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.

 

[MT755]

Deciding on insurance coverage, is what are you willing to loose vs how much it cost to have. You also need to consider you being involved in an accident that isn't your fault and the person at fault doesn't have insurance or is under insured. The money for the repair will come out of your pocket. As far as the liability goes, you could be in an accident anf have to come up with $700,000 (random amount), can you pay that out of pocket? The chances of that are slim but I couldn't wager my future on saving on the premium.

 

[Richard320]

You need enough liability insurance to keep your house and your brokerage account if you should be found at fault. And I wouldn't go without Uninsured Motorist coverage. Just because you can afford to replace it, doesn't mean you want to in the event some lowlife with no insurance decides to T-bone you while he's tweeking. If you're financing the truck, you probably want enough insurance to pay off the loan. If you own it outright... look at the expense and decide how much risk you're willing to take.

 

[MT755]

Uninsured and Uninsured never covers repairs to your truck. This comes from the basic collision coverage.

 

[Mountain Whiskey]

I don’t think the truck repairs are the bigger cost as others have pointed out. I could see Joe Tweeker sitting in your house while you live under the bridge because he sued you and he has been an underprivileged lowlife that needs the support. He actually deserves your house. He earned that house, you didn't!