Should I Get Liability Only?

[SamIam]

I have 2 cars. The one car I have I'm saving for my son is a 2005 Lincoln LS V8 it has 90,000 miles and is in good shape. I'm leaning getting only Liability for it because I'm sure the insurance company wouldn't give me crap for it if I got totaled. The dealers are selling similar ones' like mine for about 6K-7K

Am I correct about only getting liability for it?

 

[djs]

Hard to answer without knowing what the premium difference is.

If the car got totaled, how bad would it hurt you to walk away from the car? Its basically 12 model years old, so I would normally recommend liability only, if its not a primary vehicle. If its a primary vehicle and needed on most days, I always recommend collision coverage.

Here is the dirty secret.... it isn't just the value of the car. If someone hits YOU, with liability only, there is a higher chance the other carrier will deny the claim. Without collision coverage, your carrier will not go to bat for you to tell them to pay it anyway. Again, not a big deal on a low value, non-primary car, but that definition changes depending on each individual.

Dan

 

[Andle]

Ask what the collision and comprehensive cost you each month then decide. I see many people insuring older vehicles with comp, collision, or both because it may only cost them an additional $10 or less a month. Its worth it for some, not for others.

 

[Hoosier]

Saving for son tells me that the kid is about to turn 16 and get his license. 16 + v8 + collision coverage = big premium.

 

[djs]

Actually, the V8 affects liability / property damage premium more then collision premium. Well, that and its built like a tank. You can do a lot of damage!

Dan

 

[ModernInsurance]

In the event full coverage (a misnomer, to be correct) is too costly, liability + comprehensive, or other-than-collision, is a nice middle road.

 

[Levi]

Why not have more coverage? Personally, I have 500/500/250 on all vehicles I own. I may pay more, but the peace of mind I have on the road is priceless.

 

[xrac]

I carry a $1,000,000 liability umbrella on the dwelling and autos.

 

[AvOve]

I think it depends on what you are comfortable with. Yes a vehicle over 10 years old is not as valuable but if something were to happen, would you be in a position to get it repaired or buy a new car all together. Or pay your deductible portion and than accept the payout. It may be enough for a down payment for a new vehicle. But In reality you could set money aside instead. An alternative may be to carry just comprehensive. This is coverage for things non collision. For instance if a tree falls on the car, it's stolen, broken into, etc. it's less expensive than full coverage but u have some form of coverage for the vehicle itself. Depending on your insurance company and other factors, you may be able to carry full coverage at a rate that doesn't make too much of a difference in the premium anyways. I would also say, make sure your liability is above the state minimum requirement. In PA our limits 15,000/30,000 which is very very low. Great liability on a policy is at least 250,000/500,000 to make sure there is enough coverage if something happens and someone would try and sue you. Also, make sure you include un/underinsured as well.