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So I paid off my Mariner yesterday! :yahoo:

Some people are telling me I should now drop full coverage. I said I still want the full coverage on my Mariner because you never know what's going to happen. "But you'll save money!!" is the answer I get. I only pay $60 a month for it and I plan on keeping my Mariner for awhile.

Do you drop full coverage when you pay off a vehicle?
 

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Keep it
 

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We always drop full coverage when we pay off a vehicle. We feel that in the unlikely event that we do something to our vehicle that is our fault, we would still come out cheaper if we fix it ourselves.

With that said, Dasha, if it makes you feel more secure to have full coverage then keep it. :)
 

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I should probably add that we are currently insuring five vehicles, our Escape, Mariner, and Dodge truck, our son's Ranger, and our daughter's Focus. We have full coverage on the Escape, Mariner, and Focus. Our insurance is already through the roof because of both of our kids. Perhaps we will feel differently when it is just hubby and I. :)
 

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I keep full coverage on all of the vehicles. I went and changed insurance companies for the Barge though. My agreed value for the Barge is $40,000. In the event of a collision it is totally restored. The company deals only in collectors cars. Not bad for $287 a year. But..there's always stipulations.
 

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I still have full coverage on my Escape even though I paid it off 4 years ago. I think I can only drop Collision and if I did it would save me about $200 a year. If I had a second vehicle, I would probably drop collision... But since I live in a really congested area and this is my only vehicle, I keep it covered.
 

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First, Congrats!!! :happy: :party: :happy:
That's kinda a toughie... $60/mo it's now 5-6yrs old. (KBB =$???) That's $720/yr you could into a savings account (OK so it's a crapy 0.0001% rate these days) vs what would the insurance co payout on a claim - deductiable?

It's your math, so you have to decide. Personally I have full on both of mine; both are paid off, one for 5yrs, the other for 3.

Do you mean $60/6mos ? That's all mine are for the comp coverage with $0 deductible.
 

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KCCO_773 said:
I keep full coverage on all of the vehicles. I went and changed insurance companies for the Barge though. My agreed value for the Barge is $40,000. In the event of a collision it is totally restored. The company deals only in collectors cars. Not bad for $287 a year. But..there's always stipulations.
Sorry Dasha, gonna go a little OT... KCCO: Hagerty? And sorry, not very knoweldgable outside of classic Fords, but $40k for a 63 family boat?! An original Mustang GT, or a sorry shape Shelby I get; but my '65 family car is <$10k... :confused:
 

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I would keep the full coverage for peace of mind!
 

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Pay off a vehi... huh?

:lol:
 

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I was a fan of minimum coverage required by state law in AZ, but when I got insurance for my Trib, it was only like $30/6mo extra for $50,000/$100,000 with a $500 deductible.

Keep in mind, I have enough family friends involved in auto body work that give me a discount. Plus, I help to reduce costs by aiding in tear down and reinstall.
 

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Discussion Starter · #12 ·
jpark said:
Pay off a vehi... huh?

:lol:
What a strange concept, huh? :lol:

Thanks for all the replies, everybody!!!
 

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I keep full on mine, but I only have two cars. But when I pay one off I always find something I like a few months down the road :lol:
 

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So I bought my car cash in April of 2006. ( got it for a steal 2 years old 40k for $11,000), anyways I always keep full coverage because the people up here in MA are crazy drivers. You never know whos not paying attention or on there blackberry or Iphone ready to smash into you. I know it would probabbly cost me at least 10k to replace my Escape with all its options for the same model. So I would say fully insure it and if you want to save money get a hire deductable. I always keep mine at 500.00 but by switching to 1000.00 you could save a lot of money without the risk of a TOTAL LOSS!
 

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Hmm, I thought this thread was aout something else......... :angel: :angel: :angel: :doh:
 

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The Full Monty?

:lol: :bill: :shock:
 

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Those darned subliminal messages. You've tried soaking them out. You've tried scrubbing them out.

:lol:
 
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