Quote:
Originally Posted by 2020BRZtS
As for under-insuring it's a fools game. You might be able to afford to replace your car outright but what if you are at fault in an accident that destroys a neuro-surgeon's ability to make a living. In a country where you can sue anyone for anything you will wish you had proper coverage.
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See, now you are talking about liability, which was never discussed or brought up by me. I have auto liability for amounts required and then a pretty big umbrella for anything not covered. As you bring up, liability is an issue because it is almost impossible for you to cap what your potentially liability could be.
All I was talking about is gap insurance (and I would say a lot of the same things about collision). In each of these instances, the potential risk is very, very easy to calculate and limited (and changes, by the way, over the life of the car). Harder to calculate the risk of the insured event happening, but not that difficult either. It's pretty simple math.
In any event, gap is irrelevant to me as I buy most cars, including this one, with cash (although I did finance a bunch of my 2020 BRZ but that was because they were offering a loan at 0.5% - basically free money). I just find it beyond hilarious that people who think you are "underinsuring" by not buying gap insurance (which I still say is unlikely to EVER be used assuming current market) are some of the same people that would spend 5 -7k on FI which IMMENSELY raises the risk of you blowing up your engine (another 10 -15k) where NONE of it is insured.
Indeed, its just funny how people think of certain "risks" one way and others entirely differently without realizing they take way more risks they think they do just getting out of bed in the morning!