Insurance Question - Do I Need More Than Liability?

[matrixdutch]

I have a 2003 Dodge Ram Conversion Van that cost me about 3K, and another 1K to convert.

I have an emergency fund to buy another used van if needed.

I will be traveling all around the U.S. as opposed to being stationary.

Can members here provide feedback as to the pros and cons of acquiring additional insurance like collision or comprehensive coverage?

 

[SoulRaven]

What you would need to look at is with the age of your vehicle, they would total it out if much damage is done or if it were stolen and unless you get at least a $500 deductible, the cost of comprehensive and collisions is fairly high to the point that you may end up paying as much for the insurance over time that you could have just bought another vehicle.

In the past, the insurance agent here has suggested that we just drop the collision and comprehensive in our own best interest.

 

[29chico]

On an older vehicle collision coverage is often not worth the price charged. 

Comprehensive: fire, theft, vandalism  and often also includes glass breakage coverage, can be a good idea and is often reasonably priced.  It only costs me $50 to get a windshield replaced under my AAA policy.

 

[sephson]

You should probably look into uninsured motorist coverage. It's not an expensive addition to a policy and could be useful if you're hit by someone without insurance.

 

[Almost There]

Also, check out what is called "all perils".

It's in place of comprehensive and collision coverages, kind of combines them both in one package so you don't have to worry about which is what and 2 different deductibles.

I carry it on my 2002 which I don't consider to be an 'older vehicle'!

But then I also managed to get a declared value put on my van. With this, the value of the van is protected since it is in such great shape and has features (full high top, heavy duty tow package etc) that would be difficult and expensive to replace.

 

[Reducto]

I've been carrying 0 deductible comprehensive for a while now and it's well worth it. Comprehensive covers things you have little control over like vandalism, theft, broken glass, etc. It's also the cheapest part of the insurance bill.

 

[akrvbob]

I've been carrying 0 deductible comprehensive for a while now and it's well worth it. Comprehensive covers things you have little control over like vandalism, theft, broken glass, etc. It's also the cheapest part of the insurance bill.

Any idea if they will hold it against you if you use? What if you used it 2-3 times a year?

I think i would always be worried they would raise my rates if I used it.
Bob

 

[Reducto]

I did use it once when someone keyed the entire side of my newish car. $1600 check cut by the insurer. I was out of the country for a couple of years after that, when I came back it did add slightly to my rates but not much, like $30 per year or something.

I've replaced a bunch of windshields, never had my rates affected by that.

 

[Wanderer]

I have a 2003 Dodge Ram Conversion Van that cost me about 3K, and another 1K to convert.

I have an emergency fund to buy another used van if needed.

I will be traveling all around the U.S. as opposed to being stationary.

Can members here provide feedback as to the pros and cons of acquiring additional insurance like collision or comprehensive coverage?

Well, I'd go with the "Uninsured" motorist addition. Comp and collision only if buying on terms (Per contract) 

The Insured and Uninsured Pedestrian

In many states, under either a no fault system or a standard UIM system, a pedestrian who has automotive insurance will still be able to collect from his insurance company even though he wasn’t driving when the accident happened.

In some (but not all) no fault states, the insured pedestrian’s insurance will be required to cover the costs regardless of the driver’s coverage, up to a certain limit. In all other states, if the driver caused the accident, the driver’s insurance will provide the compensation -- assuming the driver has insurance. If the driver is uninsured, then the pedestrian’s UIM or no fault coverage will compensate the pedestrian for his or her losses.

An uninsured pedestrian will simply be out of luck if the driver who caused the accident was uninsured and has no other assets. If the driver is insured, an uninsured pedestrian under any kind of state system will be eligible for compensation from the driver’s insurance company.

 

[Optimistic Paranoid]

You've got a 14 year old vehicle.  You think it's worth $4000.  Look it up in the online blue book.  If the insurance company totals it, you'll be lucky to get what the blue book says it's worth.

For a van that old, self-insure.  Find out from the agent what collision and comprehensive would cost you, and then put that amount aside every month in a dedicated van-replacement account.  You'll be surprised how fast that adds up to the $4k you have in it.  Plus the money will be there if the transmission burns out and you decide to replace it rather than buy another van.

Regards
John

 

[RVTravel]

I had a 2003 honda pilot, totaled in 12/2013. It was other guys fault and his insurance agreed. They gave me about 1,000 over blue book value that included more for newer tires.

 

[billybob200138]

One of the good things about full coverage is if you have a wreck they provide a rental car. Towing is also nice. If ex military check out USSA. THERE IS NONE BETTER. .HoboJoe

 

[matrixdutch]

Thanks to everyone for their input!

 

[debit.servus]

If one is a poor boi and living paycheck to paycheck, get comprehensive and collision coverage. It's much easier to pay higher insurance bill than trying to set aside money each month for another car. That is if comprehensive and collision is not double or triple the price of what legal minimum coverage insurance costs.