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Thread: full coverage or liability?

  1. #1
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    full coverage or liability?

    i know its not just one or the other but lets say im spending about 10+ on a used car (bmw). what type of insurance would you suggest? my quote for liability was around 2gs/yr.

  2. #2
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    If you're paying cash and can afford to pay out of pocket to fix your car if/when you get into an accident, then just get liability.

    If you have a loan you have to have full coverage.

    I would personally carry at least comp/collision with a $1000 deductable if nothing else.

  3. #3
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    always full coverage

  4. #4
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  5. #5
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    Ive got full coverage, and it has paid off- the first time you get a window broken or parts stolen, it will pay for itself.

  6. #6
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    just get liability and put money away in case something happens. insurance is a rip off.
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  7. #7
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    uninsured & underinsured motorist protection, & personal liability insurance absolutely.

    comp & collision on a $10k car? depends on the price. more than $300 a year then no.

  8. #8
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    2k for liability on a 10k used car?

    Ouch.

    -Charlie

    '06 Tundra - Toy Hauler -- '89 325is, 24v Track Rat --'76 2002, Summer wannabe DD/restomod thing -- '03 Z4, GI Joe Roadster playset -- '01 R1100S, Beemer -- '07 Mini Cooper S -- '10 328xi

  9. #9
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    Quote Originally Posted by Charlie View Post
    2k for liability on a 10k used car?

    Ouch.

    -Charlie
    Liability has absolutely nothing to do with the value of the car.

  10. #10
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    Charlie - you need to learn a little bit about insurance if you think liability is in any way related to the value of the car!

  11. #11
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    Jesus Christ you kids are dense.

    I know it has nothing to do with the cost of the car. I'm just wondering how awful this guy's record must be if it costs him 2k for f'n liability.

    -Charlie

    '06 Tundra - Toy Hauler -- '89 325is, 24v Track Rat --'76 2002, Summer wannabe DD/restomod thing -- '03 Z4, GI Joe Roadster playset -- '01 R1100S, Beemer -- '07 Mini Cooper S -- '10 328xi

  12. #12
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    damn i have a friend that lives in Long Island and Insurance is crazy for him. liability only for me on a e36 is only 846 a yr and im 20 but i also live in Wisconsin
    Last edited by tsweers89; 02-06-2008 at 08:00 PM.

  13. #13
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    Quote Originally Posted by Charlie View Post
    Jesus Christ you kids are dense.

    I know it has nothing to do with the cost of the car. I'm just wondering how awful this guy's record must be if it costs him 2k for f'n liability.

    -Charlie
    Yeah, I was surprised two people in a row didn't understand what you were saying. And 2k a year is insane! I wouldn't be driving if I was paying that much in insurance.

  14. #14
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    Quote Originally Posted by ken_vs_ryu View Post
    just get liability and put money away in case something happens. insurance is a rip off.
    Glad to see I'm not the only person who found that Rachel Bilson pic in GQ super hot.

  15. #15
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    Quote Originally Posted by Charlie View Post
    Jesus Christ you kids are dense.

    I know it has nothing to do with the cost of the car. I'm just wondering how awful this guy's record must be if it costs him 2k for f'n liability.

    -Charlie
    oh yeah i should have mentioned im in brooklyn, which has one of, if not the highest insurance rates. thats part of the equation

  16. #16
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    Comprehensive is usually a ripoff. You pay through the nose and then, in the event that you actually use it, you pay the deductible and then they raise your rates again anyway......just to recoup the money the just paid out. Insurance is the biggest ripoff ever. Just get the cheapest you can get and keep a little socked away.
    Quote Originally Posted by ohnoes View Post
    I admit when I'm wrong, which is pretty rarely.



  17. #17
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    Charlie the value does not correlate to liability insurance.
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  18. #18
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    Quote Originally Posted by ken_vs_ryu View Post
    Charlie the value does not correlate to liability insurance.
    He was saying that if he had bought something that cost 2k, like an e30, his insurance would be a lot less than if he bought a car that cost 10k, like an e46.

  19. #19
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    Quote Originally Posted by Lezard View Post
    He was saying that if he had bought something that cost 2k, like an e30, his insurance would be a lot less than if he bought a car that cost 10k, like an e46.
    No, it wouldn't. Liability insurance is based on the individual risk of the driver and the vehicle (not the value). The higher the risk that any certain vehicle will cause an accident and the damage caused; the higher the insurance.

    Therefore it would be cheaper to get liability on an e30 compared to an e36 m3, but this has nothing to do with the fact that the m3 is more expensive. The same is true if you compare an e30 to a v8 full sized truck.

  20. #20
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    Quote Originally Posted by sjames View Post
    No, it wouldn't. Liability insurance is based on the individual risk of the driver and the vehicle (not the value). The higher the risk that any certain vehicle will cause an accident and the damage caused; the higher the insurance.

    Therefore it would be cheaper to get liability on an e30 compared to an e36 m3, but this has nothing to do with the fact that the m3 is more expensive. The same is true if you compare an e30 to a v8 full sized truck.
    Waaa, the revelation of the year so far for me. I never knew that.

  21. #21
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    I always do the bare minimum liability. Comp and Collision are expensive because built into those costs are people (although good people) that sit in an office behind a computer trying to pay for all the kids they have. I bank all the cash and can now replace 10 of my cars. $35/month means I can pay for all kinds of repairs, if it happens. I call it, "self-insuring myslef". No one can take care of me like me. Not even State Farm.
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  22. #22
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    Go with comp, but keep the deductible high. Basically, you want engine blowing up / car totaling protection.
    "You know you're not the first..."

  23. #23
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    Quote Originally Posted by thebrooklynzoo View Post
    oh yeah i should have mentioned im in brooklyn, which has one of, if not the highest insurance rates. thats part of the equation
    While liability is disconnected from the price of the car, I would never pay $2k/year in insurance to drive around in a $10k car. That's insane.

    I'd rather take the bus/train/subway... which, fortunately for you, is a real option where you live.

    I had liability-only insurance when I was a kid, because the plan was that I'd declare bankruptcy if something bad happenned.

    As an adult, I'm not driving with anything less than full coverage.

  24. #24
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    Quote Originally Posted by eisenb11 View Post
    While liability is disconnected from the price of the car, I would never pay $2k/year in insurance to drive around in a $10k car. That's insane.

    I'd rather take the bus/train/subway... which, fortunately for you, is a real option where you live.

    I had liability-only insurance when I was a kid, because the plan was that I'd declare bankruptcy if something bad happenned.

    As an adult, I'm not driving with anything less than full coverage.
    2k is simply for liability. how much are you paying for full coverage? honestly i rid ethe MTA and im tired of it, i need a car of my own. im going to buy a car regardless and liability will run me around 2k.

  25. #25
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    Quote Originally Posted by thebrooklynzoo View Post
    2k is simply for liability. how much are you paying for full coverage? honestly i rid ethe MTA and im tired of it, i need a car of my own. im going to buy a car regardless and liability will run me around 2k.
    It's hard to say exactly, because my insurance bill is for both my car and my condo and they're not listed seperately as line items.

    My insurance comes out to about $1200 / year with full covereage on a new 08 E93 and my condo. Deductible for the car is $500.

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