In your opinion do I still need full coverage insurance or just liability?

[RedSled]

Last month i had a drunk driver come flying up my driveway, and slammed into the block wall, then ricocheted off of that, then right through the garage door into the garage where my wife’s mini was parked, and pushed it to the back of the garage. She was driving her moms car On her mom’s insurance with only 5000.00 property damage. Guess who’s insurance had to pick up the cost?

 

[Burt]

I just dropped full coverage on my 2008 SR5 w/143000 miles on it. Simply not worth it now. Kept comprehensive and liability only. If it were to be damaged enough, insurance company would total it anyway. No need to over insure.

 

[FVLSE]

Full for sure. Especially with low mileage like that.

 

[shadow247]

Actual insurance appraiser here. Here's my take.

Insurance is all about risk vs reward. I would not drop your full coverage collision and comp just yet. You will not pay 5k in insurance over the next 5 years for the extra coverage, but you will lose 10k in 2 seconds if you have a momentary lapse in judgement and total the truck. Don't forget that you can also claim damage that happens while off-roading, as long as it's not a sanctioned event. I have paid tons of claims on 4x4's that where wheeling on private land and rolled and totalled. As long as you are not competing or in a sanctioned practice for a competition, you are covered by 99 percent of policies out there.

Can you afford to replace the truck right now if it was totalled tomorrow? Then you need full coverage. That's the simplest advice I can give.

I can't tell you how many customer cars got towed in, I call to tell them it's a total, and they cry on the phone because they just cancelled their full coverage a week ago because they paid it off. Now they are out 10k because they decided to save a few hundred bucks a year.

 

[Thebeastlives]

Actual insurance appraiser here. Here's my take.

Insurance is all about risk vs reward. I would not drop your full coverage collision and comp just yet. You will not pay 5k in insurance over the next 5 years for the extra coverage, but you will lose 10k in 2 seconds if you have a momentary lapse in judgement and total the truck. Don't forget that you can also claim damage that happens while off-roading, as long as it's not a sanctioned event. I have paid tons of claims on 4x4's that where wheeling on private land and rolled and totalled. As long as you are not competing or in a sanctioned practice for a competition, you are covered by 99 percent of policies out there.

Can you afford to replace the truck right now if it was totalled tomorrow? Then you need full coverage. That's the simplest advice I can give.

I can't tell you how many customer cars got towed in, I call to tell them it's a total, and they cry on the phone because they just cancelled their full coverage a week ago because they paid it off. Now they are out 10k because they decided to save a few hundred bucks a year.

Great advice if you can afford to lose the vehicle if you have an accident that is your fault then you can probably afford the additional money it cost to have collision, comp and uninsured motorist coverage on your policy. I have a 96 Toyota 4 runner and it is fully insured like all my other 4 vehicles. The cost of a full hundred per year in insurance is worth the cost of losing that vehicle outright.

 

[eddielasvegas]

As another reason to keep full coverage, let's not forget that insurance companies got smart about 5-6 years ago and shifted the higher % of your premium to liability since everyone will carry liability, but not C&C.

If I drop my collision and comp on my T4R, it'll save me about $300 a year IIRC. Hardly worth the risk/reward (for me at least) that shadow247 mentioned.


Eddie

 

[cwilliams563]

Actual insurance appraiser here. Here's my take.

Insurance is all about risk vs reward. I would not drop your full coverage collision and comp just yet. You will not pay 5k in insurance over the next 5 years for the extra coverage, but you will lose 10k in 2 seconds if you have a momentary lapse in judgement and total the truck. Don't forget that you can also claim damage that happens while off-roading, as long as it's not a sanctioned event. I have paid tons of claims on 4x4's that where wheeling on private land and rolled and totalled. As long as you are not competing or in a sanctioned practice for a competition, you are covered by 99 percent of policies out there.

Can you afford to replace the truck right now if it was totalled tomorrow? Then you need full coverage. That's the simplest advice I can give.

I can't tell you how many customer cars got towed in, I call to tell them it's a total, and they cry on the phone because they just cancelled their full coverage a week ago because they paid it off. Now they are out 10k because they decided to save a few hundred bucks a year.

Great advice! I will always have full coverage with free glass replacement, even on vehicles not worth that much. It’s worth the peace of mind for me personally to not try and save a few $ a month. I don’t have $8,500-$12,000 plus $5K in accessories just sitting around ready to buy another 4th Gen 4Runner if it’s stolen and never found or trashed, wrecked by me, or hit by someone who’s uninsured, or hit and run.

Years ago when I was younger I had liability only (to save a few bucks a month) on a vehicle that was only worth about $6,500. I was rear ended by an uninsured, undocumented immigrant without a drivers license. Needless to say the police just let them walk with no ticket or anything. My vehicle had to be replaced and it was 100% my responsibility. I tried to trade it in and only was offered $500. I wound up selling it to my neighbor for $500 and paid $25,000 for a replacement vehicle. I vowed from that day on I’d rather be safe than sorry. If $25 or so a month is that important then cut Netflix and a few sodas a month or similar.

 

[patkelly4370]

I personally do liability when I can.
If totalled, I have other vehicles to drive

Sent from my SM-G955U using Tapatalk

 

[Drobs]

Full coverage through State Farm for my 2006 Nissan Frontier with 99k miles on it is $348 for 6 months.

Seems like a no brainer to me.

 

[Bumbo]

Hi all! I have full coverage insurance on my car because I don't afford the liability insurance, but the question that bothers me is, what I get if somehow one day I crash it? It's stupid to think I would get a full return, but after all, I don't want to end up with anything.

Not sure if I fully understand your question/comment.

Full coverage (comprehensive) generally cost more than liability only insurance.

If you were to crash your car, and it is covered, "full return" means current fair market value of your car.

If you have liability only and were not at fault, I would presume the other party would be responsible for covering you. I think your insurance only kicks in if it was an uninsured motorist.

Hopefully someone else can correct me if I am wrong.

 

[KLH4R3]

Right?!

 

[Hungryhawk]

It is possible to get specific value insurance instead of market value (my terms might not be insurance lingo). So if your car is damaged your agent/insurance co. Compares repair estimate to "market value" ( or your chosen value) and decides to total the vehicle or repair it.
There are lots of uninsured motorists these days everywhere. You are unlikely to get any money from the uninsured at fault other driver.
If you are at fault your insurance may pay repairs or total it.
4runners are more valuable than average vehicles, so I would look at the several components to your full coverage insurance bill and see if you want to change these coverage components higher or lower.
Ask yourself how much you are willing to spend if your runner is damaged and compare to the insurance costs and your area's risk for a collision.
I would ask your agent what he values your runner at$$$.
Then consider: keep full insurance as is, change deductables up or down, go to legally required liability only.
Remember if you are at fault the injured party (financially and/or personally) will have their attorney sue you personally for damages which could exceed the cap on your policy.
Consider your chosen coverage limits on your policy and what your assets/estate is worth.
I prefer to have my insurance company's lawyers deal with the damage claims and not need to hire my own lawyer to defend my assets.

 

[trainman605]

My personal feeling is I purchased insurance to protect myself for anything that could happen, note, within reason. Since I have the funds to pay for what could happen in most cases, I feel it just part of life to protect my personal investments, etc. When I purchased just about anything if it requires insurance to protect my investments, I look at the cost of insurance and make the decision if the purchase is for me or not. I feel you need to make the decision that works for you, what works for one will not necessarily for the other.