I have a 1999 Hyundai Tiburon and it has 150,000 miles. It’s paid for now and I’m paying about $700 6 months full coverage. Is there certain things I should lower the coverage cost?
Let’s look at a few things:
Wholesale value: $1700
Sell it in newspaper $3300.
Dealer sell identical car $5000.
Let’s now assume that the car is paid for, and you have a $500 deductible should something happen to the car and it is a total loss. You’ll get $1200 from your insurance company for the car.
That basically means you are paying $1400 a year to insure a car that the insurance company is only going to give you $1200 on in the case of a total loss.
Making sense to you? Me either.
If your car isn’t paid for, you can reduce your payment by increasing the deductibles. If your car is paid for, consider getting the minimum coverage the law in your state allows and the maximum deductibles. This is also assuming you have the means to get another car should you lose this one.
frist if the car is payed off you don’t need full coverage on it any more. that will lower the payments. then tell them it had AirBags that will make it a lit cheeper on you
good luck
hope this helps
References :
you can drop the full coverage to liability with comp on it and that will almost cut it in half ,because the car is 8 years old now,and the value isn’t what it would be if it got totaled,comp still cover theft ,and wind and hail damage as well as weather related ,but it don’t cover you wrecking it ,they wont pay for a dent you put in it,but i dropped mine to comp,because after a certain amount of years it isn’t Worth keeping full coverage on one,you might want to check in to it,it still covers things like glass breakage ,and stuff like this ,you just wont have the collision part of it if you wreck it,but it will lower the price of it,good luck,i hope this help,s.
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been a certified mechanic for 36 yrs.
Why in the heck are you paying for full coverage if it’s paid off? Are you in a no-fault state? Here in Michigan, once you’re car is paid off and you don’t owe money to anyone, you can reduce your insurance. If you live in any of these states: DC, FL, HI, KS, KY, MA, MI, MN, NJ, NY, ND, PA, UT then you can get no fault insurance, which will reduce your payments by half. You’ll find lots of resources on the web for that. Good luck!
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Just take one way insurance.
You only really need to insure your car in case you hit someone else. That way if you hav an accident they will fix his car but not yours.
You might end up saving $500 a year. It all depends on what the value of your car is worth. If you had an accident would they only give you $700? If so it might make sense to have one way insurance.
Also you could increase the deductible to $500 which would save you approx $150 as well.
References :
Yes, you could drop coverage on the car. That means, though – if the car is damaged – you pay for it yourself.
If you have health insurance, take off the coverages that cover YOU if you get hurt.
But shop, shop, shop around and you could always get a better rate.
References :
You might want to consider only keeping your liability insurance because that is the law, you do not have to keep collision. Older cars would have depreciate in value and some companies will not insure cars over a certain age. You also can consider increasing your deductibles . Lets say you have an accident and you have a 500 deductible, by increasing it to $1,000 for example normally lowers your rate. Also shop around or ask your company to re assess your rates.
References :
Let’s look at a few things:
Wholesale value: $1700
Sell it in newspaper $3300.
Dealer sell identical car $5000.
Let’s now assume that the car is paid for, and you have a $500 deductible should something happen to the car and it is a total loss. You’ll get $1200 from your insurance company for the car.
That basically means you are paying $1400 a year to insure a car that the insurance company is only going to give you $1200 on in the case of a total loss.
Making sense to you? Me either.
If your car isn’t paid for, you can reduce your payment by increasing the deductibles. If your car is paid for, consider getting the minimum coverage the law in your state allows and the maximum deductibles. This is also assuming you have the means to get another car should you lose this one.
References :