Liability only?

[roadracer311]

So, every car I've ever owned (for the last 22 years) has only been covered with liability coverage. I've never made a claim, and never wished I had more coverage. During this time, I'd guess that I've saved between $10k and $20k by not having full coverage.

The Boxster is the first car where I've had full coverage, but seeing as I only drive it on weekends, I'm thinking of going liability only.

My current break down (per year) is:
$1,407 per year for full coverage
$472 of this is liability
$244 of this is comprehensive
$628 is collision

In most discussions here it sounds like most people have full coverage. Anyone gone with liability only and regretted it?

[rick3000]

I am sure anyone with liability only coverage that totaled their car ended up regretting it. I have full coverage, because like any insurance it's a safety net and protects me in the event that something does happen. Plus my Boxster is a DD, so it makes sense.
It's all measuring risk, if your only driving on the weekends and good driver I don't see why you need full coverage. But if somethings does happen (it's impossible to say now) you might regret it.

[Lil bastard]

I have carried full coverage on at least 3 cars (as many as eight) since Nixon was in the White House and have never had a single claim... not one!

Yea... it irks me to write the check, but then again, I have been well covered. The fact I've never used it didn't diminish the security it provided.

My Boxster is on specialty insurance, - Liability + Agreed Value. Mileage limited to 5k/yr.+carryover (which I've never come close to exceeding - own 4 other cars between 2 people, and I office from home - no daily commute) - annual premium $244.

I do have a mid-'90's SUV (the 'Mule') which has less than 100k on it and is still in excellent shape both mechanically and aesthetically - have spent less than $50/yr. on upkeep the past 5 yrs. It's used through the winter and as the hauler. 2 yrs. ago I dropped the collision because the market value for it is essentially non-existant. I couldn't get $500 for it today, but it's worth much more than that to me. But that's the only car I've ever, or would ever, consider not having full coverage for.

IMHO, carrying limited coverage on a Boxster is the essence of 'False Economy'. If it's not a DD, consider looking into specialty coverage instead of dropping full coverage.

You may say you've saved $10k - $20k through the years, and undoubtedly you may have, but that is in no way a raving endorsement of your practice. In reality you've only been lucky... but others may not be. Proper insurance mitigates reliance on luck.

[crios]

I have full coverage, max on everything and live in CA with 18 years of driving experience.

My car is listed as a pleasure vehicle as well, which makes my insurance cheaper than usual, 6K miles driven a year or less.

My current break down (per year) is:
$789 per year for full coverage (with 1 point on my record and $1000 deductable)

$329 – Bodily Injury – 250K/500K
$104 - Uninsured Motorist – 250K/500K
$239 – Collision
$78 – Comprehensive (other than Collision)
$25 – Rental Car
$14 – Waiver of deductible (Uninsured Motorist)

I highly….highly recommend the last one. I’ve been hit twice by an uninsured motorist…once totaling my 99 Boxster. Worst thing is paying your own deductible when it was not even your fault.



If you want to save some money, raise you deductable. Most damage on our cars is always a couple of thousand. If less, in my opionion, better to pay out of pocket than to have your rates go up. You can also save some money if you use the same insurance carrier for your home owners insurance. I use Travelers and have had about 4-5 different incidents in 18 years and have always been impressed with their service. Plus they also helped get me my 03 below when my 99 was totaled

[coreseller]

I guess I ought to consider myself lucky, when I ad on the Boxster to the policy it runs about and additional $400 per year with a $1k deduct. Multicar discount kicks in also though. I like many view insurance as a catastrophic safety net, I don't make claims unless I absolutely have to. My fear on liability only is that an accident / event occurs at a bad time (like now; tax time, yearly tuition lump payment time, just paid for a new roof time, newfangled front load washer/dryer time, etc.) and the financial outlay proves devastating. I have had full coverage on everything since my early 20's when my vehicles were usually worthless beaters.

[Brucelee]

Well, if you car is stolen, assume it is not coming back.

If you are hit by another driver in CA, assume he does NOT have insurance. He won't most likely.

You need at least $250K liability if you have any assets to protect.

I carry collison. I don't want to be out a whole car.

[gregdacat]

I taught two daughters to drive a stick. Had to have full coverage. Unfortunately had to use it too. I have one daughter that thinks that white fog line on the edge of the road is where you are supposed to drive.

