Tell me about what kind of insurance coverage I can get away with

[Jake1050]

I owned my last truck for 17 years ( 07 Dodge Ram ) and had full coverage on it the entire time and never made a claim on it. For the last 10 years that I had it I had enough money in the brokerage account that I could have replaced it at any time without needing a loan. Does that mean I should not have carried full coverage on it the entire time? Also now that I have a 2021 and I am nearing retirement I also can replace this truck at any time in the event of a total loss like it getting stolen. Is it common for people to drop the full coverage and just go with what is required by law? What are you guys doing?

 

[Kicker]

Yes and no, time was that if it was paid off and you could afford to fix or replace it you got rid of collision but nowadays the real cost is liability and collision is the cheap part . Look at your policy and see how much each part of it cost and you will see what I mean.
People like to sue now so that is a big factor.
You could increase your delectable. I have mine at 1k so my cost is a lot lower than someone that has 100 bucks or 500.
Hell, I spend 100 bucks a week on gas.
To give you an example I have full coverage on a 20 Jeep GC Overland and a 24 RAM TRX. No tickets, no crashes, no claims, cost me $1764. a year for both.