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View Poll Results: For those of you with a car that is fully paid off, what type of insurance do you have?
Collision 12 63.16%
Liability 7 36.84%
Voters: 19. You may not vote on this poll

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Old 11-12-2011, 07:11 PM
 
Location: under the beautiful Carolina blue
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Quote:
Originally Posted by nyliguy View Post
Not a direct answer but it depends on many variables. How old is the car, what's the Kelly Blue book value.

If it's paid off and worth $20K than having collision is worth it. If it's paid off and the car is woth $1K than just get liability.

I have a lien on my car and it's worth $12K kelly blue book and I have $6K left on the loan.....I have to have collision but I keep my deductible up at $1K

Once it's paid off I'll keep collison until the car is woth little and not worth paying the difference just in case i total it to just get back a few thousand.
Insurance companies don't use Kelly Blue Book to determine value in the event a car is totalled. It's market value and has been for over 10 years. Prior to that it was the average of the Red Book and the NADA book.
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Old 11-12-2011, 07:36 PM
 
Location: Long Island
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fully paid before I drove it off the lot, brand new so have comprehensive, still do after nearly 4 years. I think after about 5-7 years it will be liability only... that's what I did with the previous one.
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Old 11-14-2011, 08:10 AM
 
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Quote:
Originally Posted by twingles View Post
Insurance companies don't use Kelly Blue Book to determine value in the event a car is totalled. It's market value and has been for over 10 years. Prior to that it was the average of the Red Book and the NADA book.
I did not know that, thanks for the info.
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Old 11-14-2011, 08:13 AM
Status: "I am in preparation mode!" (set 4 days ago)
 
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I have full coverage because the car is in great shape and the mileage is low.
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Old 11-14-2011, 11:06 AM
 
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Bought a 2010 Hyundai Elantra in Nov. '09 in cash. I have GEICO auto and pay $553 every six months with complete coverage.
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Old 11-15-2011, 12:38 AM
 
Location: Long Island, NY
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I drive a 2008 Honda - no loan so theres no car payment. Since my husbands cars are also on my insurance, we both pay collision only. I dropped the full cover sometime in 2009 (a year and a half or so) since the mileage was pretty high (average 20k/miles a yr).
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Old 11-15-2011, 07:59 AM
 
Location: Inis Fada
16,685 posts, read 27,882,078 times
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Quote:
Originally Posted by goodlife36 View Post
I have full coverage because the car is in great shape and the mileage is low.
I carry both for the same reason. Also have trailers on the policy. Two winters ago, snow and ice crushed the top of one. Despite the $1,000 deductible, I was able to replace the top and paid very little out of pocket.
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