My wifes car was $20,000 used back in 2019. Now after basically 10 years it gets hit. The insurance declares it totalled. So the car can’t be legally driven. The insurance will only pay us $9000. But now we’re trying to buy a replacement and for the same model year they are asking 16000!
WTF! What’s insurance for? Its just a tax. I much rather save to pay for my own car and have some sort of insurance that really actually covers the other driver.
Farmer this and state farm that and whatever General lizard, all are total bullshit regardless if you caused the accident or if you’re are the victim.
They should call it “pay slightly less than full price if you fucked up your car”
If you can afford to, you should go for liability only coverage. We recently bought a new car and have comprehensive on it. But for years we just had a single old Toyota as our only vehicle. And we didn’t keep comprehensive on it. Instead we purchased the highest liability policy the insurance company sells. A car that cheap is a small part of our financial world; we can afford to replace it. But the potential damage a vehicle can cause? It’s very easy to cause a million in damages with any vehicle. Long term care and medical bills add up quick.
I recommended just sticking to liability if you can otherwise afford to replace a vehicle. It’s a lot easier to figure out what you’re buying when you’re buying liability coverage as well. If I cause an expensive accident, the company will be liable for it. They can’t easily weasel their way out of paying a fake amount. If I have a $1 million liability policy, and I lose a judgment for $1 million, there’s not much the insurance company can do but pay for it. In fact, their lawyers will be fighting the case for me, as they’re the ones who will ultimately have to pay if it fails. From an insurance purchase point of view, liability insurance is a pretty good deal. It’s easy to know what you’re purchasing, and it’s hard for the company to weasel their way out of payment on the back end.
This is the way.
It’s hard though, to just get liabilty on a car if you’re still making payments on it.
It’s gotta be 100% yours with no payments or liens on it.
Then you can go for a nice high liability policy. I’ve always bought older used and just gotten policies to cover OTHER people I may accidentally hit. No collision - If i’m not paying attention and slide off the road into a rock… that’s on me.
I also would add glass and theft to that liability policy. The glass coverage saved my ass a few years ago when I caught a rock behind (what else?) a dump truck.