I’ve been wondering about full coverage car insurance. I know it’s not required unless you have a loan or lease, but is it worth it otherwise? It seems like it could help if you drive a new car or live somewhere risky, but I’m not sure it makes sense for older cars. What do you all think? Anyone have experience with this?
I had full coverage when I had a newer car, and it saved me big time after an accident. If your car is valuable, it’s definitely worth considering.
Aeron said:
I had full coverage when I had a newer car, and it saved me big time after an accident. If your car is valuable, it’s definitely worth considering.
Totally agree. I had to replace a windshield last year, and full coverage took care of it. Not sure I’d bother if my car was older, though.
@Nuri
Yeah, that’s the thing. Once your car’s value drops below your deductible, it feels like you’re just throwing money away on premiums.
It really depends on where you live. I’m in a city with crazy traffic and high theft rates, so I keep full coverage just for peace of mind.
Laurel said:
It really depends on where you live. I’m in a city with crazy traffic and high theft rates, so I keep full coverage just for peace of mind.
Same here. My neighborhood has a lot of car break-ins, so I feel safer keeping full coverage.
I dropped full coverage once my car got older. The math just didn’t add up anymore. Like, why pay $600 a year when my car’s only worth $1,500?
Payton said:
I dropped full coverage once my car got older. The math just didn’t add up anymore. Like, why pay $600 a year when my car’s only worth $1,500?
Exactly. If your deductible is close to your car’s value, it’s probably not worth it. Liability-only might be the way to go.
Does anyone know if full coverage is better for people who live in areas with hail storms? My neighbor swears by it.
Zephyr said:
Does anyone know if full coverage is better for people who live in areas with hail storms? My neighbor swears by it.
It definitely helps with stuff like hail damage, but check your policy. Some insurance companies might not cover it under full coverage unless you add specific options.
Full coverage makes sense if you commute a lot. My friend got rear-ended in rush hour traffic, and full coverage saved them a ton of money.
Monroe said:
Full coverage makes sense if you commute a lot. My friend got rear-ended in rush hour traffic, and full coverage saved them a ton of money.
I agree. Driving in heavy traffic increases your risk of accidents, so having extra coverage can be a lifesaver.