paintball1

Ok pretty much I pay 3000 a year for full coverage with a 500 Dollar delectable. For my 05 saleen. Money is getting a little tight and if i dropped to liability its only 900 a year. You think its worth it? IF i ever did get in a little fender bender I'm friends with a body shop i would take it to him out of pocket anyway. But if it was a serious crash like totaled idk what i would do. I thought about it, the insurance prolly would not pay out the valuve on a saleen mustang if it was totaled but a GT value anyway. Any input? thanks....

madmann26

One thought: Don't.

Why?

Your insurance comp/collision covers much more then your car. It covers things as damage to the other parties vehicle if you're the one at fault.

Also, if you are still making payments on it, your lienholder will frown on this BIG TIME and one of two things will happen,

1. They will take full-coverage insurance out for you.

2. They can repossess your car.

I paid my wifes car off about a month ago and I plan on keeping full-coverage on it. It's cheap compared to getting sued for thousands upon thousands of dollars otherwise.

Art161

Comp/collision covers your car, not the other person's car. Damage to the other person's car is covered by the property damage portion of liability insurance.

paintball1

the car is paid off. i gueese its a risk . as long as i am not at fault il be fine.

jpormen

I dont know you as a person. but

1. You have a 2005 Saleen
2. They arent cheap
3. You have it paid off

I think if you have a saleen in theory you should respect what you have and i can assume that you take care of it and drive responsble so i think you should be fine with dropping to a lower insurance

swagfu

Your liability is to protect you in case you are at fault in the accident and injure the other persone or persons involved. Your liability helps keep you from getting sued personally and losing much of what you own. IF you want to save money, drop the comp and collision from the policy and anything like towing or rental coverage. There may be some other things you can do depending on what state you are in as they all have different laws.

I am in Florida and if you are in an at fault accident with no liability, they could be a lien on your home, they can take all but one vehicle, they can take any CD's or stocks you have. They can take your checking and savings and they can even garnish your wages. Your liability should be a little above your net worth to protect these things.

But in the end, you have to pay the bills.

Tanner05

I don't know, it would be cheaper for you go have full coverage in the long run if you ended up in an accident. You have to do what you have to do though.

daredevil95

Assuming you meant to say remove the Comp/collision but, retain the liability which is mandatory by law. The only thing to remember it is going to SUCK if/when the car is stolen or crashed....I seen this in the past and it feels devastating. Do all you can do to keep the coverage and if you can't, you gotta do what you gotta do.

paintball1

Yes, drop to the comp/collision. That would be awful if i did total my car or it was stolen.

jz

I made this mistake once, for the same reason as you. I was looking to save money, so I dropped to liability thinking I'd be fine as long as the accident wasn't my fault. How wrong I was. Woman ran a stop sign, totalled my car. She has no liscense, no insurance, and no registration. There was nothing I could do in the end. I lost all that I had worked so hard for.

You would be much wiser to go back to full coverage and increase your deductable. Don't make the same mistake I did.