Do you carry full coverage insurance on your older, high mileage vehicle?

[blondietink]

Yes, we have full coverage. A friend of mine has a daughter going to college out of state (Michigan). We in NY are a no-fault state. Her daughter got into a car accident on a snowy day on the way to college in Michigan and hit another car. Rules in Michigan are different. She did not have collision on her car because it was old, but hit a newer car. Bottom line is her insurance would not cover anything and she ended up getting sued by the other ins. company and had to pay for damages out of her own pocket for both cars.

Also, check your insurance .... here in NY htiting a deer is covered under the comprehensive portion of the insurance, not collision.

So, I would recommend full coverage, especially if you are traveling out of state or drive out of your own state frequently.

 

[traces7]

Did you try NADA or KBB to check the value of your vehicle?

Thanks I found our truck on the KBB website!

 

[natenapril]

Thanks I found our truck on the KBB website!

Your welcome

 

[mistysue]

We stop carrying it at the point where our deductible plus the rate is more than the car is worth. It varies a TON by state. The rates some of you are getting are amazing, the lowest I've ever seen is DH's $350 every 6 months and it basically covers nothing.

Yes, we have full coverage. A friend of mine has a daughter going to college out of state (Michigan). We in NY are a no-fault state. Her daughter got into a car accident on a snowy day on the way to college in Michigan and hit another car. Rules in Michigan are different. She did not have collision on her car because it was old, but hit a newer car. Bottom line is her insurance would not cover anything and she ended up getting sued by the other ins. company and had to pay for damages out of her own pocket for both cars.

To be off-topic for a minute- Michigan is a no fault state too. No fault is actually referring to medical complications caused by the accident. Unless the other person also didn't have collision coverage your friend should only have had to pay their deductible. If not, the person they hit had one hell of a lawyer because that is generally not how things work. If your friend hasn't already, they might want to make sure that they register the car to a Michigan address for insurance purposes because we have much higher rates than most places, and it could be possible that her insurance simply doesn't cover everything legally required for Michigan. When DH moved here from Ohio he had to get a new policy (double $$ what it was before) to register the car because the Ohio policy apparently didn't meet our laws or something. It is worth looking into if the student is still in the state.

 

[Siouxstone]

DH has a 96 Saturn with 230K miles on it and I only keep liability. I keep my deductible at 1K, so it would be a wash.

 

[HugsForEeyore]

I have a 16 year old Honda Accord with 251,900 miles that I still have fully insured. It does not cost much to keep it totally insured since it is my second vehicle (2 cars per one driver is cheaper to insure) and it's considered my "pleasure" car and gets less use than my main vehicle. I know it may not make sense to keep collision, but I feel better having it, for whatever reason.

And like the story a prior poster recounted, I am terrified of being sued for any little thing, so I want all the insurance I can get. I speak from experience too - my mom was sued for 8 MILLION DOLLARS for a fender bender. I am not exaggerating. The case lasted for 5 years, dragging on and on. Here in NJ, some lawyers and chiropracters have huge scams going, and the average person can be defenseless against them. I want every insurance I can get to cover me in case of fraud and protect me the best I can.

 

[pearlieq]

Nope, I don't keep full coverage on my 2000 sedan.

The amount they would give me for if it were totaled in an accident is so low it's not worth paying the premiums. I keep savings to cover repair or replacement.

I read another "test" was to determine if you car is worth at least 10x the amount of the premium. If it is, keep the insurance, if not, drop it.

I keep plenty of liability insurance, but that's a completely separate issue. I think some posters are confusing the two.

 

[cbg1027]

If you had to buy a new vehicle tomorrow, could you? Unless that's the case, I would get the full coverage. See what the difference is in cost. I realize that you wouldn't get much if the Dakota was totaled, but hey...it would something as compared to nothing.

I have full coverage on my 1993 Volvo because I plan to drive it...well for probably quite a long time still. The difference in cost isn't enough for me to want to risk losing $1500 or so if it were totaled.

 

[VAN]

My DD just totalled her 2002 Civic (225k miles) and we had full coverage ... insurance pay-out after our $500 deductible was $4,500 !!! So some of these cars (like a Honda) hold their value well even though they are old with high mileage.

Great example of why we carry full coverage on our cars.