Still looking for ways to decrease expenses and increase savings

  • This topic is empty.
Viewing 10 posts - 1 through 10 (of 10 total)
  • Author
  • #80204 Reply

      So if I change our vehicle insurance to liability versus full coverage on mine and my husbands vehicle, we could save about $90 a month. However, we do not have the funds set aside specifically to buy a new vehicle if something were to happen and we weren’t covered by the other persons. (We do have an emergency fund we could theoretically use if we had to) But I plan to start a savings account soon to set aside money for the future purchase of a new vehicle when the time comes. If we changed our insurance, I could put that $90 towards that savings.

      Would you do that, or keep the full coverage until we are “self insured” for car replacement?

      #80205 Reply

        Try not to look at insurance in just dollar-value way. Remember to look at from an accident caused by you/accident caused by another party/injuries to you/injuries to another party/theft/replacement vehicle/rental/etc. way.

        #80206 Reply

          I work in insurance, and it definitely depends on the age of the vehicle. If you are not financially in a place where you can replace your vehicle with no problem, I’d keep the coverage.

          #80207 Reply

            Keep full coverage. If anything I would look at making your deductible higher. That will lower your bill.

            #80208 Reply

              We only had liability on our beater that was totaled last year (not our fault). Not only did the insurance company not pay due to our policy (we expected that), but they did not assist us in dealing with the insurance of the at-fault driver that was dragging their heels because we didn’t have full coverage. Keep that in mind, too.

              #80209 Reply

                Keep the full coverage if you don’t have funds to replace it.

                #80210 Reply

                  The question to ask yourself is can we afford to get the car repaired if in an accident? If not, keep the insurance. Please don’t be pennywise & pound foolish.

                  #80211 Reply

                    There are a few things that I think are worth not cutting corners on. Insurance and healthy food are two big ones for me.

                    #80212 Reply

                      If you couldn’t afford to outright pay for repairs or at the very least put a down payment on a new car right now if you were to drop coverage today and get into an accident tomorrow, I absolutely would not unless you drive a beater that’s only worth a thousand bucks or less.

                      #80214 Reply

                        We’ve gotten in two accidents in the past two years that were 100% the other person’s fault so I’ve been very grateful for full coverage. We’ve also had to use our uninsured motorist coverage when we were hit by someone without insurance so that’s something I wouldn’t go without. I’d definitely around with different companies though and see if whoever you’re with is the best rate you can get for that coverage though.

                      Viewing 10 posts - 1 through 10 (of 10 total)
                      Reply To: Still looking for ways to decrease expenses and increase savings
                      Your information:

                      Spread the love