..Liability only insurance..???
03-02-2007, 05:18 PM
#2
Instructor
Member Since: Feb 2005
Location: Milford Michigan
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Carry full coverage on all 5 cars but limit liability coverage to state minimums. I have a liability umbrella that kicks in once my car and homers have reached their max values. Reducing the car and home to minimums more than paid for the large liability umbrella. Getting more coverage actually saved me money.
03-02-2007, 05:18 PM
#3
Team Owner
Member Since: Mar 2004
Location: Oklahoma City OK
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C6 of Year Finalist (appearance mods) 2019
No, the car is still worth too much for me to walk away from if it was totaled by a deadbeat!
03-02-2007, 05:23 PM
#5
Melting Slicks
I carry full now and plan to even when it's paid off - I don't want to be stuck with a $30k paperweight if I get frisky and total the thing.
All my other cars have had liability and un-insured so if some broke jack-a$$ hit me I could still get the car fixed for only the premium.
All my other cars have had liability and un-insured so if some broke jack-a$$ hit me I could still get the car fixed for only the premium.
03-02-2007, 06:52 PM
#9
Team Owner
Member Since: May 2006
Location: Mid-Michigan
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St. Jude Donor '09
PL-PD here. Minimum requirement by law.
Never filed an automotive insurance claim. Odds that I would ever ask anyone else to pay for my screwups are zero. Odds that some braindead freak can outdrive me and damage my vehicle are about the same (they've tried their best.
). If it gets hit by a metor I'll just have to buy another one. Didn't take me long to save up for this one.
The cost of minor repairs are insignificant in comparison to the difference in cost insurance companies would rape me off for if I let them. They want you to pay premiums based on the original cost of the car. Try collecitng that! You'll be will be lucky to get bluebook without a lawyer.
Never filed an automotive insurance claim. Odds that I would ever ask anyone else to pay for my screwups are zero. Odds that some braindead freak can outdrive me and damage my vehicle are about the same (they've tried their best.
). If it gets hit by a metor I'll just have to buy another one. Didn't take me long to save up for this one.The cost of minor repairs are insignificant in comparison to the difference in cost insurance companies would rape me off for if I let them. They want you to pay premiums based on the original cost of the car. Try collecitng that! You'll be will be lucky to get bluebook without a lawyer.
03-02-2007, 07:05 PM
#10
Drifting
Member Since: Dec 2005
Location: Chicago Illinois
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Anyone hear about Haggerty Insurance? I have full coverage for only 400.00 a year because it is not my primary car. Haggerty is a collector car insurance but it also covers newer corvettes. I used to pay more just for liability insurance on beaters.
03-02-2007, 07:47 PM
#12
Race Director
You might be able to get away with liability only if you own the car free of a lien. If you have a lien (owe money) - the lienholder is going to require that you carry physical damage on the car.
Personally - I carry full coverage on my old beater '98 Vette.
And to the poster that stated he carries minimum liability required by the state because he has an umbrella policy....I find that strange that the umbrella carrier didn't require limits higher than state minimums as the primary liability. I know that State Farm requires a minimum of 250/500/100 as the primary coverage before they will write an umbrella.
Personally - I carry full coverage on my old beater '98 Vette.
And to the poster that stated he carries minimum liability required by the state because he has an umbrella policy....I find that strange that the umbrella carrier didn't require limits higher than state minimums as the primary liability. I know that State Farm requires a minimum of 250/500/100 as the primary coverage before they will write an umbrella.
03-02-2007, 08:07 PM
#13
You might be able to get away with liability only if you own the car free of a lien. If you have a lien (owe money) - the lienholder is going to require that you carry physical damage on the car.
Personally - I carry full coverage on my old beater '98 Vette.
And to the poster that stated he carries minimum liability required by the state because he has an umbrella policy....I find that strange that the umbrella carrier didn't require limits higher than state minimums as the primary liability. I know that State Farm requires a minimum of 250/500/100 as the primary coverage before they will write an umbrella.
Personally - I carry full coverage on my old beater '98 Vette.
And to the poster that stated he carries minimum liability required by the state because he has an umbrella policy....I find that strange that the umbrella carrier didn't require limits higher than state minimums as the primary liability. I know that State Farm requires a minimum of 250/500/100 as the primary coverage before they will write an umbrella.
03-02-2007, 09:30 PM
#16
Melting Slicks
Yes, I would challenge that. Seems very strange for primary to provide min and then even get a decent price on excess/umbrella, if even available at such low primary.
