Dont Drop full coverage on your car to save $$

[arkienurse]

When our BK closed, for the first time ever, all our vehicles were paid in full and we had title to them. Our auto insurance is over 300 a month right now, so we actually kicked around the idea of dropping to liability only on them to save money. But one afternoon I was listening to Dave Ramsey and he advised someone to always keep full coverage, as eventually you can almost count on having something happen to your vehicle. And if you don't have the money saved to replace it, then you are in a fix. He said you are better off to raise the deductible if you need to save money.

Well, yesterday morning, in a hurry to get to work for a life or death emergency, I topped a hill going too fast to stop and avoid the tree that was laying across the road. It was only due to the grace of God that I am alive today. One of the branches on the ground actually stopped my car enough to keep an upper branch from peeling the roof off.

http://s191.photobucket.com/albums/z141/arkienurse/?action=view&current=03-17-08_0451.jpg

http://s191.photobucket.com/albums/z141/arkienurse/?action=view&current=toastedmommobile006.jpg

Thank God for full insurance coverage. We would be in a pickle right now trying to get financing for a vehicle. I just pray the insurance is enough to get a good used vehicle.

[emoney]

What I have found out that works best for me it to continue collision and comprsentive coverage, but always chose a high deductable as high as possible. For me the amount is $1000.

Insurance companies do not like to pay claims and usually two or more per year and you will be cancelled. This way you save money each year and do not file small claims.
regards,
emoney

[tay666]

Heck.
Full coverage isn't even an option on the vehicles I drive.
Insurance companies won't offer it on vehicles over 10 years old and more than 200,000 miles.

[chpxiii]

I kept full coverage on my vehicle. It's actually cheap. I'm with Geico. Which, coincidentally, is the ad on this page right now.

[lrprn]

Thank heavens you are ok, Arkie! That's an accident that could happen to any of us.

We also kept full insurance coverage on our 2000 and 2002 cars as well, just for the reason you said. Until we're out of Ch 13 for awhile, there won't be any extra money to throw at replacing a car.

[my4devils]

Thank you for the advice. We were just discussing changing our coverage when we buy our replacement for the van we are surrendering. Now we will be reconsidering! Glad you are okay and good luck with the new (used) car hunt.

[test]

I will also second this advise...I was able to purchase a new car after our 13 discharged to replace my old commuter car. When I added my new car and dropped the old one, I figured I should lower my wifes to just liability on her 96 Cherokee. It only had 60K miles and was in excellent shape. I did not mention it to the wife of course. Not one month later, she calls me and says that she hit a deer. She called the insurance company and they told her that she is not covered for that anymore. Double dang....ended up getting her a new car that we where not planning on, but it worked out...(good CU)...

[One Half Full]

Yeah, my coverage is cheap, like 56$ per month for comprehensive, 300,000 coverage of other vehicle. etc. Another reason not to get a new car, I guess. I always factored insurance costs in and considered them "car payment."

[arkienurse]

As an update, they did total my van. After deducting the 500 deductible, the check was just enough to cover a 99 Jeep Cherokee with 96,000 miles on it. We had to pay taxes, but that wasn't nearly as bad as having a monthly payment would have been. Still have some $$ left in my emergency fund even.

[lrprn]

As an update, they did total my van. After deducting the 500 deductible, the check was just enough to cover a 99 Jeep Cherokee with 96,000 miles on it. We had to pay taxes, but that wasn't nearly as bad as having a monthly payment would have been. Still have some $$ left in my emergency fund even.

That's great, Arkie!! So glad to hear everything worked out so well for you!

[epiphany]

I will never drop full coverage on any vehicle, including liability. One fell swoop and you're done.

I am so glad you are okay Arkie, and thanks for the reminder...glad you got a vehicle to work for you too!

ep

[Footprints1973]

I'm so glad you're ok, Arkie. Thank heavens!

Laura

[arkienurse]

I'm so glad you're ok, Arkie. Thank heavens!

Laura

- this is what I almost was. But on the bright side, my 99 Jeep gets 18-19mpg, and even better, DH found a 98 Jeep that also gets much better mileage than his Dodge Ram 4x4 does, so the truck stays parked, and we fill up every other week rather than every week.

[debtmonster]

When you drive cheap cars, it's cheaper to self-insure. Instead of giving money away to an insurance company that you will never see again, just put the money in a savings account some place and NEVER, EVER TOUCH IT. Pretend you spent it. You can buy lots of used cars for under $2,000. That's cheaper than a lot of people's insurance policies.

We have nearly $60,000 in vehicles and our full coverage insurance is only $110/mo. If I was driving cheap cars with 100,000+ miles, I would get the absolutel rock bottom, minimum insurance allowed by law in that state and then bank the rest of the money.

I follow the speed limit and try to not drive more than 5 over. It's very difficult for me to get into an accident doing that unless you're up north on the black ice. Then insurance is a whole different ball game. Even doing the speed limit in some places won't help with black ice. That's where you need to rely on technologies like ABS and stability control.

[tigergem]

I have Geico full coverage on my PAID FOR truck and it's still less than $50/month for the premium. I just figured that there was no way I would be able to afford to replace it if anything happened to it while under my 13 Plan, and I need that insurance.