When do you drop collision and comprehensive on your cars trucks? At what blue book value/ miles/ age do you drop these coverages? Revewing my insurance policys I see that I am pouring money down the drain. Wife's Aerostar is a '92 with 85,000 miles. NADA site says worth 3900$. Why am I paying $148 per year collision and $64 per year comprehensive on this thing. I am dropping both coverages tomorrow. Likewise my '95 F150 (NADA $7250) at $216 and $94 per year. I have a '90 motorhome worth $13,500 that I am considering dropping the collision ($310 per year), but probably will keep the comprehensive ($180 per year). In 20 years I have never made an insurance claim for collision damage and if I do get mashed, I usually fix it up as best I can myself. For instance, I backed the Aerostar into a post and dented the rear quarter(wife was not happy ). With $500 deductable and $1500 repair quote, I decided it was not worth it to fix it. Besides, doesn't the insurance company just put a surcharge on your premium to get their money back over time anyway?

 

Just call the insurance place. They can tell you when you when you only need liability. I think its 5 or 7 years but don't quote me. Hope this helps. I pay 240 a month for my EB F150 4X4 V8 and a 2002 Explorer Sport-trac, pretty cheap, just had to do a little shopping. I have up to 8 million in accident coverage. The way it works here in Germany is slightly different, so I don't know how to compare it to the full/half tort, and all the other things with US insurance companies.

CJ

 

You should only have to carry the comp and collision coverage for the life of the lein. Once the vehicle is paid off, you aren't REQUIRED to carry the extras. It then becomes your choice as to how much coverage you feel you need.
Check with your house insurance carrier (or renters). They will usually insure the vehicles on the same policy at a discounted rate. The more vehicles, the merrier.

Krosati
[link:www.ford-trucks.com/user_gallery/displayalbum.php?&albumid=28|My User Gallery]
Visit my homepage at ClubFTE
[link:www.clubfte.com/users/krosati/index.html|My Homepage]
My friends say I'm too old to play with toys.
I need new friends

 

You can cancel all but the "needed" insurance
when the loan is paid off, just as long as
*you* are responsible for any damage to your
vehicles...

Steve & the Rockette

 

If you don't have the money in the bank to fix the damage, you're probably better off to keep the coverage. I know some people will say "Well, I'll just take the money I was paying on insurance and put it in the bank." 99% of the time the money gets spent on other things. My 2 cents worth.

 

All my vehicles are paid off, so in that respect I can cancell any time. I guess, based on my last 20 year record, there is little need for me to carry collision insurance. Of course, it always is a gamble. There is Murphy's Law that says something like, the day after you cancel the coverage some Bozo will total your car.

 

NADA site says worth 3900$. Why am I
>paying $148 per year collision and $64 per year
>comprehensive on this thing. I am dropping both coverages
>tomorrow. Likewise my '95 F150 (NADA $7250) at $216 and $94
>per year. I have a '90 motorhome worth $13,500 that I am
>considering dropping the collision ($310 per year), but
>probably will keep the comprehensive ($180 per year).

Tall Paul
The Aerostaer is worth $3900 but you are paying $212 a year for coverage on the car. After 18+ years you will lose money. For the truck it will be 23+ years before you lose money and for the motorhome it will be 27+ years. At some time it is not worth it but if you drop the coverage on the truck and an UNINSURED motorist hits you tomorrow do you have $7250 to buy a replacement truck? The reason most people don't have insurance is because they cannot (or won't) afford it. Ususally you will lose money trying to get the value of your truck back from them (attorney's, small claims etc.) and it is a major waste of your time.

For instance, I backed the Aerostar into a post
>and dented the rear quarter(wife was not happy ). With
>$500 deductable and $1500 repair quote, I decided it was not
>worth it to fix it.

As I read this you came out $1000 ahead and still driving the Aerostar. $1000 is almost 5 years of premium. Not a bad deal, pay $212 get $1000 back, where can I sign up for the investment?

Besides, doesn't the insurance company
>just put a surcharge on your premium to get their money back
>over time anyway?

You may lose an accident free discount or other discounts you may have had which seems like a surcharge.

I don't know where you live or what the laws are in your state regarding insurance, rates, uninsured motorist etc. It may be different but the economics of the decision are your pocketbook for the premium vs your pocketbook vs replacement.

I did have a Subaru that was totaled due to hail, collision/comp coverage dropped after payment to me for the damage, I was hit by an uninsured motorist who eventually paid me (three trips to court on my time, contacting the DA a few times on my time and telling the other driver if he is not going to pay then maybe a year in jail would help him change his mind) after about 6 months and then I sold it. Actually that car just made money, maybe I should find it and buy it back.


