Liability only, sigh, so I had to eat the loss. But realistically, I paid less than $4000 for it when I bought it 7 (?) years ago. I think I still came out ahead on that one, too. At least insurance paid for the damage to the guardrail ($1700).
I still pay full coverage on my two 98 chevy trucks and the 2014 Mustang GT. The two 92 Cavaliers only have liability insurance. I paid close to $2,000 for the year for these five vehicles. I have Hagerty insurance on the 1970 Monte Carlo for $315 a year.
