Quote:
Originally Posted by Grady
It all depends on your financial situation. Once a car gets around 10 years old (10k value) it is at the point where full coverage does not make financial sense. My 2017 BRZ does have full coverage. My 2000 outback and 2005 Colorado have liability only. Colorado has had liability for the last 5 years. I have saved more than insurance would pay for it now. However If I would have totaled it right after putting it on liability the 7k loss would not have put me in a bind. You just have to find out what you financial situation is and your tolerance for loss.
|
IMO The car has to be a completely worthless shitbox to switch out from full coverage to liability only. 5k is still a lot of money to just throw away. Im not sure how many 'stages' of insurance there is but there should be something between liability only and full coverage (reduced coverage or something?)
But on a brand new car....if you have to get liability only just to 'save a few bucks' you were never able to afford this car...even if you technically could.
Our BMW is a lease and it HAD to have a specific insurance requirement in order to get it registered (well, leasing might be a different thing)