Auto Insurance Question…

[Main3s]

So I’m about to pay off my car here shortly and I was curious as to who keeps full coverage on their car even after it’s paid off? I’m thinking that if there is a significant savings in full vs minimum coverage a month, I’ll be switching to minimum. But is that a "smart" move? I've never been in an accident, apart from a shit load of tickets I got in my teens I've got a good record.

 

Right now I pay $220 a MONTH!! For full coverage on my GTP (Sad I know) I just turned the magic 25 and I’ll be ticket free come May. At that point I’m going to start looking for a better insurance option. I just didn’t know if full coverage is that big of a deal. Thanks!

[Bam]

First of all your insurance is crazy, who is that through?

 

I've had 2 gtp's, among MANY other cars, and have never come close to paying that much per month.

 

Next, you have to figure out what the car is worth vs. how much it costs you to insure it.

 

I will say this though, back when I was 18 I decided I didn't want to pay for full coverage insurance because I thought it was a good idea, like you hadn't had any accidents etc. 3 months later I was coming home on 270 from work, it was pouring down rain and I ran into a FUCKING COUCH in the middle lane of 270, it spun me around and I smacked the center concrete divider at like 50mph. Totalled the car, a $4000 car I bought a few months earlier and since we didn't know who left a FUCKING COUCH on the hwy, I had to eat it.

 

That's left a sour taste in my mouth since and I always have had full coverage, trust me, losing $4-$5k in an instant without recourse is painful.

 

I'm sure your GTP is still a $4k car, I would get better quotes from insurance companies and keep full coverage.

 

I had an 01 gtp and paid like $79/month, now I pay $61/month on my focus and I'm only 23 w/ one speeding ticket on my license currently.

 

I like progressive. Do their online estimator.

[Xyster101]

It boils down to what you want to spend vs how much risk you want to take.

What is the car worth?

How much will you get if you total it?

What is the chance you will total it? (Do you drive like grandma or spirited?)

Will you total it on the street or the track? Usually track crashes are not covered unless you can get it off the track and down the street a mile.

 

So answer the above. If the cost of collision will add up to more then the car is worth in a few years or if you have the money to replace the car should you wreck it or can live without the car if you do wreck it, then drop the insurance. If you can't afford to replace the car should something happen, keep the insurance. Don't forget aftermarket parts are usually not covered unless you tell them about it, which will raise your rates (usually). You can also ask to have a $1,000 deductible which will lower your rates a tremendous amount, but if something happens you are responsible for that first $1,000. To be honest you will probably pay for anything up to around $1300 just to keep if off your insurance.

 

I have a '91 MR2 turbo. I did not have collision about 6 months ago. Figured the car was worth $5k and after a dedutable and the money I paid each year, it was not worth it. Plus should I total it, I can buy it back and part it out for a couple grand. I did not have collision for 2 years and saved about $500 total. Then my dad tossed it into a ditch when he oversteered it:

http://www.adamdaley.com/max/mr2/crash/0823091753a.jpg

http://www.adamdaley.com/max/mr2/crash/IMG_1674.JPG

 

Well the estimate came to around $1,000 for the paint, $100 for a mirror and bracket, and another $200 to re weld the exhaust. So dad paid most of it and I felt I should cover some too. Since then I have put collision back on the car which is only another $150 a year (not driven over 5,000 miles a year).

[Bam]

Just for shits and giggles, because it takes 2 seconds I ran an 01 gtp on progressive's website right now, and with $300k CSL, $10k med pymt and $500 deductibles, its under $60/month for a gtp.

 

How are you at $220?

[Main3s]

Just for shits and giggles, because it takes 2 seconds I ran an 01 gtp on progressive's website right now, and with $300k CSL, $10k med pymt and $500 deductibles, its under $60/month for a gtp.

 

How are you at $220?

 

$500 deductible 2 reckless opps in the past (20mph + over the speed limit) and 10 points on my record at one point... Maybe that sums it up, but all of that was years ago. (Most of it "Fell Off" about a year and a half ago). I can't figure it out either. I tried several places after my tickets supposedly came off my record and all were about the same. Even with Nationwide who I have my homeowners insurance through was $200+ a month. From what I understand a ticket stays on your driving record for 2 years, but I’ve heard different versions insurance can look back 5 years...? I don't know. Anyway, at that point I just said screw it I'll wait till I turn 25 and have a “clean” record then try again.

[Bam]

Pretty sure the standard is tickets from the BMV stay on your license 3 years, but insurance companies most times chose to go back 5 years. Sucks man.

[Radio Flyer1647545514]

The ticket will stay on your license for 3 years after the day of conviction. I know with my insurance (Farmers) they only look at my policy once every 6 months. I'll get lucky enough that they are looking at my record just after my failure to control comes off.