DesertDweller Posted August 6, 2012 Share Posted August 6, 2012 We are trying to find ways to cut back. One of the things we are looking at is the insurance on our vehicles. We have two trucks. Both are over ten years old with 200,00 plus miles. One is in good condition and runs well. The other is in poor condition and is used only for driving close to home. We currently have full coverage on both with limits of 100,000/300,000 along with uninsured and underinsured coverage. We aren't necessarily wanting to carry just liability, but I know that what we have is too much given the age of our vehicles. If you have older vehicles, how much insurance do you have? What type of limits and deductibles? What would you do? Quote Link to comment Share on other sites More sharing options...
Starr Posted August 7, 2012 Share Posted August 7, 2012 I don't think they will pay out more than the vehicle is worth. So if they are worth $1,000.00 and you get $1,200.00 in damages they won't fix it. We just have liability on our old car. By the time we pay a deductible we wouldn't get much for it. Quote Link to comment Share on other sites More sharing options...
Robin M Posted August 7, 2012 Share Posted August 7, 2012 Depends on what kind of shape they are in and the value. My mercury is 16 years old but in good shape so continue to carry comprehensive and collision on it with 500 deductibles. You may want to consider just carrying liability on the truck in poor condition. If any concern about theft then have comp and drop the collision coverage. If the other truck is in good shape, look at your deductible and check the price for $500 and $1000 and see if it saves you anything. Quote Link to comment Share on other sites More sharing options...
Journey Posted August 7, 2012 Share Posted August 7, 2012 it might make sense to keep comp on the old truck, if you get it with full window glass. If you are driving and hit a deer, you're going to wish you had it too. Comp is not very expensive and it is very worth it to have. you aren't going to save much if you go with just liability. Collision is what is expensive. Many people think you'll get blue book value on a vehicle and that's not how it works. if a car is "totalled" an insurance company will look at that same type of vehicle, within a certain mile radius of where you live and they will average the cost out, giving credit for all extras the vehicle is equipped with. So, even if you newer truck doesn't seem to be worth alot it may well be. Pick up trucks hold their value very well. Also, you're not going to save much at all going from $500 to $1000 in deductibles. Trust me, i do this very thing every day in my job! if it were me, i'd keep full coverage on the newer truck and comp on the older one.:001_huh: Quote Link to comment Share on other sites More sharing options...
TranquilMind Posted August 7, 2012 Share Posted August 7, 2012 We are trying to find ways to cut back. One of the things we are looking at is the insurance on our vehicles. We have two trucks. Both are over ten years old with 200,00 plus miles. One is in good condition and runs well. The other is in poor condition and is used only for driving close to home. We currently have full coverage on both with limits of 100,000/300,000 along with uninsured and underinsured coverage. We aren't necessarily wanting to carry just liability, but I know that what we have is too much given the age of our vehicles. If you have older vehicles, how much insurance do you have? What type of limits and deductibles? What would you do? Increase your deductible as much as possible. We pay very little with 1000 dollar deductibles. Go even higher if they will let you (would not when we did it). You only turn in large claims anyway. Quote Link to comment Share on other sites More sharing options...
ktgrok Posted August 7, 2012 Share Posted August 7, 2012 The answer totally depends on what you could afford to spend to replace it, if it were totaled in a crash. If you increase your deductible to save money, but can't afford that deductible if the vehicle is in an acccident, than that is penny wise but pound foolish. We just switched insurance companies. As I shopped around ever place advised NOT getting comp/collision on our truck, which is a 2005 ford ranger. But we knew we couldn't afford to replace the truck (valued around 6,500) if it were damaged, so we DID get comp/collision with a 500 deductible, because that is what we could manage to afford if we had to. Well, guess what. LESS than a month after getting that policy his truck was totaled! We were SO grateful we had the coverage, and will be able to buy a replacement. Right now he is driving a rental while we shop, also paid for in our policy. Really, it would only have saved us about 20 a month to get rid of collision and comprehensive on his truck. NOt worth the risk to us. Quote Link to comment Share on other sites More sharing options...
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