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Full coverage vs liability

Discussion in '4th Gen 4Runners (2003-2009)' started by Wrltexas, May 20, 2024.

  1. May 20, 2024 at 5:24 PM
    #1
    Wrltexas

    Wrltexas [OP] New Member

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    I have 07 4runner SR5 4x4 158000 miles in excellent condition that I have full coverage on. I talked to USAA today about my insurance coverages and asked what they valued my vehicle at and they referred my to KBB and they would not tell me at what percentage the vehicle would be totaled. My question is full coverage or liability only. It is parked in the garage at night. It’s the vehicle my wife drives the most 2 miles a day. 2024 4Runner is our trip and weekend vehicle.
     
    gsdlvr likes this.
  2. May 20, 2024 at 6:17 PM
    #2
    Nutmegtheref

    Nutmegtheref ****

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    What’s the premium difference between full and collision only? How does your vehicle price out on KBB? What do similar age and mileage vehicles sell for online within 100 miles of your home?

    Figure all that out then decide accordingly.

    My 2002 wrangler was stolen from my street 2 weeks ago. I’m glad I kept the comp/collision coverage. Waiting on a settlement offer at the moment.
     
    icebear likes this.
  3. May 20, 2024 at 6:30 PM
    #3
    Wrltexas

    Wrltexas [OP] New Member

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    $35 a month KBB estimated $7000 to$ 9000. The prices local are over the place. $5000 to $10000. I paid $12000 a few years ago after a six month search. I am sick of everything going up. My home owners insurance went up $700.
     
  4. May 21, 2024 at 4:23 AM
    #4
    Thatbassguy

    Thatbassguy New member? Really??

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    I guess it comes down to how much it's going to hurt you if you do end up in a situation where it gets totaled and you're not covered. And, is $420/yr worth the risk?

    One thing I did to save a bit on insurance was to go with a $1K deductible vs the typical $500. I can't remember what the actual difference was, but it seemed worth it at the time.
     
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  5. May 21, 2024 at 8:00 AM
    #5
    Noodles

    Noodles New Member

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    I have USAA as well. I have coverage for theft and vandalism, plus if something falls onto the vehicle but no coverage for collision from my fault. If I flip it over somewhere that’s my stupidity. For no fault accidents the other party’s insurance should pay for the damage and I have underinsured motorist coverage. Go on USAA app and play with the coverage. It explains to you everything as you click on each option and shows you the price difference.
     
  6. May 21, 2024 at 8:07 AM
    #6
    Wrltexas

    Wrltexas [OP] New Member

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    I am getting quotes for different deductibles. Thank for your reply
     
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  7. May 21, 2024 at 8:10 AM
    #7
    Wrltexas

    Wrltexas [OP] New Member

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    noodles thank you for the reply I will play with the app. What state are you in I think some options are depending on the state
     
  8. May 21, 2024 at 8:24 AM
    #8
    Noodles

    Noodles New Member

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    Since you cannot change your state just play with whatever you have and you’ll see the difference. I also have glass protection just forgot about it. And I have a 2023 SR5P. For 2 vehicles I pay $92/month.
     
  9. May 21, 2024 at 8:35 AM
    #9
    Jynarik

    Jynarik I like boobies

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    Try Toyota Insurance.

    If it’s valued at that much, I’d get full coverage.
     
  10. May 21, 2024 at 10:24 AM
    #10
    RichInKy

    RichInKy New Member

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    That's a good assessment, IMHO. I had a '91 Camry for 29 years and dropped everything but liability and property damage after 15 years. Glass coverage varies by state and insurance company but my insurance covered the windshield when it cracked one winter. The most I was ever offered for the car was $600 and to me it wasn't worth insuring.

    I have a '99 Sienna that my wife loves and it still has full coverage but I think I'm going to drop everything but liability and property damage, the state's minimum required coverage. State taxes it at $837 and KBB says trade in is $1300-2600. If it were stolen, yes, we'd be sad because it's in very good condition, mechanical and appearance. All insurance is rising like crazy so you have to draw the line somewhere. I can cover the KBB estimates.

    My '04 4Runner is taxed at $4275 and KBB says trade in is $3700-5200. It's always parked outside. I have taken good care of it and wouldn't buy someone else's Gen4 T4R, nor any of the newer T4Rs. So for now, I keep the insurance as is. If it were stolen or totaled I'd at least have some $$$ to shop for another one, plus a little piece of mind.
     
    icebear likes this.
  11. May 21, 2024 at 5:48 PM
    #11
    steelevo

    steelevo Not so new anymore...

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    At that value assessment, full coverage should be considered. If you decide to go the liability route, add comprehensive.
     
  12. May 21, 2024 at 6:00 PM
    #12
    Buckaroo

    Buckaroo New Member

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    I take very good care of my vehicles and keep them 20+ years. I have tilted at windmills a couple of times but now understand that you are going to get compensated at average value. So, don't invite the aggravation by paying for collision insurance if your well maintained vehicle is over 10 years old - you won't be happy if you have to make a claim. And if you end up not needing the insurance, you have paid out all that money. Insurance sucks - once I got to the point that I had enough money to accommodate the loss, I now buy as little of it as possible and that has worked out for me (on average) over my 50+ years of driving.
     
