How Much Insurance Should I Get for My High Mileage 4R?

[Lownskater52]

So I'm switching insurances because GEICO is ripping me off and I need to add the new 4runner to my policy. Obviously I'm keeping my 100k/300k/100k injury coverage but as for the actual collision/damage protection I'm not sure what to do. I have $500 deductibles on my '16 Corvette. The insurance company would probably only pay me 5-6k on the 4R if I insure and total it. What kind of collision/damage deductible should I get? High? Low? What do you guys have?

Thanks again

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[Legender]

Interesting.... when I questioned Geico on my cars they gave me an extremely favorable and competitive rate. Still with them today, but then we have 5 cars on the policy.
For old cars, like my 4runner, I only carry liability. At the cost of the car I consider myself, self insured. I do this on all my cars. No need to pay $1000 a year for insurance, when in a few years you've paid more than the car is worth. And I always carry the highest deductible to keep my premiums low.

 

[easyeatlanta]

Geico was horrible for me. I switched to another carrier and then requoted Geico and it was much better. Now I'm back with Geico.

 

[Bossman]

For an older, high mileage vehicle it is well worth considering dropping the collision coverage.

Here is a good article for reference:

https://www.insurance.com/auto-insurance/coverage/comprehensive-and-collision-auto-insurance.html

FYI - I have no collision coverage on my 2011 Limited. Tends to make me a safer driver

 

[New_2_4runners]

This is fascinating. I've never really given insurance much thought other than I just pay it.

Following to hear more opinions

 

[5vzT4R]

Depends on the value of the vehicle for me and if it's paid for or not. But 4runners like mine in my area are still going for $10k -$13k. And to me that's way too much money to loose and to not get back. I also live in a area that gets bad storms and hurricanes more so then others, so for me collision and comprehensive coverage are well worth it. Now if the vehicle is vauled at less then $5k, then I would rather save my money every month.

 

[Lownskater52]

All valuable information thank you everybody.

- So it sounds like the general consensus here is that if your 4R is worth over $5k to $6k, insure the car for collision/damage. Under and save the premium money. My new to me 2004 4R V6 2WD is probably sitting right at 6k in value as it has 207k miles so I'll probably insure it with a $1k deductible. Its only an extra 10 bucks a month or something like that so why not.
- I switched from State Farm to GEICO a few years back because SF was ripping me off. I buy a 2016 Corvette Z51 and now GEICO has been ripping me off for the past 1.5 years. I'm going to call them tomorrow to give them a chance to match the Progressive offer and if they cant, I'm out. I'll let you guys know how it goes.

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[derekdevasia]

Interesting...i'm young, have a clean driving record, and state farm quoted me way less than geico. I have a buddy that works for Geico, usually they will match whatever quote or try to beat it, but in my case they just couldn't. That's why state farm is still number 1 for auto insurance and Geico is number 2 in the industry. If you're military, or your parents or your inlaws ever were, USAA is the best. By far. Best to work god forbid you have to, and have very competitive rates.

 

[Lownskater52]

Welp. Just got off the phone with GEICO. Basically told me to kick rocks. Progressive it is then.

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[Anonymous4Runner]

Interesting...i'm young, have a clean driving record, and state farm quoted me way less than geico. I have a buddy that works for Geico, usually they will match whatever quote or try to beat it, but in my case they just couldn't. That's why state farm is still number 1 for auto insurance and Geico is number 2 in the industry. If you're military, or your parents or your inlaws ever were, USAA is the best. By far. Best to work god forbid you have to, and have very competitive rates.

State Farm can go **** themselves...family had insurance with them for house and auto for more than 20 years. Because of my brother's mistakes in regard to getting a DUI, they dropped us instantly simply because he happened to live in the residence whose address is on file.

Welp. Just got off the phone with GEICO. Basically told me to kick rocks. Progressive it is then.

Screw Progressive, too. There's a reason why they're known as "Oppressive" in the insurer industry. They screw you over harder every time. They increased my rates and attributed it to "cost of doing business" in state of VA except my rate doubled. Told 'em to give me a new quote and they stood by their increased rates. I shopped around and Geico's quote was the same as my original price for a 6mo. policy with Progressive.

Needless to say I will never return to Progressive. It's clear they need more monies from customers to make these stupid commercials I see them churning out on a monthly basis.

 

[LTDSC]

State Farm can go **** themselves...family had insurance with them for house and auto for more than 20 years. Because of my brother's mistakes in regard to getting a DUI, they dropped us instantly simply because he happened to live in the residence whose address is on file.





Screw Progressive, too. There's a reason why they're known as "Oppressive" in the insurer industry. They screw you over harder every time. They increased my rates and attributed it to "cost of doing business" in state of VA except my rate doubled. Told 'em to give me a new quote and they stood by their increased rates. I shopped around and Geico's quote was the same as my original price for a 6mo. policy with Progressive.

Needless to say I will never return to Progressive. It's clear they need more monies from customers to make these stupid commercials I see them churning out on a monthly basis.

sounds like good business by State Farm. Seems as if you're blaming SF for your brothers stupid choices.

 

[Anonymous4Runner]

sounds like good business by State Farm. Seems as if you're blaming SF for your brothers stupid choices.

I beg to differ.

In my opinion it may make sense for State Farm to drop our policies if my brother was a repeat DUI offender where they might say, "yeah this guy's more likely to drive drunk again at this property...lets drop 'em before it gets worse." But that isn't the case here...nonetheless I suppose it was a blessing in disguise. I later found out my family came out on top in regard to having better quotes after State Farm's decision to drop us saving hundreds of dollars annually. If any, it's loyalty that cost us money in the long run, LOL.

As for my brother's "stupid" mistake, it was an unfortunate one but I wouldn't say stupid. If any, I'd describe it as a careless mistake on his part due to lack of awareness. I'm not even sure why you said "stupid choice(s)" as if he made multiple mistakes here.

Respectfully speaking, you're not really aware of circumstances surrounding his DUI so again, wouldn't describe it as "stupid" without knowing all the facts. It's really easy to jump to the conclusion you want to go for but sometimes that is not always the case here. All states differ when it comes to definition of DUI/DWI/OWI :thumb:

 

[atalarico]

Honestly, I've learned that you really should just shop around every couple of years for insurance. I recall reading that insurance companies don't reward loyalty, they punish it. They figure you're too lazy and stupid to switch, so they just up your rates.

This article is from the UK, but I've read the same practices are rampant in the US.

https://www.ft.com/content/9760d5e4-8ba7-11e6-8cb7-e7ada1d123b1

I'm back on Geico after switching a couple years ago to Progressive. Progressive upped my rate because of the massive hail storm we had. When I called to cancel they tried to retain me by giving me a glass deductible, which I had asked for a year prior and was told they just don't do them, and that all of the other insurance companies will be raising our rates in the area. Still on Geico and no raise as of yet (other than the expected raise of going from a 97 to an 04).

Anyway, OP, sounds like you have it figured out. I am carrying full insurance on my 2004 simply because I live in an area where I got $6k for my totaled 97 w/ 238k miles on it and in 3 out of 5 shape. Pretty sure it'll be a while at less than $100 a month to get to the $8-10k mark.

 

[jrm]

I carry full coverage w/uninsured

$500 deductible. To many folks out there up to their eyeballs in debt and thinking they can game the system when it comes to cars and insurance. Im just out to protect myself and my interests..thats all.