by gmac_40 » Thu Feb 14, 2008 06:19 pm
the trade in kb value is 4250
priv prty kb 5845
sugg retail 7225
i own it outright and purchased it for 5000
liability (combined with another vehicle) is 361 yr
full coverage is 888yr...quite a difference
what should i do?
priv prty kb 5845
sugg retail 7225
i own it outright and purchased it for 5000
liability (combined with another vehicle) is 361 yr
full coverage is 888yr...quite a difference
what should i do?
Posted: Thu Feb 14, 2008 06:45 pm Post Subject:
that is going to be a personal choice for you, no one can really tell you what to do in this situation. If you do not have the vehicle financed and do not have a leinholder on it, then you don't have to carry the full coverage.
I am hoping some others will come a long and offer up some more advice, so just come back to this post in a little while and you should see some more posts on it.
goodluck with your oppinion.
Posted: Fri Feb 15, 2008 08:45 am Post Subject:
i own it outright and purchased it for 5000
liability (combined with another vehicle) is 361 yr
full coverage is 888yr...quite a difference
what should i do?
Yeah, thats may be so because the liability coverage is only to cover the liability issue and the legal expenses if needed. On the other hand the full coverage may include the comprehensive and collision. this two components are quite expensive in nature. However, if you mention your state of residence, that may help us to provide you with some more information regarding the state requirements.
Posted: Fri Feb 15, 2008 09:13 am Post Subject:
Hey, you are required to maintain the state minimum level of liability coverage and also the additional coverages like-PIP or UM if mandated by the state.
The collision and comprehensive coverage also dependents upon the make and model of the car and also upon some other parameters. Hence the premium rate may fluctuate. The premium varies with the insurer as well. Hence, is it advised that one should shop around for competitive rates before committing to one. You too may wish to do the same. Obtain quotes form few more insurer in your locality and decide accordingly. However, don't forget to compare the benefits available with the policies as well along with the rates. You may not want to end up with a denied claim in future. Wish you luck!
Posted: Fri Feb 15, 2008 03:01 pm Post Subject:
Since you own the car out right you do not have to carry full coverage, but you will not get a dime out of it if it is damaged for any reason. You have to consider a few things, do you have the money to repair/replace it? Can you set aside what you save in insurance for this purpose? If you can do this then you will be okay taking out the liability only option.
You may want to consider or at least look into the tort options too, this will cover you in case you are hurt, I am not sure what the law is where you live, but I have found that tort questions are very, very important and often overlooked to save a few bucks. No matter what coverage, liability or full coverage, I always carry full tort. goodluck with your decision.
Posted: Fri Feb 15, 2008 05:15 pm Post Subject:
That is what I think too good, it is a personal choice because there is no lein holder on the vehicle. Good thought on the tort though, you are right, it is often overlooked but a very important part of insurance. I don't skimp here either.
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