    Last edited: May 21, 2024
    Acesandeights and RichInKy like this.
  13. May 22, 2024 at 6:24 AM
    #13
    RichInKy

    RichInKy New Member

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    I agree. I worry more about being sued for everything I own than whether someone is going to steal my car. We have a very litigious society and all those ambulance chasing lawyers advertising on TV don't help.
     
  14. May 22, 2024 at 11:03 AM
    #14
    Buckaroo

    Buckaroo New Member

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    Yes, I don't carry the collision on older cars but I don't skimp on the liability insurance. That is where you need to be covered if you have accumulated a few dollars.
     
    Last edited: May 22, 2024
    RichInKy[QUOTED] likes this.
  15. May 22, 2024 at 12:49 PM
    #15
    3JOH22A

    3JOH22A Toyota Gigolo

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    $420 extra per year on a 17 year old vehicle so you can be paid out $5000 in case of total loss? Forgetaboutit.
     
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  16. May 22, 2024 at 1:54 PM
    #16
    jharkin

    jharkin New Member

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    the solution to that is umbrella liability. I carry a $2MM policy on top of my auto annd homeowners and it only costs $300/yr.

    you have to carry max limit basic liability on your auto policy first to add the umbrella, but you don’t have to carry collision or compif you don’t want to on an older paid off car. And it’s the latter two that are typically the most expensive part of the premium.
     
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  17. Jun 10, 2024 at 7:18 PM
    #17
    Wrltexas

    Wrltexas [OP] New Member

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    I went with Farmers full coverage saved $800 a year on the cars and $1400 a year on the house over USAA. Looking at a umbrella also
     
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  18. Jun 10, 2024 at 9:14 PM
    #18
    gkomo

    gkomo New Member

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    Interesting I always thought USAA was good and reasonably priced.
     
  19. Jun 10, 2024 at 9:20 PM
    #19
    backpacker

    backpacker New Member

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    If I saved that much, they'd be paying me.
     
  20. Jun 11, 2024 at 8:35 AM
    #20
    Wrltexas

    Wrltexas [OP] New Member

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    USAA could not explain why my house went up 30% other than a rate change in 8 years I have not had a claim. I wonder if it has to do with me being a dependent member since I was not in the military but I am eligible through my father being active duty during the Korean War. He would get dividends but I would not.
     
  21. Jun 11, 2024 at 10:22 AM
    #21
    gkomo

    gkomo New Member

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    I have AAA covering all autos and home. My home owners insurance has gone up like 50% since COVID. I called to ask why and pretty much got the 'inflation' blah blah excuse. California has defeated me so I pretty much am used to everything just being expensive here for no real reason.
     
  22. Jun 11, 2024 at 10:48 AM
    #22
    Acesandeights

    Acesandeights #34

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    Only a portion of your rate is about "you". Most of what you're paying is based on claims your carrier is paying in your state. If you are with a carrier that has a high claim volume, you'll pay more to cover their "losses". Insurance companies make pennies on the dollar and only make money based on volume (number of paying customers) and investments. They pay out about $0.95 - $1.05 for every dollar they take in premiums. Some years they make money, other years they do not, but based on claims volume and their investments, they profit over time.

    You can do the same thing. Take an amount of money and put it into a money market account every month. At some point you will have more money in the account than the value of your vehicle. At that point drop everything but liability coverage. If you can "save" $800 a year switching carriers, put that $800 year into an account and in ten years you won't need to carry anything but liability coverage, and if you continue contributing to that account you won't have to carrier comp/collision for the rest of your life.
     
  23. Jun 11, 2024 at 11:44 AM
    #23
    gsdlvr

    gsdlvr New Member

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    We've had USAA for many, many years - we carry full coverage on 7 vehicles and 3 homes. 3 of those vehicles are our kids vehicles and older vehicles. My son and daughter have had total losses in the past 8 months. My son totaled his 2002 Tacoma (4x4 Off Road) - not his fault (a lady hit him head on at 70MPH) - and my daughter totaled her 2005 Tahoe (her fault).

    I owned the Tahoe since (basically new) and the Tacoma was bought brand new by my best friend and he sold it to my son 4-5 years ago (before my son went off to school). USAA used fair market value for both cars and honestly they did us more than fair. The Tahoe had 195K miles and looked great but we only got around 4K. However at the time there were many cars -similar milage (though not one owner) for sale around the 3500-5K . My son's truck was in great shape and he kept it immaculate (pic attached). It's been since September (so I can't remember exactly) but they gave him 13 or 14K and it had 300K miles. They were very fair.

    Our experience has been to have full coverage for everything. However our insurance runs a lot - for 7 vehicles I pay 15K per year (I have 500/1M Coverage) and I carry a 2 M Umbrella separately and that has gone to around 1500 I believe. IMG_3768.jpg IMG_0036.HEIC.jpg
     
    Last edited: Jun 12, 2024
    gkomo likes this.

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