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Thread: Insurance question

  1. #1

    Insurance question

    Good Day,
    I may have posted this question a while back but here goes...

    When you are financing a new vehicle it is quite normal for the financing agent to request full coverage insurance on it so they are better protected in case the vehicle is
    written off in a crash.
    The extra coverage for collision is quite costly and at some point it makes sense to drop that and keep the basic PL & PD (Public Liability and Public Damage??) coverage only on the auto.
    I am just not sure of what a sensible time frame would be to consider that move. My vehicles are past the financing stage so this question is right up front for us currently.
    Anyone have any thoughts on the matter? Thanks for your time and info.

    Gord K
    (JKGK)
    Last edited by JKGK; 12-04-2017 at 11:10 AM.
    Having a Jeep and no road is better than having a road and no Jeep!

    2013 Sahara 2 Dr "Scraper" (The Fenderless Wonder!), R/E 2-1/2" lift, BFG MT TA's for Off Road, Rampage "Stubby" Recovery Front Bumper, Rampage Recovery Rear Bumper, Rampage driving lights in front bumper, PIIA fog lights on front bumper and Rampage fog lights in rear bumper, DayStar switch panel, IPF H4 Headlamps,
    WARN M8000 winch, Rampage Retractable RockerGuard Steps, Ten Factory chrome-moly front axles, RockHard oil pan skid plate, Teraflex diff covers, Teraflex Quick Disconnect sway bar links, Teraflex Dana 30 outer axle seals, Dana 30 Eaton TrueTrac LSD, Dana 44 Eaton TrueTrac LSD.
    It's a fun little machine!

  2. #2
    NA4WDA Member
    Join Date
    Jun 2011
    Location
    Cold, hard, north woods
    Posts
    318
    Personal decision based on your financial ability to absorb a write off vs insurance cost. Keep in mind your insurance company will NOT provide lawyers etc if you have no collision coverage in a no fault accident.

  3. #3
    Thanks Jay,
    I had not considered the legal support aspect of a no fault crash without the appropriate coverage. Good point to ponder.

    Gord
    Having a Jeep and no road is better than having a road and no Jeep!

    2013 Sahara 2 Dr "Scraper" (The Fenderless Wonder!), R/E 2-1/2" lift, BFG MT TA's for Off Road, Rampage "Stubby" Recovery Front Bumper, Rampage Recovery Rear Bumper, Rampage driving lights in front bumper, PIIA fog lights on front bumper and Rampage fog lights in rear bumper, DayStar switch panel, IPF H4 Headlamps,
    WARN M8000 winch, Rampage Retractable RockerGuard Steps, Ten Factory chrome-moly front axles, RockHard oil pan skid plate, Teraflex diff covers, Teraflex Quick Disconnect sway bar links, Teraflex Dana 30 outer axle seals, Dana 30 Eaton TrueTrac LSD, Dana 44 Eaton TrueTrac LSD.
    It's a fun little machine!

  4. #4
    oops, double post
    Last edited by DiscoTM; 12-04-2017 at 05:12 PM.
    Trevor

    2004 Land Rover Discovery 2, G4 Edition
    1998 Land Rover Defender 110, Camel Trophy -- '98 Tierra del Feugo, U.S. Team support vehicle

    "Bathtub falls and police officers kill more Americans than terrorism, yet we've been asked to sacrifice our most sacred rights for fear of falling victim to it." -- Edward Snowden

  5. #5
    Jay's point re legal backing is very important to remember.

    Also it is best to look at the details of your policy on this one, and the relative value of your vehicle. Nail down what that cost of full collision coverage is as a total % of policy. It might be quite low, or at least lower than you expect.

    Driving records, number of drivers on the policy, value of the vehicle (blue book), etc etc all factor in here. So I don't think there is any "right" answer, other than to dig into your policy pricing a bit and make sure you have all the numbers in front of you before making a final decision.
    Trevor

    2004 Land Rover Discovery 2, G4 Edition
    1998 Land Rover Defender 110, Camel Trophy -- '98 Tierra del Feugo, U.S. Team support vehicle

    "Bathtub falls and police officers kill more Americans than terrorism, yet we've been asked to sacrifice our most sacred rights for fear of falling victim to it." -- Edward Snowden

  6. #6
    Thanks Trevor,
    All things I had not considered. I just had "keeping some of my money from those (insert your thought here)" in mind!

