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Old May 2nd, 2012, 09:46 AM   #1
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Default Full coverage on 8 year old car?

I'm buying an 04 Chevy Impala 75k,no dents,no rust,1 owner.Is it worth putting full coverage on?
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Old May 2nd, 2012, 09:47 AM   #2
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Old May 2nd, 2012, 09:48 AM   #3
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Yes
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Old May 2nd, 2012, 09:49 AM   #4
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Yes. ....it sure would suck a dick to hit a deer tomorrow and ruin a good running vehicle.
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Old May 2nd, 2012, 09:52 AM   #5
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Yes. ....it sure would suck a dick to hit a deer tomorrow and ruin a good running vehicle.
So they can total the car verse repair it if it were new.

If the repairs exceed the value of the car they total it.
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Old May 2nd, 2012, 09:54 AM   #6
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I have full coverage on my 99 Tahoe with 156k miles. It is only a few extra dollars a month compared to plpd
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Old May 2nd, 2012, 09:56 AM   #7
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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.
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Old May 2nd, 2012, 09:56 AM   #8
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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.
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Old May 2nd, 2012, 09:58 AM   #9
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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.
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Old May 2nd, 2012, 10:00 AM   #10
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So they can total the car verse repair it if it were new.

If the repairs exceed the value of the car they total it.
ummmmm what's your point?

If you carry no insurance and you ruin the car you get nothing.....I don't care if they fix it or repair it, i'd rather spend a few extra bucks a month to insure my car then crash it and be left with a busted car that isn't repaired and isn't totalled out with a check in the mail.
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Old May 2nd, 2012, 10:06 AM   #11
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It is always a gamble. Sometimes you win sometimes you loose.

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Old May 2nd, 2012, 10:10 AM   #12
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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.
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Old May 2nd, 2012, 10:11 AM   #13
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Quote:
Originally Posted by kickstand View Post
ummmmm what's your point?

If you carry no insurance and you ruin the car you get nothing.....I don't care if they fix it or repair it, i'd rather spend a few extra bucks a month to insure my car then crash it and be left with a busted car that isn't repaired and isn't totalled out with a check in the mail.
and if you carry insurance and you don't ruin your car you have paid for nothing.

It all comes down to how much that "few extra bucks" really is, what the vehicle is worth, and what you can afford to pay to fix it or replace it.

As soon as Kerry's XJ was paid for I dropped full coverage on it and saved something like $70-100 a month. It didn't seem necessary for a vehicle that was only worth a couple thousand. I made out because we had no collisions with it and the insurance wouldn't have covered my submarine maneuver anyway.
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Old May 2nd, 2012, 10:13 AM   #14
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It is always a gamble. Sometimes you win sometimes you loose.

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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.

To the OP what is your premium difference and what is blue book on the car?
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Old May 2nd, 2012, 10:17 AM   #15
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Quote:
Originally Posted by steveo View Post
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.
Damn stevo, this post does not sound like you. Knock it off.
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Old May 2nd, 2012, 10:17 AM   #16
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Throw it in the gutter, and go buy another.
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Old May 2nd, 2012, 10:23 AM   #17
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Kbb is right around 7500.00
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Old May 2nd, 2012, 10:28 AM   #18
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Kbb is right around 7500.00
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.
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Old May 2nd, 2012, 10:28 AM   #19
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Originally Posted by mschaffer66 View Post
and if you carry insurance and you don't ruin your car you have paid for nothing.

It all comes down to how much that "few extra bucks" really is, what the vehicle is worth, and what you can afford to pay to fix it or replace it.

As soon as Kerry's XJ was paid for I dropped full coverage on it and saved something like $70-100 a month. It didn't seem necessary for a vehicle that was only worth a couple thousand. I made out because we had no collisions with it and the insurance wouldn't have covered my submarine maneuver anyway.
So, say you have a paid off car, but zero money in the bank, and you wreck that car tomorrow, then what?
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Old May 2nd, 2012, 10:37 AM   #20
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Quote:
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So, say you have a paid off car, but zero money in the bank, and you wreck that car tomorrow, then what?
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Throw it in the gutter, and go buy another.
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