Is it worth it? (auto insurance Q)

[daves87rs]

Hmm....debating on what I want to do here.

I have an 03 Cavalier with a month or two before it is paid off.

I'm up in the air about what I want to do here...Whether I should keep it fully covered, or drop it to basic coverage....

On one hand, it is only about 4.5 years old, and in good shape.

On the other hand, Cavaliers in general are not worth much (they were giving them away those last few years there..)

I can take the money saved for a new car, or if by chance it does get totalled, we could just buy a new one....

What would you do?

Normally I wouldn't think about this (car isn't that old yet), but when I see Cavs in good shape going for 5995, that kinda says something....

[Dsuupr]

My wife and I have always kept full coverage on our cars and it's paid off more than once. You could be throwing away $6000 if something happens.

[Satty]

What is the book value of the car? How much is full coverage every month and how much would minimal coverage be? Is it worth paying $900/year for something that might happen to a car that may be worth $3,000?

[NINETY EIGHT REGENCY]

Keep the full coverage.. That is how I got my second Oldsmobile Ninety Eight that I own now. The first one got totaled. My coworker at the time told me to get rid of my full coverage. I ignored her. A few weeks later, I experienced the C and G curse. They gave me full value, I got to drive a 2004 Pontiac Grand Prix for 12 days, and I got my Ninety Eight I have now in the process. The same thing happened with the Toronado I just sold. The first one got totaled, and I was given enough to get the second one. So, you never know who you are dealing with when driving, but it is better to be safe that sorry.

[daves87rs]

What is the book value of the car? How much is full coverage every month and how much would minimal coverage be? Is it worth paying $900/year for something that might happen to a car that may be worth $3,000?

I haven't got the chance to look it up yet...I wonder which of the values I would choose?

I know almost all the companies are different, so the vlaue could vary....

[K.C.]

Its definitely worthwhile to keep the full coverage in case something untowars happens.

[daves87rs]

Keep the full coverage.. That is how I got my second Oldsmobile Ninety Eight that I own now. The first one got totaled. My coworker at the time told me to get rid of my full coverage. I ignored her. A few weeks later, I experienced the C and G curse. They gave me full value, I got to drive a 2004 Pontiac Grand Prix for 12 days, and I got my Ninety Eight I have now in the process. The same thing happened with the Toronado I just sold. The first one got totaled, and I was given enough to get the second one. So, you never know who you are dealing with when driving, but it is better to be safe that sorry.

After seeing what you went through-it makes sense.....

And I hear you on the nevering knowing who you are dealing with, our burbs are pretty crazy around here...

I feel lucky I have a short drive to work...

[Intrepidation]

I can't afford full coverage otherwise I'd have it on both cars, ad plan to someday. That being said I was extremely lucky that the moron who hit me was faulted.

[Satty]

State Farm gave me retail value for my Solara, which is the highest of the 3 you get check you check KBB, etc. Another thing to take into consideration, do you live in a no-fault state? Mo is a fault state, so if someone hits me, they pay. I'll keep Comprehensive and Collision on anything I have a loan on but not something I own outright , it just seems like an unnecessary expense. Living in a no-fault state would change that for me. My friend Scott who used to drive his wife's '87 Corolla asked his agent about full coverage, he said it was pointless. Basically, he would pay $550ish/6 months for a car valued at $900. So if he did have an accident, even something minor, his car would likely be totaled and he would be cut a check for $900-his deductible, but filing a claim would likely raise his insurance rates in the future.

[daves87rs]

State Farm gave me retail value for my Solara, which is the highest of the 3 you get check you check KBB, etc. Another thing to take into consideration, do you live in a no-fault state? Mo is a fault state, so if someone hits me, they pay. I'll keep Comprehensive and Collision on anything I have a loan on but not something I own outright , it just seems like an unnecessary expense. Living in a no-fault state would change that for me. My friend Scott who used to drive his wife's '87 Corolla asked his agent about full coverage, he said it was pointless. Basically, he would pay $550ish/6 months for a car valued at $900. So if he did have an accident, even something minor, his car would likely be totaled and he would be cut a check for $900-his deductible, but filing a claim would likely raise his insurance rates in the future.

Sadly, MI is a no-fault state....

After looking up values of the car on KBB, I can still get between 5000-6100 on the car..so it sounds like it will be worth it...

So It looks like I will keep full coverage on it.....

[Flybrian]

Florida had the opportunity to switch to no-fault, but the pale-faced creep of a governor veoted it.

[K.C.]

Another thing to think about is the bodily injury portion of your car insurance. That can be very important if you hit someone and injure them, or if you are hit by a moronic driver without insurance. Just food for thought.

[knightfan26917]

What would you do?

Keep the full coverage.

My MCs have full coverage on them.

But, if I get a "winter beater" ... that will most-likely NOT have full coverage....

Cort:34swm."Mr Monte Carlo.Mr Road Trip".pig valve.pacemaker

WRMNshowcase.lego.HO.model.MCs.RT.CHD = http://www.chevyasylum.com/cort

"Got a lead foot down on my accelerator" ... Jodee Messina ... 'Bye Bye Bye'

[Ravenfreak13]

We have full on the sebring and the minimum on the other 2 cars. The glass isnt even insured on the 2 older cars. It's not worth it after 8 or 9 years. Fortunatelly the 6 accidents the breeze has been in were placed 100% fault on the other person.

[daves87rs]

Another thing to think about is the bodily injury portion of your car insurance. That can be very important if you hit someone and injure them, or if you are hit by a moronic driver without insurance. Just food for thought.

I hope I don't hit anyone...though people drive around here like they just don't care anymore...

All I can say is that I'm glad the wagon (as old as it is) has ABS....

It's starting to look like a much better idea every day...

[daves87rs]

Another thing to think about is the bodily injury portion of your car insurance. That can be very important if you hit someone and injure them, or if you are hit by a moronic driver without insurance. Just food for thought.

I hope I don't hit anyone...though people drive around here like they just don't care anymore...

All I can say is that I'm glad the wagon (as old as it is) has ABS....

It's starting to look like a much better idea every day...