danis

Many of my friends, family and colleagues think that I am crazy to forego comprehensive and collision insurance coverage on my new IS. I believe that insurance should only be used to cover losses which I cannot afford but a number of people in a similar economic situation do not agree. I have a hard time justifying the payment of an extra $1500 per year. What are your thoughts?

-By the way, I strongly believe in significant liability, uninsured and medical coverage.

TimboIS

If you own it free and clear, then you're free to do whatever you like (smart, stupid or otherwise). If you have a loan or lean against the vehicle, then you are required to have full coverage.

PhilipMSPT

iTrader: (5)

YOU CRAZY!!!

Honestly, paying that extra $1500 a year covers a lot of things. Accidents and bad people happen, and God forbid that something bad does happen. You would pay about $7500 in five years, but your IS will still be worth more than that. If something bad does happen, at least you break even, and not lose the car's value, which can be a down payment for your replacement car.

It's all a risk. Simply put, many don't want to take that risk, especially since I work and drive in L.A.

deuce2

wait til a rock hit your windshield....have fun paying for that.

RaysIS350

A Rock cracked my Windshield today. Good thing I had Full Coverage.
I'm still upset that I only have 700 miles on the thing and a damn truck coming the other way threw this into me!!!!!

From what I understand from previous posters I can expect the replacement to run about 1070.00.

My Comp/Coll runs me about 720 per year. (over my Liability and all other coverages).

So it paid for itself already....

kensteele

If you can afford to completely replace something with your own money, you would be a fool pay somebody else to replace it for you. Insurance is all about risk and not much else (legal requirements).

dp5

Insurance companies make money by charging you more than you are likely to pay on your own if you assume the risk. If you can afford to take the loss if an adverse event occurs, you are usually better off not buying insurance.

linh811

I've had full coverage on every car I've had for the last 15 years and have NEVER filed a claim against my insurance company. I don't think you're crazy, but rather smart

S L I C K

Full coverage all the way. You never know what can happen.

2Fast0

wouldn't ur insurance premium increase after u file this claim for repair??

RaysIS350

No it won't. This is under the Comprehensive part of Comp/Coll. and it isn't something that I did to the car (ie Collision).

They want to try to fill it first - repair the existing Windshield for free.

If I'm not happy with the results I can get it replaced and just have to pay my deductible.

is350

what if someone steals your car? then your out 40k

4TehNguyen

iTrader: (1)

or an uninsured driver heavily damages your car

danis

what if someone steals your car? then your out 40k
or an uninsured driver heavily damages your car

-Because I am foregoing comprehensive insurance, I did purchase early warning Lojack with the car.

I have full uninsured motorist coverage which is very cheap unlike colission and comprhensive.