Still looking for ways to decrease expenses and increase savings
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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?Johanna
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.Abbie
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.Heather
Keep full coverage. If anything I would look at making your deductible higher. That will lower your bill.Jessica
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.Brittany
Keep the full coverage if you don’t have funds to replace it.Robbie
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.Karen
There are a few things that I think are worth not cutting corners on. Insurance and healthy food are two big ones for me.Kirsten
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.Brittany
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.