Should I get rid of full coverage ins and get liability (PLPD)?

Full coverage or Liability?

  • Full coverage insurance

    Votes: 3 21.4%
  • Liability insurance

    Votes: 11 78.6%

  • Total voters
    14

JDSwan87

Black Swamp Thing
Joined
Feb 9, 2014
Location
Michigan near Toledo
TDI
2001 Jetta TDI, 5 speed Lagoon Blue Metallic(sold); 2005 Jetta TDI Wagon auto
Just like the title asks, should I get rid of full coverage insurance and go to liability?

I own the following:
(1) 2001 Jetta TDI blue lagoon metallic in 9/10 condition. I have many spare color matched body panels for this car.

(1) 2005 Jetta TDI wagon shadow blue in 9/10 condition
(1) 2004 Jetta TDI wagon black in 6/10 condition
(1) 2002 Chevy Silverado 4x4 5.3L in 7/10 condition

I keep the truck in "storage" until I need it and that costs me $60/ 6 months. The 2004 wagon has liability on it bc its my beater. The 2001 is strictly a summer car and has full coverage on it only in the summer, in winter its in "storage" for $60/ 6 months. The 2005 is my wife's daily and it has full coverage year round.

I pay $1500/ 6 months of full coverage insurance on these vehicles. I figure they are valued at $4000 each except for my beater. If I go to liability on all my vehicles, I will pay about $800/ 6 months.

For those of you who may say find a different insurance company, I live in Michigan. We have the highest insurance costs in the country. 1 accident 2 years ago, no tickets either.
 
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IndigoBlueWagon

TDIClub Enthusiast, Principal IDParts, Vendor , w/
Joined
Aug 16, 2004
Location
South of Boston
TDI
'97 Passat, '99.5 Golf, '02 Jetta Wagon, '15 GSW
Michigan rates don't seem that high. I pay just under $1,500 for liability only on my '93 Mercedes 300D, '97 Passat TDI, and '02 Jetta Wagon. I think I have a $1M umbrella in there. I finally dropped the collision and theft on the wagon last year because I realized I would not recover much if either happened. In MA you're covered if you're not at fault in an accident. If that were not the case I would keep collision. I have a pretty good driving record, but I can't account for what others will do.

Also, MA offers comprehensive separate from collision with first dollar covered on glass replacement. That's valuable here, as IBW is on its 7th windshield, needs another, and the Passat will get its windshield replaced this year, too.

Drop the collision.
 

oilhammer

Certified Volkswagen Nut & Vendor
Joined
Dec 11, 2001
Location
outside St Louis, MO
TDI
There are just too many to list....
I've only ever carried the minimum state required liability on all my cars. I don't crash into things, don't park them in places I have to worry about anything happening to them, and I have multiple cars that are all paid for so if something should happen to one, I am not stuck.

I look at it this way: if you can afford to replace the car yourself, why carry insurance on it for that? I'd rather save that money up instead, so I CAN replace the car myself. I see too many people who pay so much in insurance on a car that simply isn't worth that much that they could have bought a car just like it several times over already.
 

fxk

Veteran Member
Joined
Mar 12, 2015
Location
Vast wilderness between DC and Baltimore
TDI
2014 Sportwagen TDI
Run the numbers. Saving $800/6mos is $1600 a year.
How many years will it take given your vehicles are depreciating.
Remember, you can only recover the car's worth based usually on KBB.
And honestly, they don't give a flying fart if it is 1o/10 or 1/10.
I had a friend who's very old Volvo was totaled after the radio was stolen.
Just because it is worth something to you doesn't mean much of nuthin.
frank
 

bubbagumpshrimp

Veteran Member
Joined
Jul 12, 2013
Location
Virginia
TDI
'13 Jetta TDI
I've only ever carried the minimum state required liability on all my cars. I don't crash into things, don't park them in places I have to worry about anything happening to them, and I have multiple cars that are all paid for so if something should happen to one, I am not stuck.
I look at it this way: if you can afford to replace the car yourself, why carry insurance on it for that? I'd rather save that money up instead, so I CAN replace the car myself. I see too many people who pay so much in insurance on a car that simply isn't worth that much that they could have bought a car just like it several times over already.
x2. If you have enough money in the bank that you could easily pay cash to replace your vehicle, you don't need full coverage. Full coverage is for people that can't afford to replace their vehicle out of pocket and/or would be unable to pay out of pocket for a significant collision repair.
 

JDSwan87

Black Swamp Thing
Joined
Feb 9, 2014
Location
Michigan near Toledo
TDI
2001 Jetta TDI, 5 speed Lagoon Blue Metallic(sold); 2005 Jetta TDI Wagon auto
I've only ever carried the minimum state required liability on all my cars. I don't crash into things, don't park them in places I have to worry about anything happening to them, and I have multiple cars that are all paid for so if something should happen to one, I am not stuck.
I look at it this way: if you can afford to replace the car yourself, why carry insurance on it for that? I'd rather save that money up instead, so I CAN replace the car myself. I see too many people who pay so much in insurance on a car that simply isn't worth that much that they could have bought a car just like it several times over already.
I can replace my car with money I have in the bank. I wouldn't be able to replace all of my cars at once, but could definitely replace one per year. I'm just wondering how everyone feels about it. Keep the posts coming!!
 

bubbagumpshrimp

Veteran Member
Joined
Jul 12, 2013
Location
Virginia
TDI
'13 Jetta TDI
I can replace my car with money I have in the bank. I wouldn't be able to replace all of my cars at once, but could definitely replace one per year. I'm just wondering how everyone feels about it. Keep the posts coming!!
Do you live in an area prone to natural disasters? i.e. Flooding. If so, I would consider leaving it in place.
 

