At what point do you drop full coverage on your car?

[Traci_Momof2]

Honestly, I don't think we ever have dropped full coverage and we keep our cars for a long time. We also have USAA and just this year added DS19 which made it skyrocket. We pay about $4750/year for 2 vehicles and 3 drivers (DH, myself, and DS). We have a 2013 Grand Caravan and 2021 Durango. So honestly your $4k/year sounds for what you have sounds nice to me. But they say a piece of the puzzle to how much you pay is your zip code and the accident rates in your zip code. People in my area say our area is horrible for that, and maybe they are right.

But I still won't drop full coverage because USAA has been so good to us and I want what we have just in case. Ex. Several years ago when we had just the van, DH was hit by a car as a pedestrian. The at-fault driver's insurance only covered up to $50K but DH's surgery on his shattered wrist was over $100K. Even though our vehicle was not involved in the accident, we still had some type medical part under our auto insurance that gave us another $25K. And then with his health ins as well we were able to cover the entire expense. So liability only coverage just seems like too much of a risk to me.

Plus, DS19 pays us monthly for the amount that our insurance went up by adding him so that helps with the expense. Is there a reason your two kids aren't paying for their portion?

[Traci_Momof2]

I'm trying to lower our car insurance bill. We since added our 16yo DD and it sky rocketed (which I get) but it's now up to $4000 a year for full coverage on 3 cars and 4 drivers. Myself, DH, DS 22 and DD 16. We have 3 cars a 2017 Ford Explorer, 2020 Ford F150, and my 2023 Blazer. We do not have any car loans so that's not an issue. DS 22 drives the explorer and is away at school and will stay there after he graduates next month. I'm thinking of dropping that to just liability. Thoughts? Also DD 16 is away at school and barely drives and has no car there so I'm going to call today to see if that matters. $4000 a year is crazy right? USAA is who we have.

I'm in Canada and pay 900 a year for one car (2003 toyota Camry) with just me on it and no collision. $4000 for 3 cars and 4 drivers with collision sounds pretty good, lol. When I inquired about adding a new driver I was quoted an extra $300 a MONTH for her.

Yup. Ours went up by a little more than $300/mo when we added our then 18yo.

[Anonymous 1]

Yes DH is calling this afternoon. On the policy it has his truck being driven at 10,000 a year. Well he drives his cop car to work every day and that truck just sits there. We can certainly report the odometer reading. He drives it maybe 1000 miles a year now. I hope that helps. Thanks for mentioning this.

Call your insurance about a discount for it being rarely driven. That drooped the cost of one of our vehicles in half. I just had to report the odometer reading each year.
Even our 1998 f150 has full coverage. The older the vehicle the cheaper it is to insure because their value is lower to replace. It's worth it to me.

[Anonymous 1]

Honestly, I don't think we ever have dropped full coverage and we keep our cars for a long time. We also have USAA and just this year added DS19 which made it skyrocket. We pay about $4750/year for 2 vehicles and 3 drivers (DH, myself, and DS). We have a 2013 Grand Caravan and 2021 Durango. So honestly your $4k/year sounds for what you have sounds nice to me. But they say a piece of the puzzle to how much you pay is your zip code and the accident rates in your zip code. People in my area say our area is horrible for that, and maybe they are right.

But I still won't drop full coverage because USAA has been so good to us and I want what we have just in case. Ex. Several years ago when we had just the van, DH was hit by a car as a pedestrian. The at-fault driver's insurance only covered up to $50K but DH's surgery on his shattered wrist was over $100K. Even though our vehicle was not involved in the accident, we still had some type medical part under our auto insurance that gave us another $25K. And then with his health ins as well we were able to cover the entire expense. So liability only coverage just seems like too much of a risk to me.

Plus, DS19 pays us monthly for the amount that our insurance went up by adding him so that helps with the expense. Is there a reason your two kids aren't paying for their portion?

DD is 16. She can't work right now as she is away at a high school she got into 3 hours from here living in the dorms. And even still I wouldn't make a 16yo pay from a part time job if she was even allowed to have a job there. And DS 22 has been in college these past 4 years. He graduates in 2 weeks. He works part time but only makes enough for his half of his rent and food/gas. And honestly I am thrilled with that right now because he is supporting himself for the most part. He goes to the police academy soon and will graduate in May. Once he does that he will be getting paid like a grown up full time and he will be getting his own policy then. That will help a lot!

[Pjmm]

Hmm maybe it's not that bad then. IDK. Does anyone know if having a driver (16DD) on there but she doesn't really drive because she lives away at school gets any kind of discount at all?

Geico let me keep my son on when he was at college at no charge. they call it occasional driver. My younger son I have to pay for since he lives with me. I don't have full coverage but my car is pretty old and I wouldn't get much for it.

[mater-three]

We upped our deductible to lower our insurance bill. You can see if your insurance will do the same.

[Anonymous 4]

I pay about the same 3 cars one full coverage 3 drivers one driver is my 20 yr old son

[Heyteacher]

I dread when our oldest is driving age. We pay $1200 a year for 2 full coverage cars and our home owners bundled. With that said we trade our cars every 3-4 years for new ones so I can't imagine ever not having full coverage

[Anonymous 1]

I dread when our oldest is driving age. We pay $1200 a year for 2 full coverage cars and our home owners bundled. With that said we trade our cars every 3-4 years for new ones so I can't imagine ever not having full coverage

May I ask why you trade in your cars so often? Are they leased? If not are the cars paid off and you just have the money to trade them in and pay the balance for the new car?