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 Posted: Wed Oct 15, 2008 5:13 am Post subject: Insuring cheap cars |
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Hi all,
I'm thinking of purchasing a car that is cheap and has been used for years. Do I still need to cover it?
Crossbreed
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Crossbreed
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| Posted: Wed Oct 15, 2008 6:26 am Post subject: |
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| Coverage to address damage to the vehicle... only if there is a lien holder. Liability... yes. |
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tcope
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| Posted: Wed Oct 15, 2008 9:03 am Post subject: |
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Insurance coverage is always a requirement for the vehicles be it brand new or years old. Liability coverage is a must on the vehicle whenever you drive. Hence, you're required to maintain sufficient liability coverage to cover yourself from probable lawsuits that you may face after causing damages to others in an accident.
Depending upon your state law you may also need to maintain the PIP coverage to protect yourself from paying the huge medical bills of yours and your passengers if suffer injuries in a car wreck.
However, if the car is in a battered condition and you don't have any lien on it you may skip the collision and comprehensive coverage and thus can reduce the cost of premium. |
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jeorge
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| Posted: Wed Oct 15, 2008 1:09 pm Post subject: |
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Hey Dear,
Auto insurance policies are generally composed of different types of coverage. It would be your choice to pick the right kinda insurance up to any volume that meets your specific needs. But, you should also remember that each state has its own laws that force you to maintain a minimum worth of insurance. I've seen that quite a few of these states would even demand a proof of insurance while you're buying a car.
Regards, Roddick |
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roddick
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| Posted: Wed Oct 15, 2008 1:19 pm Post subject: |
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Hi,
There is one thing that I'd never want you to forget-
* Liability insurance
Remember, that it is the liability coverage that offers you financial security from lawsuits in the event that you get involved in an auto accident that inflicts bodily injuries to someone else or causes damages to someone else's property!
Thanks, Fatman |
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fatman
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| Posted: Wed Oct 15, 2008 1:30 pm Post subject: |
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Dear friend..there are certain coverages which are mandatory across certain states and yet optional across other states. I'd instantly remember 2 of such coverages namely,
- Uninsured/Under-insured motorist coverage
- Medical expenses coverage
All that you, your family members or friends would pay towards medical treatments would be covered under the Medical expenses coverage. On the other hand, the UM/UIM coverage would reimburse for the hospitalization charges that you, your family members or friends would need to pay when the accident has been caused by someone without insurance or less insurance.
Purpleheaded08
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Purpleheaded08
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| Posted: Wed Oct 15, 2008 1:36 pm Post subject: |
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Hey there..I feel its better if you'd also go for the Collision and comprehensive coverage. It is mostly your choice to take it across the states. It would come in handy when your car gets damaged due to any collision. It would also save your face whenever it is damaged due to fire catching up on it or if ever a heavy object falls on it. Check it out! Caromel_merquez
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Caromel_merquez
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| Posted: Wed Oct 15, 2008 1:36 pm Post subject: |
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I would only opt out of comp/collission is I was driving a clunker.
I would never...repeat with emphasis...NEVER drive a vehicle without Liability and UIM.
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LifeIsGood
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| Posted: Wed Oct 15, 2008 1:49 pm Post subject: |
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| Quote: | | It would also save your face whenever it is damaged due to fire catching up on it or if ever a heavy object falls on it. |
Not only that!
It might also cover you from certain thefts or burglary. But I'd also stress on the worth of your car, since it has got a lot to do while determining your insurance requirements. Some of my friends are of the opinion that if your vehicle value is under $1000, then this kinda coverage won't do any good to you. I think they have a reason to say like this, since its only the actual value that would come to you after paying for the deductible. So, under such circumstances you may need to think a lot regarding other factors or consult an agent. Plasticmind
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Plasticmind
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| Posted: Wed Oct 15, 2008 11:01 pm Post subject: |
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| Medical is a real biggie...believe me all those expenses and doctor visits add up QUICK. |
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fireyone
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| Posted: Fri Oct 17, 2008 9:20 pm Post subject: car insurance |
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you purchase old or new doesnt matter, but insurance is the better way to prevent yourself from future financial crisis.
In case of accident, insurance will be much more benefical to you.
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masteris009
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| Posted: Fri Oct 17, 2008 10:26 pm Post subject: |
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| I am with ya there masteris. Best investment anyone can make. |
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fireyone
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| Posted: Mon Oct 20, 2008 10:54 pm Post subject: |
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Of course!!!! You need to make sure that any car or vehicle that you drive is insured. It is the law and protects you financially. If you want to save money you may consider getting liability insurance only. This should be a whole lot cheaper than buying full coverage and can drastically reduce your premiums. You may end up being very surprised at what it will cost to insure this vehicle and it is possible to even lower your policy with a multiple car discount. I have a truck on my policy that would cost me over $100 more to drop the truck off my current policy even though I don't driver it, figure this out.
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justong
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| Posted: Mon Oct 20, 2008 11:23 pm Post subject: |
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| Quote: | | and it is possible to even lower your policy with a multiple car discount. I have a truck on my policy that would cost me over $100 more to drop the truck off my current policy even though I don't driver it, figure this out. |
You just said it.
Multiple car discount.
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LifeIsGood
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| Posted: Mon Jan 19, 2009 6:42 pm Post subject: Why should I focus on saving money on auto insurance? |
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When you are using a monthly budget, I highly recommend taking a look at all of the expenses that you must pay each month and then target ways that you can slice those expenditures down. Auto insurance is certainly one expense that you have to budget for where doing a little research and making some calls can pay huge dividends in both the short and long term. With little time invested, you can potentially save hundreds a year and tens of thousands over your lifetime.
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Raaj
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