E30RUNNER

I have a 99 4runner with about 93K miles and looking at the vehicle market especially the SUV market and we are seeing rapid declines in vehicle values. I know how much my 4runner is worth to me but I know geico would completely disagree with me . So my question to everyone is when and why did you stop full coverage insurance on your rigs. Or why do you keep insuring your rigs.

I guess I think I'm coming to the crossroads where the cost of my $90/month full coverage insurance is starting to outweigh the benefits of full coverage. What do you think I'm curious to hear other people's opinions?

WEINERDOGBONE

iTrader: (1)

If you can afford to replace the vehicle out of your pocket if it's totaled, then you should drop the full coverage.

91Toyota

Law requires me to insure vehicles...

DeathCougar

iTrader: (23)

Not with full coverage it doesn't. You are only required liability

eric-the-red

X2.
Except if you still owe the bank money on the vehicle they might require full coverage.

rdlsz24

I guess it would depend on your driving record. Are you a basket case driver that wrecks your car a lot? If so, keep the full coverage. My college roommate learned this lesson. He paid $5k cash for a crappy Kia and only got liability to save some cash. He totaled it out not long after by rear-ending someone. He had a knack for doing that. So after the crash he was out a car. Sorry buddy!

Rob

Elton

id rather pay the extra for full coverage than have liability

olharleyman

I still have full coverage on my 90 runner just because now adays if you hit someone the average car is running 20k and if you have only liablity they only pay up to the set amount and you get to pay the rest out of your pocket so if you hit someones 50k vette and its totaled the insureance on liaibility will only pay say 15k you get to pay the rest plus any injury's and hospital bills for the other people.

E30RUNNER

Good Point!

I don't have quite $10k cash in hand but I do have enough to get a decent car if my runner was to get wrecked. The way I was looking at it was how much it's costing over the course of a year time to insure the runner($1080) :headscratch:.

rdlsz24 I have a perfect driving record minus a couple speeding tix back in high school but that's not to say it's going to continue that way regardless of how safe I am.

toyota4x4907

dang...I pay about that for 6 months
I am only 18, though...and a male...with a truck...thats red...with basically no safety features besides seat belts and some beam in the door....

E30RUNNER

Just called geico and when I turn 25 in Jan my rate will lower to $620/year. At that rate I think I'm going to be keeping the full coverage

Flomaster

if your drive this on the road as a DD then you want full coverage.

if you only paid 500 for a beater car/truck then liability is a better option.

if its just a Toy and gets trailered around then liability is better.

on my ranger I held full coverage plus and additional 10K in the event my truck was stolen I wouldn't be SOL for blue book value.

-=Jason=-

X-AWDriver

If it's not hurting your finances I'd keep full coverage;mine is a tad over $60/month so it's a no brainer for me and my coverage does cover accidents off road.

E30RUNNER

How did you get them to cover damages off road. What company is that with?

drguitarum2005

what is this a copy/paste fest between here and ultimateyota? you asked the exact same question and posted the exact same responses, lol.

what bugs me about insurance is that in spite of my PERFECT driving record with no accidents and no tickets, I still have to pay like crazy simply because i'm a male under the age of 25. that really bothers me.

E30RUNNER

haha exact same questions but different responses.

I'm in the same boat perfect record and pay like crazy for insurance. I can't wait until I turn 25 then my insurance rates will come down significantly.

83

I'm going to piggy back here and hopefully not hijack your thread, but I'm curious about this too, although I've got a different situation.

First off I agree with the above posts. If you can afford full coverage, I'd stick with it, or at least sit down with your agent and figure out what kind of extra coverage, above just liability, you really want and/or need. Might come out with good coverage that's less than full coverage but adequate and cheaper.

I've got an '83 pickup. At this point it is NOT a beater. I've put a lot of money into it, it's got a rebuilt engine, transmission, new clutch plus a lot of other new things. I'm curious...it's blue book value can't be over a grand, but obviously it's worth much more than that. So if I had full coverage and got into a little fender bender, but body work was like $1500 or more, they would call it totalled, right? So that can't be worth it for me. Is there a way to insure my truck for what it's actually worth? Otherwise it's liability for me.

littlecommando

hmmm, it realy depends on the insurence company thats paying
if by bluebook you mean kbb, dont trust kbb, it sucks
when i got in my accedent, they said that i have $1,600 in damage (realy $100, but i wasnt going to tell them that), and it was worth $2,100, so technicaly it should have been totaled (if it has more than half the value of the car in damage), but they said it wasnt and gave me the $1,600

i came out good in that deal, because i payed $900 for the whole truck

eightnine

When my truck got broken into I had about $1600 worth of damage so I assumed it would have been totaled. But after talking to the apraiser he said my truck was worth $3500 because of the condition so it was not totaled. KBB said its worth $1800 max.

littlecommando

yea, KBB sucks

if you want an accurate appraisal, use NADA