Just out of curiousity, For those who have paid off or paid cash for their ITR
is there ever a time that you would just put liability so the Ins is more affordable?

Not that I would but just wondering...

 

only time i'd take off insurance at all...is if you don't own it or your storing it in a garage that has home owners insurance

 

Absolutely. I never got around to checking with my insurance company though to see if theft was still covered or an option if I was just to have Liability. I think it might depend on your insuance company. If I crashed it, so be it, I would just swap everything over to my EG(assuming parts were still salvageable).

 

I own my car and there is no way I would lack any coverage. I may have $1000 deductable to keep the general price down. God forbid anything happens, and the insurance company tries to hold me down for the bill. Progressive sucks

 

Only when it becomes a track *****! Somehow I don't think Progressive will write me a check to repair/replace it if I get into the tires at say, Mid-Ohio....call me crazy

 

No. If anything should ever happen to the R (God forbid!), I would need an insurance check to replace it.

 

last car payment in Jan!! I will be leaving my ITR in my garage with Liability INS unitl My points disappear about another year.....until then Just weekend crusing....I'm looking into picking up a Ford Explorer Sport Trac for Daily Driving.....

 

Car paid off but still has full coverage. Don't want to cheap out on that part. I would rather do one less mod and use the money towards insurance than to risk loosing the entire car.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Wai &raquo;</TD></TR><TR><TD CLASS="quote">Car paid off but still has full coverage. </TD></TR></TABLE>

I'm comfortable with it like that.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Lip &raquo;</TD></TR><TR><TD CLASS="quote">only time i'd take off insurance at all...is if you don't own it or your storing it in a garage that has home owners insurance</TD></TR></TABLE>

 

Unless you have the ability to write-off your $20k car without flinching, I say pay the ins. co. for the full coverage.

Or, if you're storing your car until 2050 and not driving it ever.

 

full coverage on mine

 

I'm confused. Why is this question directed only to people that have paid off their car?

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Wai &raquo;</TD></TR><TR><TD CLASS="quote">Car paid off but still has full coverage.</TD></TR></TABLE>

same here. paid off a long time ago, but still maintained full coverage. full coverage insurance is not that much more money than having only liability, especially when compared to the cost of repairing the car on my own.

jmb

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Lip &raquo;</TD></TR><TR><TD CLASS="quote">only time i'd take off insurance at all...is if you don't own it or your storing it in a garage that has home owners insurance</TD></TR></TABLE>

agreed...full insurance, nothing less unless its stored. anything else and you're just dumb

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by CPR &raquo;</TD></TR><TR><TD CLASS="quote">I'm confused. Why is this question directed only to people that have paid off their car?</TD></TR></TABLE>

Because if you have a car loan, you don't legally "own" the car. The bank or whatever financial institute lends you the money owns your car.

The lender would require you to buy full coverage because in case something happens, they would get money from the insurance company to pay off the amount they lent you.

So this question does not apply to people who are still paying off the car, because they have no other choices but full coverage.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by swtxaznrac3r &raquo;</TD></TR><TR><TD CLASS="quote">

agreed...full insurance, nothing less unless its stored. anything else and you're just dumb </TD></TR></TABLE>

 

Liability is just not worth the risk.

If you get into an accident and total the car, insurance will pay for the other car, but youll be up **** creek with a useless piece of metal.

Ask your yourself if it's worth the risk

Same goes for theft, id ont beleive the compensate anything if the car is stolen.

Lability is pretty much to keep you from being sued, and to meet state laws.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Wai &raquo;</TD></TR><TR><TD CLASS="quote">Because if you have a car loan, you don't legally "own" the car. The bank or whatever financial institute lends you the money owns your car.</TD></TR></TABLE>

The way my loan officer explained things to me is that I do own the car, but the lender has an interest in the vehicle.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Mugen Mike &raquo;</TD></TR><TR><TD CLASS="quote">

The way my loan officer explained things to me is that I do own the car, but the lender has an interest in the vehicle.</TD></TR></TABLE>

You may be the owner of the car, but the lending institution keeps the vehicle title until its paid off. The interest they hold is the papers to the car

 

i would drop it to liability or drop insurance if it was locked in a garage and could be covered under homeowenrs or renters insurance and was only driven like seaosnally.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Mugen Mike &raquo;</TD></TR><TR><TD CLASS="quote">The way my loan officer explained things to me is that I do own the car, but the lender has an interest in the vehicle.</TD></TR></TABLE>

their interest in the car must be pretty intense, since the title is their possession until the car is paid off even after that, they don't hand it over to you till you specifically ask for it

 

legally they do(have to) and they should


just paid off my wifes accord and title showed up in the mail soon after.

btw...insurance companies notify the banks if your insurance is dropped off of it because they are listed as the lien holder.


<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by jmb &raquo;</TD></TR><TR><TD CLASS="quote">

their interest in the car must be pretty intense, since the title is their possession until the car is paid off even after that, they don't hand it over to you till you specifically ask for it</TD></TR></TABLE>

 

when you lower your coverage something always happens , i would only roll with top notch coverage for me and passengers in a car like the R. On my $500 beater i have liability only. because if its wrecked its going to the junkyard.My .02 but whatever your comfortable with.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by quikB18B &raquo;</TD></TR><TR><TD CLASS="quote">You may be the owner of the car, but the lending institution keeps the vehicle title until its paid off. The interest they hold is the papers to the car </TD></TR></TABLE>

Maybe it differs from state to state. I have possession of the title to my car. It's in my name on it, and also shows the Credit Union as having a lein on the vehicle.

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by jmb &raquo;</TD></TR><TR><TD CLASS="quote">

their interest in the car must be pretty intense, since the title is their possession until the car is paid off even after that, they don't hand it over to you till you specifically ask for it</TD></TR></TABLE>

I had possession of the title to my last car as well. When I paid off the loan, I took the
title into the bank and they stamped lein release on it *shrug*