My fight to save money, should i drop full covg insurance?

Solitude · 05-10-2005, 04:06 PM

I am currently paying a little over 200 a month for my auto insurance. That includes my bike and my isuzu trooper. I was going to drop the full coverage on my trooper and just have liability... so if i wreck im fucked, but at least it will cover the other dudes vehicle so they wont sue me for that. Saves me about 50 bucks a month. I could drop the coverage on the bike to liability only but that only saves like 20 bucks.... and Id kill myself if someone stole my bike, or I wrecked it and I didnt have it insured.

Who drives around without full coverage insurance? what do you drive?

RayOSV · 05-10-2005, 04:17 PM

Seems like dropping the coverage isn't really worth it. Not covering theft and collision would suck if you lost the vehicle. Having only liability makes sense if the other coverage is WAY high or the vehicles aren't worth much. Maybe shop around for better rates. State Farm is good if your record is clean.

hozhead · 05-10-2005, 07:49 PM

Farmers will rape you if you've ever SEEN a ticket (it didn't even have to be yours).

I have Progressive now and am paying less than a 1/4 of my previous rates for automotive. I'm paying $80 a month for full coverage on a '95 GMC pickup and my wife's '99 Oldsmobile.
My bike insurance is $28 a month for liability + uninsured motorist coverage. Its more than some people are paying but its also my first bike. I opted out of full coverage because the bike has a salvage title -- the insurance company wouldn't pay out much anyway and I'm capable of making repairs myself to save on labor costs.

I agree with a few of the others - unless the vehicle isn't worth jack or the insurance cost is completely rediculous - keep the full coverage.

Quote:

Originally Posted by RayOSV

Seems like dropping the coverage isn't really worth it. Not covering theft and collision would suck if you lost the vehicle. Having only liability makes sense if the other coverage is WAY high or the vehicles aren't worth much. Maybe shop around for better rates. State Farm is good if your record is clean.

Truck · 05-10-2005, 08:05 PM

Quote:

Originally Posted by hozhead

My bike insurance is $28 a month for liability + uninsured motorist coverage. Its more than some people are paying but its also my first bike. I opted out of full coverage because the bike has a salvage title -- the insurance company wouldn't pay out much anyway and I'm capable of making repairs myself to save on labor costs.

That's probably a smart thing, but do you have theft insurance? It'd suck to lose your bike to some low life and be out.

I wouldn't drop either. You're trying to save money, but that could ultimately end up screwing you royally. Can you afford to dish out money to fix the vehicle out of pocket? For 70 bucks, I'm sure you can cut ends elsewhere, that'd be one of the last things to go.

MZ6ZoomZoom · 05-10-2005, 11:44 PM

Deciding whether to have full coverage on a car or not is easy math... what's the car worth? What's the insurance costing you? If the car is worth less than a couple years insurance, probably not worth keeping comp.

21 natas · 05-11-2005, 12:41 AM

I would keep full coverage insurance, you just never know what might happen

bjay51d · 05-11-2005, 11:27 AM

Quote:

Originally Posted by Solitude

I am currently paying a little over 200 a month for my auto insurance. That includes my bike and my isuzu trooper. I was going to drop the full coverage on my trooper and just have liability... so if i wreck im fucked, but at least it will cover the other dudes vehicle so they wont sue me for that. Saves me about 50 bucks a month. I could drop the coverage on the bike to liability only but that only saves like 20 bucks.... and Id kill myself if someone stole my bike, or I wrecked it and I didnt have it insured.

Who drives around without full coverage insurance? what do you drive?

Youll only be saving 12.50 per week.I would keep tha insurance.Cut off you home phone and just use you cells(family 2 family plan),dont eat out as much,cut your wifes credit cards.And if youre really strapped for cash hang out by the interstate and wait for a deer to get wasted.Meat for months and you dont even have to take it to the butcher

matt sherman · 05-11-2005, 01:43 PM

save 50 a month, or potentially lose thousands if you wreck or it gets stolen.

Do the math, and figure out the break even point. It'd take you years to make up the loss on that little bit of savings. Keep the coverage.

