The best thing to do is buy cheap cars in the 5k range and get liability only. Even if it gets wrecked you can always fix it cheap. Drive defensively and avoid parking in high theft areas.
0:59 "I don't need to get collision coverage because I'm not going to crash my car" That's what I thought too. 11 years driving every day with no accident. One day going to work on I-95 someone was cut off and instead of hitting his brakes they jerked their car to the left. I was beside them and they slammed me into the wall, my car then hit the curved side rail which ricocheted me back across all 4 lanes as I my car flipped on it's side. My car was totaled. I still had 5500 to pay on the load and it was valued at 8k. My $500 deductible is why I was able to get that $8k and pay off that loan and get a new car. I'm a great driver but I have no say in what others around you do or how they act.
@@ZeeProductions2001 depends on the interest rate and whether you can do better things with the money rather than tie it up on a car. You also don't know the situation.before his purchase, i.e financial hardship, lose, etc. Don't be assume save your own money.
I happily pay for full coverage. For 3 vehicles with $100 deductible is $1400 a year. The reason for this, I won’t hit any one I’m worried about the one that hits me with no insurance. In Mobile Alabama, this is way to common.
Good video. My finance professor said insure 1) what you cannot afford to lose or 2) if the insurance company has a comparative advantage in claims settlement.
@@aaron___6014id think it means if the insursnce company has a good reputation of being able to settle claims..i.e compensate you if you end up with damages/ car damages.
my logic behind having full coverage was the same until a 4x8 piece of ply-wood flew out of a truck and wrecked my vehicle. full coverage insurance is a lot of money but when it comes to stupid incidents like mine, it pays off.
Comprehensive insurance may be able to cover falling objects. I was in a similar situation as you, someone was hauling a trailer with an unsecured load and one of his or hers fire wood rounds (unsplit fire wood) rolled off and deflected off of the car behind it and into lane 3 and I hit it. The driver got away and I made a Comprehensive insurance claim and it was approved a month later. Took some time but I ended up speaking with the right person saved me well over a grand.
firstly, the truck should have paid for that. tag numbers n so on. if they cant you just add up how many times that happens, how much it cost to fix, and how much money over years you save then see which is better.
I mean yes and no. It really depends on the situation. I have a 2012 Malibu I bought for 4k. To have collision I gotta spend an extra 100 per month. After 3 years I’m almost at what I payed for the car. At that point if I wreck it I’ll just buy a new car, and if not I just saved 4k
Liability if one can afford to pay off a new car or payoff existing loan or lease. So this is subjective it depends on persons savings for rainy scenarios.
I had some hail damage on the hood of my car, and the insurance company wanted to total it out and call it salvage. They said they couldn't fix it because the car wasn't worth that much, however I only wanted the hood fixed. They were looking at all of the other cumulative wear and tear. It dawned on me that they thought I was trying to get a total rehab from my insurance when all I wanted was just paintless dent removal. This is why they wanted to Total it out. They didn't even want to give me a chance to fix the hood for a couple hundred dollars. I realised at that point they were assuming I was lying. I dropped coverage and will change insurance companies as a result. However they are such scammers when I had a zero deductible and paid them so much over 37 years only to get mistrust and one option to trash my car. I hate insurance it's evil.
