Post by
Jeff Williams »
https://forums.nicoclub.com/jeff-williams-u431.html
Wed Apr 27, 2005 4:14 pm
I don't necessarily agree with the statement that "You only insure what you can't afford to replace". I have full coverage on all my cars. I could replace them, if necessary. I just weigh the cost of insurance against the probability of some uninsured person driving a "rolling total" car, with no valid driver's license. I have been hit twice by such drivers in the past, and prefer to have rental car, coverage, and the option of getting the car fixed or replaced.
Full ocverage is only $50 more per month than just liability. That is $600 per year. I would rather pay $600 per year, than loose my investment. I keep in tyouch with my agent, and re-evaluate the value of my car each year.
It is kinda strange that you pay the same ammount for full ocverage, regarldess of the car's mileage. When they find out that it has over 200K miles on it, they depreciate it roughly to half of what it would be worth, if it had only 70K miles. Why isn't the insurance premium reduced, based on the mileage?
My insurance agent will pay out $4000 for Layla, and $8000 for Lola, if totaled. When the value reaches $2,500 on Layla, I will drop the full ocverage, and just have liability.