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Full coverage on 8 year old car?

3K views 47 replies 24 participants last post by  sodapop 
#1 ·
I'm buying an 04 Chevy Impala 75k,no dents,no rust,1 owner.Is it worth putting full coverage on?
 
#7 ·
Can you afford to repair any damages that may happen from an accident to make it drive-able again? Can you afford to write it off as a complete loss if it no longer makes sense to repair it?

If your answer is yes to either one of those questions I wouldn't insure it for full coverage and be your own insurance company.
 
#8 ·
comp it out by looking for what they currently are listed at on various sites - compare those asking prices to kbb, edmunds and the like. factor say 15% off for "sales value vs. asking value"

now, take a look at that value. if the annual premiums would replace that value of "x" in "y" number of years (2 or less?) then probably not.

I would keep comp. on it for theft, the aforementioned Deer hits and/or windshield replacement.

Age of the car has very little to do with whether or not to keep full coverage on it compared to value of the car.

my 2002 BMW that was hit head on in July of 2011 fetched just under $16k when Citizens totaled it.
 
#9 ·
I have had my last 3 vehicles paid for by ins. My truck got hit by a hailstorm in 2010. 3 weeks after I bought it for 9500 dollars I got a 9300 dollar check. Half the money I paid for the truck with came from a ins check from my Jeep. Its worth it.
 
#14 ·
Exactly. Every time you send that check in you are betting the insurance company that something is going to happen to your vehicle over the course of the next month. More often than not you lose that bet, just like at the casino, and that's why insurance companies and casinos make big money. :sonicjay:

To the OP what is your premium difference and what is blue book on the car?
 
#12 ·
I have an 03 Jetta with 284k on it, and I keep full coverage on it. I can not afford to replace it out of pocket if something happens to it. so I would rather get a check in the mail, so I can go get something to replace it with.
 
#18 ·
Do you have $7500 sitting in the bank to replace it if you wreck it?

If not it will take you 37 months of having full coverage on it to lose out on your investment by covering the vehicle.

This basically assumes you are starting with $0 to replace your car and you pay $100 extra per month to insure it.

So 3 years from now that car will be worth about $3500, and you will have spent $3700 in insurance. If you haven't wrecked it by then and can afford to replace it drop the full coverage.

If you have wrecked it by then, then you were smarter to get the insurance.
 
#27 ·
Yes. I have an 02 Suburban in VERY nice shape that I stole for $5500 dollars but books for MUCH higher. I argued with the wife because she did not understand why I put full coverage on it when I have PLPD on everything else. I explained to her that I have parts to fix the rest of the vehicles but she still didn't get it. 3 weeks after getting it I parked in the back of a Dodge Durango. She now understands.
 
#40 ·
your deductible is part of the equation as well. don't put a $500 deductible on a $1500 car for example. I kept comprehensive on my '95 ZJ with a $250 deduct in-case of a deer/theft/tree falls on it situation or I were light it on fire... It was only a few bucks per month and I didn't have funds avail to replace it. If I wrecked it on my short trip to work, then my tough luck.
 
#47 ·
Yes. Its stupid not to unless you dont care about your money you spent on it at all. Work at a body shop and hear peoples stupid sob stories every day about how they should have had full coverage on their car that they had just bought, and then hit a deer with. Or had some asshole run a stop sign on the way home and hit them. Shit happens no matter how careful you are, theres a shitload of stupid people out there!
 
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