Author Topic: Prius Insurance question  (Read 658 times)

Trying2bFrugal

  • Stubble
  • **
  • Posts: 134
Prius Insurance question
« on: April 27, 2018, 01:40:15 PM »
I changed Auto insurance from Geico (was paying ridiculous 1200/6mo) to Farm Bureau ($760/6mo Auto + HO Insurance).

1. I live in no fault state - Michigan.
2. I am a safe driver, wife is good driver. Most our friends are nearby, so most our trips are in pretty safe zone. Most times we drive together.
3. We use our car for any distant drives (last Dec did Florida road trip).
4. Car per kbb is worth $7500

Question
Should I carry full insurance (ie., comprehensive + collision) which is $1500/year or the with exclusion of comprehensive + collision which may be around $800 or less.
The auto agent told me to go for full coverage with logic that if I ever get involved in car accident and car gets totaled, then i get money back (which i assume may be 5000?)

So when do you guys decide to go off the collision and comprehensive?



tomorrowsomewherenew

  • Stubble
  • **
  • Posts: 117
  • Location: Florida
Re: Prius Insurance question
« Reply #1 on: April 28, 2018, 05:39:10 PM »
If your car is worth only $5k and you save $700/yr by not having full coverage, then I would do that.


Steeze

  • Bristles
  • ***
  • Posts: 260
  • Age: 31
  • Location: NYC Area of Earth
Re: Prius Insurance question
« Reply #2 on: April 28, 2018, 07:04:37 PM »
I usually buy cars for 5k or less, no collision, and don't worry about replacing the car if I had too. It would suck, but I have the cash so consider myself to be self insured that way. Why pay an insurance company to cover a low probability event that I can cover myself? The extra 5k you might get? Lottery tickets are cheaper and don't require you to be in a horrible car accident to pay out. Mutual funds have better odds.

 I can't live my life thinking things will go wrong all the time, it's not worth the anxiety and is an expensive habit.

The only exception being if you couldn't afford to replace the car with something similar if you totalled it, but can afford the extra payment for collision, probably worth having, especially if your income depends on your car.

Otherwise, pocket the cash, drive safe, and live life like nothing terrible is about to happen. Be prepared and flexible  if it does.

Just my opinion though, good luck!

Trying2bFrugal

  • Stubble
  • **
  • Posts: 134
Re: Prius Insurance question
« Reply #3 on: April 28, 2018, 09:28:54 PM »
Thanks for the replies.

I was happy with just basic until the dodge stratus met an accident and needed more add up costs so sold it for 1000 (which I got for 2200).

I think I will go take out comprehensive and collision from next cycle.