JDSwan87

Black Swamp Thing
Joined
Feb 9, 2014
Location
Michigan near Toledo
TDI
2001 Jetta TDI, 5 speed Lagoon Blue Metallic(sold); 2005 Jetta TDI Wagon auto
Do you live in an area prone to natural disasters? i.e. Flooding. If so, I would consider leaving it in place.
Nope, I live in the armpit of America. Not prone to flooding, tornados, earthquakes; hail maybe but I plan to have coverage that covers it if parked... Only real issue here is un-insured drivers...
 

Ski in NC

Top Post Dawg
Joined
Jul 7, 2008
Location
Wilmington, NC USA
TDI
2001 Jetta ALH 5sp stock
If you take off the full coverage, you will drive safer. That's a good thing for everyone.

I'm about to take off full coverage on my 01 Jetta. I'm just scared to because the car might get PO'd and might decide to pop a tie rod and send me into a tree.
 

IndigoBlueWagon

TDIClub Enthusiast, Principal IDParts, Vendor , w/
Joined
Aug 16, 2004
Location
South of Boston
TDI
'97 Passat, '99.5 Golf, '02 Jetta Wagon, '15 GSW
Face it, if you have an accident you'd probably spend far more on repairs than any insurance company would pay. And without coverage you avoid a salvage title. I wrecked my '99.5 Golf a few years ago, damage far exceeded what anyone would fix. It was bad enough that the tow guy insisted I take the plate with me when I left the car (it was in Canada). He was sure I wouldn't be back. But I got it repaired at a local votec and they did a great job. And no salvage title.
 
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tdidieselbobny

Top Post Dawg
Joined
Apr 4, 2005
Location
Stafford,NY (WNY)
TDI
'03 Galactic Blue Jetta TDI, '15 Silk Blue Golf Sportwagen TDI
You can be the best driver in the world until some idiot pulls in front of you or rear ends you. I was contemplating dropping the collision on the Passat last June when I added the 16 yr old son to the policy,but kept it on.Glad I did,even though accident wasn't my fault in October, other insurance company was refusing to pay until they saw it printed in the police report it was her fault(no tickets issued to her). I always keep full coverage,as I don't have bank to replace a vehicle. How much extra is the collision portion? On mine,I think it was only about $140 every 6 months-small price to pay for my peace of mind-I always carry comprehensive,as deer have a habit of finding my vehicles:rolleyes:.....right now I pay about $1750 every 6 months,that is w/ my 16 yr.old's at fault accident that totalled his '01 Jetta,but I fixed and can only have liability on it,'06 Grand prix full coverage,'05 Matrix full coverage,and '98 Legacy AWD wagon. Just keep an eye on your insurance policies for extra "fees" whenever you change the policy-I get dinged $5 each vehicle every 6 months or policy change for a "motor vehicle enforcement fee"(thank you NYS).....
 

JDSwan87

Black Swamp Thing
Joined
Feb 9, 2014
Location
Michigan near Toledo
TDI
2001 Jetta TDI, 5 speed Lagoon Blue Metallic(sold); 2005 Jetta TDI Wagon auto
Well, I went to the insurance agency today. I had her run 2 quotes so it was apples to apples:

OPTION 1: Full coverage on the 01 and 05. Liability on the 04 and the truck in storage. $2002 / 6 months

OPTION 2: Liability on the 01, 04, and 05 with the truck in storage. $987/ 6 months.

I put liability on all of them because I figure each of my 3 nicer vehicles are valued at (what insurance would give) roughly $4000 each. So in 2 years, with no accidents I've essentially bought one of my vehicles. Plus, I have enough money saved to buy another vehicle if necessary.

Thanks everyone for your input!!
 

fruitcakesa

Top Post Dawg
Joined
Feb 18, 2007
Location
Vermont
TDI
04 jetta 5 spd wagon
Liability and comp on the 02 and 03 runs $397 for 6 months, they just bumped us up $90 too.
Lots of gravel roads and broken windshields around here so the comp pays off.
 

NarfBLAST

Top Post Dawg
Joined
Mar 3, 2002
Location
Waterdown, Ontario, Canada
TDI
2001 Golf 5MT
I figure each of my 3 nicer vehicles are valued at (what insurance would give) roughly $4000 each. So in 2 years, with no accidents I've essentially bought one of my vehicles. Plus, I have enough money saved to buy another vehicle if necessary.
Well done! It is nice to see somebody doing the math!

My 2001 Golf is a no brainer: they want $400 per year extra for full coverage and it is only worth maybe $250 in scrap if I drive it to the junk yard, $150 if they have to pick it up - not sure what the book value is but certain it is less than the $1000 deductible.
 

NarfBLAST

Top Post Dawg
Joined
Mar 3, 2002
Location
Waterdown, Ontario, Canada
TDI
2001 Golf 5MT
Speaking of saving money, we saved $50 per year by getting rid of coverage for "a rental car for your use while your car is being repaired". - something we never use because there is always a Mom or a Grandma who doesn't drive much insisting we borrow their car while ours is in the shop. Also I have the VW as a spare which is pretty reliable these days.

We retain coverage for "insurance on a rental car we rent while on vacation." I can't remember if that costs anything or not.
 
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