Got my latest 6 month statement and they're raising the rates again. Shopped around and they still are at least $150 cheaper than anywhere else, and so now looking hard at coverage and whether or not this & that is a good idea.
Also need opinions on whether we're being dumb for not having uninsured motorist coverage? Or should have higher coverage anywhere?
Details:
14 year old tiny car (TA). Good overall shape, our daily errands/running around car due to the insanely good gas mileage. Plan on keeping til it dies (and it is a Toyota so it may be a while).
5 year old small SUV, used for any major road trips, occasional running around, travel and hauling things. Yes, we need two vehicles. Not going to get rid of either, and plan on keeping both till they die.
Both drivers have excellent driving records. No tickets, violations, accidents or claims in like ever. We wear seatbelts, don't speed or drive aggressively and obey all traffic laws to the best of our ability. Driving is also much reduced as well since we both are FIRE and the only driving is usually daytime, on well known routes, and things like going to the store or recreational.
General coverage
100K/300K for Bodily injury liability
50K property damage liability
Rejected PIP, medical uninsured motorist, medical payments
TA coverage
KBB: $2,500
Comprehensive coverage, set to maximum deductible allowed. Covers theft/fire/flood/vandalism/falling objects... (~$16/year)
No Uninsured motorist property damage
Currently see no point in this as the car would likely be totaled if hit, am I missing something?
No Collision (same thing as above - car is considered worthless really so why cover this?)
Emergency Road Service. It's ~$14/year, but does require us to have at least comprehensive on it. Not giving this up. Used it way too many times.
SUV coverage
KBB: $12,500
Comprehensive coverage, set to maximum deductible allowed. Covers theft/fire/flood/vandalism/falling objects... (~$13/year)
No Uninsured motorist property damage (should we have?)
No Collision? Currently carrying, debating dropping due to the age of the vehicle.
Mechanical Breakdown - this is 99.9% on the chopping block. It is a basic extended warranty, that works for 10 years/100K, and covers anything mechanical after the $250 deductible. A/C goes out in year 8? $250 and it's fixed. Transmission dies 9 years, 11 months and 99K? Same thing. Attractive, but realize that I don't even have 22K on the vehicle at 5 years, and it's not driven daily and babied so the likelihood of anything needing this is slim to none, and cancelling it NOW will save me around $500 over the next 5 years. So fighting the sunk cost fallacy of what I've already paid in, and the worry of "what if the engine blows up next year? Boy will I feel dumb for cancelling this!" thinking. But once it's canceled, it is gone and no going back. Sigh.
Emergency Road Service. It's ~$14/year, but does require us to have at least comprehensive on it. Not giving this up. Used it way too many times.