Is Full Coverage Worth It?

[APInsurance]

In my agency, I typically work off the 12 year rule. Of course every situation is different, but after 12 years, the car has depreciated enough to where it doesn't justify the monthly premium for total loss payout.

Kevin APinsurance

 

[AnMarieB]

Just to clarify what "full coverage" is. Typically this term is used when referring to a policy that includes physical damage coverage, i.e. "collision and other than collision".

Collision will cover when your vehicle "collides" with another object, whether that be another vehicle, a tree, a house, and so on.

Other than collision (previously referred to as comprehensive) covers losses from such things as fire, theft, vandalism, flood, and so on.

If one of the above losses happen to your 2007, are you ready, willing, and able to absorb the loss and go out an purchase another 2007 out of your pocket?

AnMarie Bozick, CIC
Insurance Rating Solutions

 

[redsquash]

I dont do P&C anymore, but I think "this" statement applies to all types of insurance as a strong selling point.

I hope you dont have copywright on this statement, because I'm thinking on using this oftenly :-)

.............
Now you just need to determine how important that amount of money would be to you if you totaled your car yesterday.

 

[VaDwayne]

Because of how much a new car depreciates I've seen some financial "gurus" advocate buying a car a couple of years old but you are taking a chance on an older car.

I was in the auto business for 20 years and I would NEVER buy a new car but then again, I would never buy a used car from a dealership either.

 

[Franz Kafka]

Obviously you're not doing much driving in Manhattan. Can't you go under the policy of a family member who lives outside the city? (it doesn't seem fair that you've got to pay the city premium when you're not doing much driving in the city)

 

[Insurance-Guy]

Obviously you're not doing much driving in Manhattan. Can't you go under the policy of a family member who lives outside the city? (it doesn't seem fair that you've got to pay the city premium when you're not doing much driving in the city)

This would present many issues... Insurable interest for one...unless he will sign over his car to his family member he will not be the named insured on the policy.

So just so I am clear on this you are telling him to have a family member insure his car for him...and rate it in a location he doesn't even live at! WOW that's Brilliant! Maybe we can all do that just insure our cars in the cheapest part of every state…not actually pay insurance based on where we actually live.


Please don't even consider doing what has been suggested...

 

[Franz Kafka]

This would present many issues... Insurable interest for one...unless he will sign over his car to his family member he will not be the named insured on the policy.

So just so I am clear on this you are telling him to have a family member insure his car for him...and rate it in a location he doesn't even live at! WOW that's Brilliant! Maybe we can all do that just insure our cars in the cheapest part of every state…not actually pay insurance based on where we actually live.


Please don't even consider doing what has been suggested...

Please be clear that I had asked a question; not telling nor suggesting anything. I don't know **** about auto insurance.

 

[Norwayguy]

Please be clear that I had asked a question; not telling nor suggesting anything. I don't know **** about auto insurance.

But I'm sure you've come across the term insurance fraud in Life & health....same issue.

 

[Soaringagent]

interesting insurance discussion

 

[BTFuzz]

I was in the auto business for 20 years and I would NEVER buy a new car but then again, I would never buy a used car from a dealership either.

Dwayne...I just bought a new truck. Tell me why I should have made a different decision? Or are you talking cars only?