If you can afford the loss of a paid for vehicle (I don't have that kind of money and my cars are not new) then by all means drop the coverage. Just beware of Murphy driving next to you. Penny wise pound foolish?

 

>...but if you drop the coverage on the
>truck and an UNINSURED motorist hits you tomorrow do you
>have $7250 to buy a replacement truck? ... Ususally you
>will lose money trying to get the value of your truck back
>from them (attorney's, small claims etc.) and it is a major
>waste of your time.

Michigan is under the "No Fault" law. I don't know what I can do in the case above. I just figured if I total it, oh well. The likelihood appears pretty low. I would get 3,400 for the Aerostar after my deductible. Dropping this one looks like a good gamble. The truck, perhaps I should wait a few more years. And I guess I better leave the motorhome alone for now.

>As I read this you came out $1000 ahead and still driving
>the Aerostar. $1000 is almost 5 years of premium. Not a
>bad deal, pay $212 get $1000 back, where can I sign up for
>the investment?

Actually I didn't come out ahead as I did not collect. Maybe I am naive, but I thought you actually had to have the repairs done to collect from the insurance company, except of course in the case of a totaled vehicle. Are you saying I could have collected the $1000 and just spent it on any thing? Guess I blew it there. And all this time I thought I had saved having to spend $500 deductable to fix it.

>Besides, doesn't the insurance company
>>just put a surcharge on your premium to get their money back
>>over time anyway?

>You may lose an accident free discount or other discounts
>you may have had which seems like a surcharge.

Well there's some consolation for the loss of the $1000 not collected. It would have blown my accident free discount. Seems I considered that at the time and since the only witnesses were my family and the post, what the insurance company dosen't know won't hurt me, right?

Guess I should drive $500 beaters and then who cares if anyone hits it .

 

Just my opinion- if someone hits you, their insurance should pay for your repairs or replacement vehicle. I drive a 79 F-150. My insurance company says it's only worth $900. I have almost 9K investsed in this truck, so why should I pay $300 every six months for full coverage on a vehicle that, if totalled, would only bring me $900?? They won't let me pay extra for extra coverage on it's value, either!:-(

 

Oh, I forgot, TallPaul, I always carry uninsured and underinsured motorist coverage along with my liability policy.

 

>Just my opinion- if someone hits you, their insurance should
>pay for your repairs or replacement vehicle. I drive a 79
>F-150. My insurance company says it's only worth $900. I
>have almost 9K investsed in this truck, so why should I pay
>$300 every six months for full coverage on a vehicle that,
>if totalled, would only bring me $900?? They won't let me
>pay extra for extra coverage on it's value, either!:-(


Even if you got your truck appraised ?
They should insure you for an appraised value.
If not ,get another insurance company.



Dennis
Please Don't Ask Me Any Tough Questions As:
"I'm Saving Up MY Memory For When I Develop Alzheimer's"







78 F-150 429CJ C6 ,Silver w/Explorer Pkge
641/2 Mustang,Pre-World's Fair Car #8092
64 Fairlane S/C waiting for a 390-4spd.
68-Mustang.Sunlit Gold 80,000 miles

 

I have insurance with Nationwide. They tell me book value on my truck is $900.00.Who could appraise my truck that would make the insurance company cover it for what I want it covered for? Or what insurance company would? Thanks, Laura

 

The only time comprehensive and collision is required is when there is a leinholder (eg;bank loan)on the vehicle. Otherwise its just a matter of the risk you are willing to take. From the sound of the low premium you are paying it doesnt sound to me that you are in a high crime area. AS far as collison,if you have a minor fender bender
you should pay out of pocket anyway because the ins. co. will only raise your rates for the next 3 years to recoup what they pay out.
Your premims are nothing compared to what I pay. I live in New york city and I pay 2400.00 per year for full coverage on my e-350 van
(non-commercial!)

 

 

Thanks for all the input. I haven't changed anything yet, but plan at least to drop coll and comp on the Aerostar, especially in light of what Yankee350 said. Also Bluepony79 makes a good point that I need underinsured drive coverage, as I only have the uninsured along with the required liability and other stuff. [B/]Bluepony79[B/], you should check with one of the insurers that specialize in classic cars. Should be ads in Rod and Custom magazine and the like. I suspect they will give you better coverage. Your run-of-the-mill family sedan insurer is only going to treat your truck like an old beater.