I paid 70% of my 2021 car loan. I called my bank and asked them if I can remove the collision coverage of my insurance and they gave me a permission to do what I want😃 so I removed the collision but kept the comprehensive. Especially I live in FL where natural disasters “ hurricanes” happens
I actually did this thought it was a good idea to save money, until I went to meet my sister who I carpool with to go get my mom some Christmas her first Christmas without dad. (I parked my truck the one dad left me when he passed) by McDonald's on the busiest Street in Gaffney South Carolina and carpooled with my sister. I also like to say or I parked it was right next to Enterprise Rent-A-Car. Some say well that's irrelevant well let me assure you it's not. Upon arriving back to get my truck a few hours later, I see my trucks gone. So I called the police make a report to no avail. That was two years ago. I reported it to State farm my insurance provider as stolen. But since I didn't opt for the comprehensive coverage, I received nothing. Now I have no transportation in Spartanburg South Carolina, but the hell I went through not being able to sleep at night because hate consumed me for 6 months I wake up screaming trying to kill the person or persons who stole the only thing I had of my father... I stated before that I part next to an Enterprise Rent-A-Car, and Enterprise Rent-A-Car that had denalis on the lot new Honda accords as well. But yet the thieves shows to steal my 2002 S10 with 200,000 miles on it. When I called up Enterprise Rent-A-Car let them know what had happened at the police would probably be by to check out their surveillance footage, I was told they just didn't have surveillance on the lot. Which I replied you're in the business of renting cars and you don't have surveillance how are you even insured? To which the Enterprise employee said we just don't have surveillance. Now it's 2 years later and I'm riding on my roommate unfortunately to provide me transportation, to work from work well... To anywhere. I was strongly advised everyone to opt for the comprehensive coverage. Cuz it wasn't just a truck that got stole from me, it was my way out, my way to a better life. You know someone could offer me a 2023 brand new truck or offer me mine and I without hesitation would take mine.
also depends on the risky for accidents.. i live in houston and there are idiots everywhere that are somehow allowed to drive... also thefts are high as well as even getting rims and tires stolen... i had a shop put something in my brake lines and ruined my whole braking system woulda been 2500 to replace everything...
+hoss011 Me too. I live in Los Angeles, and worry about uninsured motorists killing my car. All depends on where you live, and what you're willing to lose (cost of vehicle). Great videos though.
I'm thinking of moving to Houston and I'm worried about the car theft down there... what part of Houston do you live in? Is there a certain area where car theft is worse than others?
Good thinking. I've been taking a similar approach, but I do usually buy Comprehensive. The vehicles I tend to own(S2000 and 2 sportbikes currently) are commonly stolen somewhat near me. And Comprehensive seems to be minor in cost, at least compared to Collision. I also figured that if a car is stolen, it's a essentially a complete loss, unless it's recovered. But if you get in an accident, the vehicle still contains some value as parts.
+FCustureri Yes I absolutely agree. If theft is a concern then comp is required. Like you said, comp is not that expensive. I really should have added that in the video. I was thinking similarly about the parts thing. If I crash on the track, I intend to pay out of pocket for a new S2000 and just swap the good parts over. Enjoy the sport bikes! I miss mine.
If you cannot afford to lose your car, carry comprehensive and collision coverage. There are way too many uninsured and underinsured drivers on the road. I'm a licensed Insurance agent and take claims for home and auto. I know what happens on the other side of this formula. The key component of liability insurance absolutely IS the protection of your assets. But should be enough to avoid the loss of future earnings, too, because judgments from lawsuits don't just go away because your limit was reached. Check your state laws about liability suits that can happen when you don't carry enough Insurance. The biggest misconception here is that being a responsible driver will keep you from causing a costly accident. Weather, mechanical failure, sudden health events, momentary distractions all conspire to upset your responsible driving habits and can result in bodily injury and property damage that go beyond your liability coverage. Your collision coverage protects your vehicle from loss regardless of fault. If the other driver provides you misinformation in order to avoid a claim (which happens more than you think) or flees the scene, it falls to your insurance to pay for your loss. Insurance is expensive for a lot of reasons. The cheaper the insurance, the greater the coverage and service sacrifice. If you aren't like this guy and have hundreds of thousands of dollars to drop on cars anytime you want, protect the one you have. Nobody likes paying for something intangible. I get it. But I never like having a conversation with an insured who was hit by someone whose policy was either inadequate or inactive on the date of loss and that their thrifty mindset that cut comprehensive and collision coverage has left them with a pile of junk in their driveway, no rental reimbursement and no recourse. Read your policy jacket. Don't assume your insurance pays for anything unless it's covered there. Pay particular attention to exclusions. In most cases, for instance, there is no coverage for contents. If your laptop was in your car when it it was stolen, it will probably not be covered (if we're having this conversation, you're not paying the companies and policies that provide this kind of coverage -- the Save 15% policies definitely don't) that's a rental or homeowners policy claim and SUBJECT TO YOUR DEDUCTIBLES. If you carry a $1000 deductible on your HO policy and your depreciated laptop value is $1000, you just caught an out of pocket expense. Think of insurance not as an investment with no return, but a massive savings account that you can only dip into under certain circumstances. Like when you, Mr. Responsible driver, make a left turn at night in the rain and don't expect the pedestrian you don't see walking in the crosswalk.... The greater your assets, the greater your exposure. But the greater your vulnerability, the tighter your finances, the more important good coverage becomes. Insurance should be considered part of the cost of driving. You spent money on your car. Spend money to protect it and you from loss.
