OT: Collision insurance?

We carry "full" insurance until our trucks are paid off, then go to "liability only".. Works for us..

mac

Please remove splinters before emailing

Though the actual values and rules vary by state, I'd say it is really how much do you want to self-insure? If the worse happens, you slide on ice, total the truck, can and are you willing to replace it?

Suddenly, without warning, mac davis exclaimed (3/8/2008 10:50 AM):

Mine was paid off when I bought it :)

jmc

I believe you have to carry insurance to protect those who you may injury in a accident. Damage coverage to your truck is up to you unless there is a lein on it. I sorta figure if the car/truck is a throw away way bother.

Roy

The *only* way to go!

I think that you hit the nail on the head here but replace it with what? That insurance payoff isn't going to amount to much due to the age of the vehicle and they are going to jack his payments thru the roof on the next one if he reports it and attempts to collect.

Roy is correct. All you are legally obligated to have is personal liability coverage in a specified minimum amount (as determined by your state of residence). However, in order to protect your own personal assets in event of an accident where you are at fault, you are usually well-advised to carry far more than just "state minimum". Seems everyone these days is lawsuit happy. We carry $500,000 liability coverage just for that reason.

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Suddenly, without warning, TBone exclaimed (3/9/2008 12:16 AM):

Valid point. The truck is in excellent condition, but it *will* be 8 years old by then. Since the kbb value is less than 8k, it really doesn't seem worth it.

Thanks.

jmc

I've a three year old 2500, and insurance is a must. The fact it is paid for doesn't even fit into the equation, either!

There is a 'magic' point when collision insurance is not worth the ocst, but one must be careful to not make a blanket decision.

No friggin insurance!! That's why us horrible drivers in MA have to get uninsured motorist coverage to protect ourselves from you nondriveing pricks in your s*it box's!

I agree completely. I kept collision on my Ram until it was six or seven years old and then dropped it and I paid cash for mine as well. At three years old, it is still worth enough to keep it on but an 8 year old Dakota just might not have enough book value to make it worth it.

Suddenly, without warning, jmc exclaimed (3/9/2008 8:35 AM):

Since the point has come up in other parts of this thread, let me clarify. I'm not talking about not being insured. Of course, I'll insure the truck. I'm only considering dropping collision, not the rest of it.

jmc

what's snow???

mac

Please remove splinters before emailing

I'm always reminded of the day I hit a frost heave headed out to Keene on 124... I know I was fully airborne, the guy coming at me had that "Oh s*it" look on his face as he went by, but I'm sure he was thinking "Hope that idiot has insurance!"

Course it was a 10 year old Isuzu Trooper with a snow plow...

That's all we dare drive because of that state to the south... I'm not saying MA drivers are bad, but one doesn't have to look at the plate to tell where they are from!

Roy, if you really are in MA, come up for the next NEHOG run...

I don't take a whole hell of a lot here seriously.

We are about 80 miles from Orlando. I have to tell ya the last place I have any desire to go to is that area and both myself and wife have cc permits. When you go, stay in the park. The crime rate is friggin' insane there. More so now that the unemployment has risen.

Another year here and I'll probably forget what it is too.

Roy

You might want to consider raising the deductable. That will save you some bucks and still give you some protection in the event of a total lose. I have had a 1K deductable for years.

Roy