Full coverage vs liability

I have 07 4runner SR5 4x4 158000 miles in excellent condition that I have full coverage on. I talked to USAA today about my insurance coverages and asked what they valued my vehicle at and they referred my to KBB and they would not tell me at what percentage the vehicle would be totaled. My question is full coverage or liability only. It is parked in the garage at night. It’s the vehicle my wife drives the most 2 miles a day. 2024 4Runner is our trip and weekend vehicle.

 

What’s the premium difference between full and collision only? How does your vehicle price out on KBB? What do similar age and mileage vehicles sell for online within 100 miles of your home?

Figure all that out then decide accordingly.

My 2002 wrangler was stolen from my street 2 weeks ago. I’m glad I kept the comp/collision coverage. Waiting on a settlement offer at the moment.

 

$35 a month KBB estimated $7000 to$ 9000. The prices local are over the place. $5000 to $10000. I paid $12000 a few years ago after a six month search. I am sick of everything going up. My home owners insurance went up $700.

 

I guess it comes down to how much it's going to hurt you if you do end up in a situation where it gets totaled and you're not covered. And, is $420/yr worth the risk?

One thing I did to save a bit on insurance was to go with a $1K deductible vs the typical $500. I can't remember what the actual difference was, but it seemed worth it at the time.

 

I have USAA as well. I have coverage for theft and vandalism, plus if something falls onto the vehicle but no coverage for collision from my fault. If I flip it over somewhere that’s my stupidity. For no fault accidents the other party’s insurance should pay for the damage and I have underinsured motorist coverage. Go on USAA app and play with the coverage. It explains to you everything as you click on each option and shows you the price difference.

 

I am getting quotes for different deductibles. Thank for your reply

 

noodles thank you for the reply I will play with the app. What state are you in I think some options are depending on the state

 

Since you cannot change your state just play with whatever you have and you’ll see the difference. I also have glass protection just forgot about it. And I have a 2023 SR5P. For 2 vehicles I pay $92/month.

 

Try Toyota Insurance.

If it’s valued at that much, I’d get full coverage.

 

That's a good assessment, IMHO. I had a '91 Camry for 29 years and dropped everything but liability and property damage after 15 years. Glass coverage varies by state and insurance company but my insurance covered the windshield when it cracked one winter. The most I was ever offered for the car was $600 and to me it wasn't worth insuring.

I have a '99 Sienna that my wife loves and it still has full coverage but I think I'm going to drop everything but liability and property damage, the state's minimum required coverage. State taxes it at $837 and KBB says trade in is $1300-2600. If it were stolen, yes, we'd be sad because it's in very good condition, mechanical and appearance. All insurance is rising like crazy so you have to draw the line somewhere. I can cover the KBB estimates.

My '04 4Runner is taxed at $4275 and KBB says trade in is $3700-5200. It's always parked outside. I have taken good care of it and wouldn't buy someone else's Gen4 T4R, nor any of the newer T4Rs. So for now, I keep the insurance as is. If it were stolen or totaled I'd at least have some $$$ to shop for another one, plus a little piece of mind.

 

At that value assessment, full coverage should be considered. If you decide to go the liability route, add comprehensive.

 

I take very good care of my vehicles and keep them 20+ years. I have tilted at windmills a couple of times but now understand that you are going to get compensated at average value. So, don't invite the aggravation by paying for collision insurance if your well maintained vehicle is over 10 years old - you won't be happy if you have to make a claim. And if you end up not needing the insurance, you have paid out all that money. Insurance sucks - once I got to the point that I had enough money to accommodate the loss, I now buy as little of it as possible and that has worked out for me (on average) over my 50+ years of driving.

 

I agree. I worry more about being sued for everything I own than whether someone is going to steal my car. We have a very litigious society and all those ambulance chasing lawyers advertising on TV don't help.

 

Yes, I don't carry the collision on older cars but I don't skimp on the liability insurance. That is where you need to be covered if you have accumulated a few dollars.

 

$420 extra per year on a 17 year old vehicle so you can be paid out $5000 in case of total loss? Forgetaboutit.

 

the solution to that is umbrella liability. I carry a $2MM policy on top of my auto annd homeowners and it only costs $300/yr.

you have to carry max limit basic liability on your auto policy first to add the umbrella, but you don’t have to carry collision or compif you don’t want to on an older paid off car. And it’s the latter two that are typically the most expensive part of the premium.