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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 11-11-2011, 01:08 PM
 
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liability or collision?
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Old 11-11-2011, 01:12 PM
 
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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.
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Old 11-11-2011, 03:14 PM
 
Location: Islip,NY
16,935 posts, read 19,672,707 times
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I have a 2002 Ford Focus and had full coverage until last year. Now I only carry liability plus I have over 165,000 miles on the car. My husbands 2001 GMC has full coverage and very low milage. Both vehicles have been paid off since 2005
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Old 11-11-2011, 04:08 PM
 
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I have a 2005 Impala that now has liability only, it was fully covered, and my 95 ford was liabilty only until my wife got a 'new' car this year, an '08 Town & Country, that now has full insurance but it also has a loan so it has to. I debated keeping the collision on the Impala, but it has a book value of about $4,ooo. ( I guess the insurance for that is the ford is still in the driveway)
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Old 11-11-2011, 06:48 PM
 
Location: home...finally, home .
8,176 posts, read 18,006,769 times
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Both. I am not sure of the difference because I don't think I ever had a car that wasn't paid off. Would that matter for an insurance claim?
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Old 11-11-2011, 07:20 PM
 
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I was thinking of taking the collision off of my car once it was paid off, however, it is surprisingly inexpensive, so I chose to leave it on. I've heard the same from friends of mine.
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Old 11-11-2011, 09:21 PM
 
Location: Long Island (chief in S Farmingdale)
18,686 posts, read 14,808,155 times
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Collision
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Old 11-12-2011, 05:18 AM
 
Location: Eastern Long Island
1,280 posts, read 4,177,768 times
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We currently have high deductible collision on my car which is only a year old and DHs car which is not new but would be very expensive to repair, both of these vehicles do not have payments.
My stepdaughters car is older and not worth very much(it's her first car) has a liability only.
As my car decreases in value( I tend to keep my cars a long time) I will convert it to liability only but it won't be for a while.
If a car is only worth $5,000 and you have a $1000 deductible and the premium is roughly $1000 year for collision your out of pocket expense if the car is totaled and is your fault isn't really that high. However if it's the only car you have and you aren't in a position to spend more on a replacement you may want to keep it fully insured. Reliable cars for less than $4000 are hard to find.
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Old 11-12-2011, 06:17 AM
 
Location: Islip,NY
16,935 posts, read 19,672,707 times
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My Focus is worth about $1,500-2,000. I was going to trade it in in 2008 for a Chevy Cobalt but they only wanted to give me $500 and the financing was ridiculous. So for now I am keeping it. It's well maintained by my husband other than the few dings and scratches it has. I needed a new windshield recently and because I only carry liability now we did not have glass coverage. Thankfully my husband works in the Auto parts business and has connections.
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Old 11-12-2011, 08:55 AM
 
233 posts, read 644,921 times
Reputation: 251
liability, i have a volvo s70..you can buy these vehicles in extremely nice condition for less than 6 grand.

i am not cheap but i do not want to purchase things unless i can pay cash.. so when i have 50 grand i will not be putting it down on a house, and i will not be buying a car that i have to make payments on for years and years..to me that is ridiculous...

id rather invest my $$ and stay debt free
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