Plus in KY if you have comprehensive you are entitled to one windshield replacement per year at no charge (it has to be damaged of course) and it cannot affect your premiums or rating. No comprehensive and you're paying for the windshield out of pocket.

[Paul]

If your car is financed with the car as collateral or leased, you must have collision and comprehensive as deemed necessary by the terms of the loan.

[944boy]

My 944 has minimum coverage. It's a race car and most likely will be totaled at the track. Insurance won't do squat about that. But it has been without collision since we've owned it for the last 7 years. Only been hit once while I have owned it.

The Boxster has full everything which is expensive since I am still under 25 and put 15-20K a year as a daily driver. But if it gets wrecked I want cash for another.

[jmatta]

At the moment we have five cars in the family (two Porsches) and four drivers (two of which are teens).

My insurance bills are killing me and the least expensive cars to insure are the 911 and the Box S. Now I need to buy my daughter a car to get around the "one car for each driver" rule.

[Lil bastard]

Originally Posted by jmatta

... Now I need to buy my daughter a car to get around the "one car for each driver" rule.

Or you could just kick her out of the house...

[roadracer311]

Thanks everyone, for the input. The thing that hurts my rates the most is that my daily driver (rain or shine) is a motorcycle, which doesn't count towards a multi-vehicle discount, even though it's insured with the same carrier as the car.

My car isn't financed and I've got enough in cash reserves to go buy another one (partly due to the savings of carrying only liability insurance for 20 years). I'll likely go ahead and reduce my coverage to either liability+comprehensive or liability only. If I'd done this from the outset, two years ago, I'd already have $2k in the bank toward any repairs that do come up.

I'm also going to look into specialty insurance, since I drive <5k miles per year in cars. Thanks Lil bastard for mentioning that.

[RandallNeighbour]

I was about to dump State Farm full coverage on the boxster because it was $950 a year here in Houston (and I've got a spotless record for many, many years) and two other cars on my policy.

I was headed to Leland West for collector car insurance.

Then my SF agent's assistant said they had collector car insurance that had full coverage and no mileage limits per year like LW for the same or less money.

So, like Lil Bastard, I have full coverage on my "collector" car plus + $7500 in detailed mods they will pay for if the car is stolen (litronics, coilovers, interior parts update, rocker panels, sport exhaust system).

Annually it's something like $275.

[vath2001]

Three cars in the house. The Chevy is down to liability (not woth full coverage based upon the Kelly Blue Book). The Acura has full coverage (its the DD).

The Boxster get full coverage when it come out of storage. Right now it dropped down to whatever the storage coverage is.... but its due to come out the first of the month (April Fools Day.... how fitting).

Next year we may drop the Acura to liabilty (after checking the Kelly).

[FTD]

The 1998 Accord is on Liability only. The 2004 Boxster is under full coverage. In my life experience, the uninsured motorist coverage has been the most used.

[renzop]

My Boxster cost me less than $650 per year for full coverage (250 deductable collision 100/300 liability). Considering the car cost me 48K new, I think this is a worthwhile insurance investment. If my car was worth less than $10K I would think about skipping the collision.

[roadracer311]

You guys have some great rates. I think having the Boxster as my only car (since, my primary transportation is a motorcycle) is what makes my rates so high. I have a clean driving record.

I went ahead with just liability and uninsured motorist on the Boxster and the bike.

Now if I could just get my health insurance down from $650 a month to $475 a month where it was two years ago.

[Brucelee]

Originally Posted by roadracer311

You guys have some great rates. I think having the Boxster as my only car (since, my primary transportation is a motorcycle) is what makes my rates so high. I have a clean driving record.

I went ahead with just liability and uninsured motorist on the Boxster and the bike.

Now if I could just get my health insurance down from $650 a month to $475 a month where it was two years ago.

.


In regard to your health insurance rates, you could, MOVE to another state or find a way to get younger. Rates are age rated for the most part if you are not part of a large group.

[edevlin]

"I have full coverage on my "collector" car plus + $7500 in detailed mods they will pay for if the car is stolen (litronics, coilovers, interior parts update, rocker panels, sport exhaust system)."


Say, whats up with this "detailed mods"? I have State Farm and I did not know about listing (and paying for) the mods done to the car. How does one go about getting setup for detailed mods arrangement, thanks,

Ed