When to cut the Full Coverage???

[jrb23]

Hey everyone first time posting anything on this board but looks to be an awesome board.

I have a 99 4runner with about 93K miles and looking at the vehicle market especially the SUV market and we are seeing rapid declines in vehicle values. I know how much my 4runner is worth to me but I know geico would completely disagree with me :(. So my question to everyone is when and why did you stop full coverage insurance on your rigs. Or why do you keep insuring your rigs.

I guess I think I'm coming to the crossroads where the cost of my $90/month full coverage insurance is starting to outweigh the benefits of full coverage. What do you think I'm curious to hear other people's opinions?

[mastacox]

If you can afford to replace the vehicle (in cash) in the event that it's totalled, you can consider liability only. Otherwise, you'd better stick with full coverage IMO. I prefer full coverage on vehicles that I'd want to get fixed/replaced if something happened to it.

A strong drive for the cost of your insurance is the deductible. If you have a $100 deductible, changing it to $500 or $1000 would make it much cheaper.

[neliconcept]

If you can afford to replace the vehicle (in cash) in the event that it's totalled, you can consider liability only. Otherwise, you'd better stick with full coverage IMO. I prefer full coverage on vehicles that I'd want to get fixed/replaced if something happened to it.

A strong drive for the cost of your insurance is the deductible. If you have a $100 deductible, changing it to $500 or $1000 would make it much cheaper.


fortunately im paying only 80 a month on my truck and i have a 200 deductable, i dont know how since im 23 but it really saves me.

id say stick with full coverage, and also shop around with different insurance companies, compare them and see what they offer and price wise

[4runnerchevy]

Just make sure your insurance is still covering you. If you got mods and lift they might not cover them, unless you claim you have them, or pay extra for added worth. Even worse, make sure that there are not exclusions in fine print. Some people have gotten screwed for having over 2" lift. If you do liability, and live in California, make sure you carry uninsured motorist. 48% of drivers in California do not have insurance at all (and most have no license), though this number is decreasing with the newer laws.

[fustercluck]

I stopped full coverage when I had saved enough in my emergency fund to replace either or both vehicles. I also have a third runner that serves to bridge gaps in service of the other two. Since I can do most any body repair a wreck might cause, I am confident that I will minimize my exposure to loss. Were my vehilces to be totalled, I'd still be able to part out enough to cover the remaining value. I plan to sell my Tundra next year anyway and but a newer model; cash of course.

I suppose until the new Tundra drops below 10,000 in value, I'll carry full coverage.

[arjan]

8-10K seems to be the range for me. If I total it, at least it is a manageable number to deal with.

[jrb23]

I don't have quite $10k cash in hand but I do have enough to get a decent car if my runner was to get wrecked. The way I was looking at it was how much it's costing over the course of a year time to insure the runner($1080) :headscratch:.

[Flomaster]

if your drive this on the road as a DD then you want full coverage.

if you only paid 500 for a beater car/truck then liability is a better option.

if its just a Toy and gets trailered around then liability is better.

on my ranger I held full coverage plus and additional 10K in the event my truck was stolen I wouldn't be SOL for blue book value.

-=Jason=-