New Car: No Collision/Comprehensive?

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Re: New Car: No Collision/Comprehensive?

Post by munemaker » Thu Oct 11, 2018 12:10 pm

Jack FFR1846 wrote:
Mon Oct 08, 2018 8:11 am
I keep comp on all my cars. This includes my 9 year old Ford Fusion that's worth less than $3k. Why? Windshield coverage with zero deductible.
I do this too...and also for deer hits, of which I have had a few. In PA, insurance companies cannot raise your rates due to collision claims. Comp is inexpensive. I generally do not carry collision coverage though.

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Re: New Car: No Collision/Comprehensive?

Post by 3-20Characters » Thu Oct 11, 2018 12:22 pm

gasdoc wrote:
Mon Oct 08, 2018 8:55 pm
I have had two cars repaired using insurance coverage. Both were unsatisfactory in that the insurer dictated the use of parts that proved to be unacceptable, causing long delays in getting the cars back. I no longer carry collision insurance on any of our three cars and now getting cars repaired is a simple process- take it for an estimate, choose the provider, get the cat fixed.

So you’ve gotten into multiple car accidents and as a result had your cat fixed multiple times! Poor kitty! :D

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Re: New Car: No Collision/Comprehensive?

Post by criticalmass » Thu Oct 11, 2018 10:04 pm

LiterallyIronic wrote:
Thu Oct 11, 2018 12:04 pm
criticalmass wrote:
Wed Oct 10, 2018 10:43 pm
LiterallyIronic wrote:
Wed Oct 10, 2018 10:03 am
I'm as cheap as they come. I carry state minimum coverage on my sub-$1000 clunker.

However, if I had an expensive car - and someday I'd like to own a DeLorean, which runs about $30k - I would absolutely have comp/coll/under-insured/uninsured coverage. I'd have all the coverages possible. And I'd built a carport to park it in. And I'd carry around a car cover to keep it covered wherever I parked it.

So my vote would be to carry comp and coll.
If your clunker is involved in an accident involving injury, such as kid on bicycle, do you have sufficient insurance to pay emergency room plus hospital plus lawsuit?
I don't know what standing they'd have for a lawsuit beyond the emergency room and hospital you already mentioned, but I have $25k liability per person per accident. Given your scenario of hitting a kid on a bicycle, then I must be driving around the neighborhood, meaning that I'm going no faster than 25mph (less if I see the kid and have time to break somewhat before the collision). Ergo, I feel comfortable that the bill would be under $25k in most cases and paying out of pocket for excess, if any. And if the excess was too high, I consider myself fairly judgment-proof. Utah has the Homestead Exemption, which allows me to exempt $30,000 in home equity from Bankruptcy (assuming Chapter 7), and my retirement accounts are also exempt. So, absolutely worst case scenario, I declare Chapter 7, and the maximum I'd have to pay is my amount of home equity (about $60,000) minus the $30,000 exemption, for a total of $30,000, which I'd pull out of my Roth IRA and pay the kid's family and then go on with my life.

I'm comfortable taking those odds.
If you’re paying for special care for the rest of someone’s life, your bankruptcy strategy may not help you and certainly doesn’t help your victim. Liability insurance for say 100k is pretty cheap if you don’t have a terrible record. And ther are plenty of roads in Utah with bicycles and traffic driving in excessive of 45 mph let alone 25.

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