I’m with you man, because you raised valid and very excellent points about having full cover, it doesn’t pay, especially if you have had to make claims on your vehicle, you shell out all this money to insurance companies only to not be able to utilize it, because of all the claims out on your car even if you’re not at fault. Now you are walking around with a damaged vehicle that you cannot fix.
The point in buying full coverage is to protect your assets. Basic liability only covers $25,000 worth of injuries-depending on the state you’re in. So basically, one broken hip leaves you on the hook for about $50,000-75,000. Or, heaven forbid, you cause the death of someone-that’s $1 million. So not only should you get full coverage, but you should get an umbrella policy that covers all of that. So if $18,000 is worth $1,000,000 to you, go on ahead.
very Informative. I've been driving since I was 17, and i'm about to be 23, not that long but I've never had an accident. I'm a super defensive driver. Even when people would be about to hit me and it would definitely be their fault, I still avoid it. No one like accidents!. Anyway, I'm still on my parents insurance. If I wasn't I would definitely consider this.
I have been paying for full coverage for 30 years and last year I wrecked my ZR1 and my insurance provider paid me $72,000 for my car and allowed me to buy back the salvage for $6,800 that I then parted out for almost $40,000, so I think it is safe to say having full coverage all those years was worth that one accident. Guess this is good advice if you have a cheap car or you don't race your car.
Bad advice. I have a perfect driving record, never had a collision. Then someone hit my car and ran. Police could not find the driver. I was on the hook for the massive repair. I am thankful my car was covered with full collision coverage. If you are not prepared to take a total loss on your car at any minute(may make sense for very old cars) get full coverage.
What if the insurance company refuses to repair it and only gives you one option of total loss claiming the cost to fix it is more than the value of the car. They've said this twice about my car and are full of it. Insurance companies are criminals.
Your way of thinking doesn’t apply to everyone who fully pays for their car. A homeless man jumped in front of my car in the freeway while I was on the 2nd lane. It was 1:30am in a badly lit part of the freeway, he was black man wearing all black. I was not speeding or under the influence. I called 911 and waited. Police said it’s not my fault and I called my own insurance company. Who would pay for my car that was totaled to be replaced? My car was a 2023 civic hatchback and I only had it for 4 months and only had 900 miles on it. The 1st and 2nd lanes go to an interchange to another freeway and I was on the 2nd lane driving under the underpass and he came from one of the overpass’ pylons. He was coming from the 3rd lane is what I’m told. I never had a chance to break.
I have an 18 year old car. (2004 Camry) it is a rebuilt car, and I have full coverage on it. The insurance per month is $654 (with my motorcycle, $571 excluding the motorcycle)...im thinking this is way to much and considering just liability. My car is also rebuilt
It's only worth it if you don't own your car outright, unable to save or invest the "would be" insurance premium.Things *DO* happen, but not that often if we're being perfectly honest... Once you have enough money to replace or repair your car should something happen to it, you will be rewarding yourself money and funds for a new car down the road (provided you exercise safe driving habits, and mitigate most of the unforeseen accidents) I.e. if a tree falls on your car, you DID park there. lol
The value of the car will go down as it ages so you will not be saving 1800 per year. Only the first year then less and less and depending on your driving record. If the car was finance you need full coverage anyways.