Matt

hyabusa · 05-12-2005, 02:47 PM

Ok this is what i did my parents bought my car. they paid insurance. I don't care about the car so i told them to drop full coverage and save money however much it migh tnot have been. I figured fender benders i wasn't replacing anything. I'd say 8mth-12mth later i just totaled the car. 5 days later i had to drop full price on another car. The way i look at it shit happens. What i did to the car was all my fault and yes it would have been nice to get some insurance money but o well. Parents have full coverage on my new car, but only b/c i got a loan. When i pay it off i might tell them to drop full coverage agian

TWSTA · 05-12-2005, 02:53 PM

keep the full coverage. You will be so much better off!

hanglowejohnson · 05-13-2005, 10:36 AM

Yah saving only that little bit really isnt worth it... ( I pay 160 for car only)... my suggestions:
Analyze your bills-- what do you NEED to survive, car, house, phone, insurance... food--- but are you buying hamburger or filet minion, plan out a days worth of meals (the least u can eat!) and figure out how much that costs you and multiply by 7.

Keep records-- I use a four column accounting book to keep track of my spending, columns are 1-exp- that is anything I HAVE to spend money on, gas to get to work, groceries, anything that is not a recurring static expense. 2- Bills-- recurring monthly expenses, car, phone, insurance, water, electric 3- misc-- this is the shit i waste money on, and for me that even includes extra gas if it was a trip i didnt need to take, or lunches out at work... I know I can buy a microwave meal at walmart for a dollar, so if I spend 5 at lunch, i just wasted $4 and that goes into the misc column.. 4- income- any money i make, doesnt matter how i got it- parents, birthdays, found $20 on the ground.. doesnt matter

That will allow you to keep a VERY good handle on what goes in and out, made a huge difference for me.

Next I would analyze your revolving accounts-- what are your interest rates, how do they affect ur balances, where does your money NEED to go... at this point, maybe letting a bit of interest build on a lower balance card isnt a bad idea... i would skimp there before you skimp on things like insurance-- reason being- you KNOW the result of paying $50 less on a credit card, the downside is apparent, if you dont pay ur insurance, the downside is a major risk-- could be several thousand dollars

Im sure I could think of a few more things.. if you woudl like some help I would be willing to answer some questions and work on a plan with you.

--Andrew (from the point... I assume this all has to do with ur driving awards

)

Big15 · 05-13-2005, 10:16 PM

You don't have to have full coverage but you can have comprehesive coverage that still covers things like fire, theft, hitting animals.

Vixen0218 · 05-13-2005, 11:06 PM

Quote:

Originally Posted by Solitude

I am currently paying a little over 200 a month for my auto insurance. That includes my bike and my isuzu trooper. I was going to drop the full coverage on my trooper and just have liability... so if i wreck im fucked, but at least it will cover the other dudes vehicle so they wont sue me for that. Saves me about 50 bucks a month. I could drop the coverage on the bike to liability only but that only saves like 20 bucks.... and Id kill myself if someone stole my bike, or I wrecked it and I didnt have it insured.

Who drives around without full coverage insurance? what do you drive?

Ok... here is my 2 cents.

I am an insurance agent in MA, and when one of our clients come into the office and want to drop the coverages down to next to nothing, I strongly suggest they don't. Just like what everyone else said... if you wreck it or it is stolen you are screwed.

Try dropping parts 3, 5, and 12 down to 20/40. And instead of full collision ask for limited collision. Basically you are covered incase of an accident only if it isn't your fault. If you are a good driver, and you are safe on the road, and have never been in an accident that was your fault I would suggest the limited collision.

I carry Encompass Insurance. Not sure if they are in Fl. But I know if you were going to go from full to limited it was safe roughly $300 a year.

Just something for you to think about

Vixen0218 · 05-13-2005, 11:07 PM

Quote:

Originally Posted by Big15

You don't have to have full coverage but you can have comprehesive coverage that still covers things like fire, theft, hitting animals.

I am not sure of other states or Ins carriers... but with mine, you can't have comprehensive coverage without having collision on the vehicle/motorcycle.