We have two vehicles, a 2006 minivan and like a 2005 truck. We are paying $80/monthly for full coverage. We just called and asked about liability-only coverage. It iwll save us $175 each 6 month term, but they "strongly discourage that." If we had to replace our vehicles, our van is only worth about 3000 maybe (it has 160,xxx miles) so I'm not sure it's worth it. Still, the guy kinda scared us...maybe we should keep full coverage. What do you think?
Why is your insurance cost so low? In which part of US do you stay?
I own a 2013 Hyundai Accent and the premium that I am paying for only liability coverage is $120 per month. The liability coverage limit is nothing extra ordinary - basic limits (The limits that are recommended by the company). And my driving records are absolutely clean - no tickets, no accidents etc. I am jealous :-)
Now coming to your question - It is a very subjective and would depend on various factors
1) Your personality - If driving without comprehensive coverage is giving you jittery nights, go for the insurance. Personally I just have liability coverage
2) Your liquid savings - In my case, I have enough liquid saving and if required I can replace my car within a day without any loans etc. (Obviously if I will have to actually do it, I will be very sad!) With so much liquid saving, I didn't see a need to pay insurance premium for comprehensive coverage.