    Gord
    Having a Jeep and no road is better than having a road and no Jeep!

    2013 Sahara 2 Dr "Scraper" (The Fenderless Wonder!), R/E 2-1/2" lift, BFG MT TA's for Off Road, Rampage "Stubby" Recovery Front Bumper, Rampage Recovery Rear Bumper, Rampage driving lights in front bumper, PIIA fog lights on front bumper and Rampage fog lights in rear bumper, DayStar switch panel, IPF H4 Headlamps,
    WARN M8000 winch, Rampage Retractable RockerGuard Steps, Ten Factory chrome-moly front axles, RockHard oil pan skid plate, Teraflex diff covers, Teraflex Quick Disconnect sway bar links, Teraflex Dana 30 outer axle seals, Dana 30 Eaton TrueTrac LSD, Dana 44 Eaton TrueTrac LSD.
    It's a fun little machine!

  7. #7
    If you call your insurance company they might be able to reduce the cost of collision for a year or permanently. Maybe shop around and get quotes from a couple of different companies. When shopping keep in mind that many brokers only deal with one or two insurance companies. But they might still be able to get you a better deal.
    aka "the snowplow"
    VE6JCW

  8. #8
    Thanks Josh,
    Since moving to RBC Insurance they have consistently beat everyone for price. We were with a firm for 25+ years and were told clearly that they could not compete with the RBC quote. Even allowing
    for Loyalty promotions and good driving records.
    Collision coverage is still a big chunk even with the great rates RBC continues to offer us. Perhaps a phone call to them might yield some reduction in that cost.
    As they say "Nothing ventured, nothing gained!"
    Take care!

    Gord
    Having a Jeep and no road is better than having a road and no Jeep!

    2013 Sahara 2 Dr "Scraper" (The Fenderless Wonder!), R/E 2-1/2" lift, BFG MT TA's for Off Road, Rampage "Stubby" Recovery Front Bumper, Rampage Recovery Rear Bumper, Rampage driving lights in front bumper, PIIA fog lights on front bumper and Rampage fog lights in rear bumper, DayStar switch panel, IPF H4 Headlamps,
    WARN M8000 winch, Rampage Retractable RockerGuard Steps, Ten Factory chrome-moly front axles, RockHard oil pan skid plate, Teraflex diff covers, Teraflex Quick Disconnect sway bar links, Teraflex Dana 30 outer axle seals, Dana 30 Eaton TrueTrac LSD, Dana 44 Eaton TrueTrac LSD.
    It's a fun little machine!

  9. #9
    N.A.S.A. Jeep Launch Commander Toy Jeep's Avatar
    Join Date
    May 2011
    Location
    Penhold, AB
    Posts
    2,806
    I looked into dropping the collision coverage on the truck and my jeep and it was only going to save me a couple hundred dollars a year moving from Sherwood Park to Penhole saved me around $400 a year. Also Iwas told there is an APP that I can download for tracking my driving habits and I can get up to a 25% discount on my insurance that way.
    Not all who wander are lost
    VE6DKS

  10. #10
    Thanks Don,
    More good points to consider. This is not as simple as I first thought. My motivation was simply to save some money. There are many details to consider and review to achieve that in a well thought out plan.
    It looks like it is going to be a bit yet before I am finished.
    Take care.

    Gord
    Having a Jeep and no road is better than having a road and no Jeep!

    2013 Sahara 2 Dr "Scraper" (The Fenderless Wonder!), R/E 2-1/2" lift, BFG MT TA's for Off Road, Rampage "Stubby" Recovery Front Bumper, Rampage Recovery Rear Bumper, Rampage driving lights in front bumper, PIIA fog lights on front bumper and Rampage fog lights in rear bumper, DayStar switch panel, IPF H4 Headlamps,
    WARN M8000 winch, Rampage Retractable RockerGuard Steps, Ten Factory chrome-moly front axles, RockHard oil pan skid plate, Teraflex diff covers, Teraflex Quick Disconnect sway bar links, Teraflex Dana 30 outer axle seals, Dana 30 Eaton TrueTrac LSD, Dana 44 Eaton TrueTrac LSD.
    It's a fun little machine!

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