I just found out AAA forces comprehensive if you want collision. No one needs comprehensive if they aren't driving an expensive car. Collision is useful because you can get rear ended or bot at falut or somethjng stupid. Even the best drivers eventually get into some sort of accident. But comprehensive is for vandalism and theft and things that happen to nicer more valuable cars.
Comprehensive is not just for vandalism. It's for any damage that isn't a collision. Fire, falling objects (trees, hail, etc), animals, disasters, flooding, etc. Comp is usually cheaper than collision anyways. If your car is worth enough to have collision then it is worth enough to have comprehensive.
I do buy comprehensive insurance though here is the thing I buy extremely excellent older vehicles. And I mean show room status. All vehicles I buy must be older than 1997, must have less than 110,000 mile no customizations and must be without a doubt kept in a garage and maintained. Resale on average increases $387.65 every year (I was taken at an auction once) Anyways 7 months ago I took a cash offer for my 1996 Ford f150 5.8l v8 for 15,000 dollars I paid $5,700 for the truck paid 1720 dollars total in insurance plus a$50 [yes 50 not 500] dollar comprehensive deductible for a new windshield when a rock chipped it, $130 in oil changes and I think 1 coolant/brake flush and bleed. And well 650 on tires. Prior to that I found a beautiful nova in Kentucky guy couldn't see anymore and i gave him a few thousand over his asking price (real nice man and car) after another 4 years I sold it to a person that wouldn't leave me alone and I accepted his outrageous high offer couldn't talk him down anymore. So no if you know what to buy and when to buy then you'll be good. I just don't do the full coverage because I don't crash my cars but I can't control other people or nature so that's why I always buy comprehensive insurance and it normally works out well for me.
depends on how long you plan to keep the vehicle as well, and how hard you drive it... I think maybe having a sport bike is worth getting full coverage if you ride it like you mean it. What do you think about that ZentRose?
I have a question for you. I completely agree with you but with the kind of luck I have I will crash the car on my way out of the insurance office right after canceling collision. That's how my life operates!
Good video but please tone down the music to low for future videos. I agree, although part of having full insurance is peace of mind that you are covered even in yr one. For older vehicles Liability only is the way to go.
I will recommend getting the comprehensive coverage since you own a CR and if you use it on the street. Who knows crazy people might steal that hardtop. Comprehensive covers theft, vandalism, glass, natural disaster, etc... I agree with you that a responsible drive don't need collision
There's always Murphy's Law though. Years of driving a sports car on and off the track, as well as a motorcycle, has given me pretty good situational awareness, but sometimes sh*t happens. Last winter I stopped to help a stranded motorist and, as I was backing into a nearby parking lot (traffic was at a standstill everywhere but there was a starbucks entrance behind me), someone in the median jumped through a hole in traffic to use the same entrance. I struck them and I was completely at fault. I knew it, they knew it, the cop knew it. Their vehicle was a newish 4Runner and I was in my S2k. I can't remember what the total damages were, but it was well into the thousands. I was extremely glad to have full coverage at the time. I've got an M3 now and couldn't imagine not having it fully insured.
+HollowedRain That's crappy..stop to help and end up paying for it. I was rear ended in a brand new audi when I was at a complete stop behind someone waiting to turn left. Both our insurance companies had a hand in it, and I lost my no accident discount. When I questioned this, and said there was no way I could have avoided it nor was I at fault (so says also the police report), they didn't care. The adjuster told me, that even though this is the case, insurance companies almost always internally assign some blame to both parties, even in cases like mine.
now do a video on no insurance at all. weighing the risks. we all think "damn i havnt got in an accident or a ticket in 10 years what if i had incvested all that insurance momey....." how much is a ticket for driving without insurance anyways
You talk about your 'investments', but other than stocks I have no idea what to imagine when you mention investments. Could you give some examples? You don't have to go into great detail ofcourse.
+budro As far as the market, I'm all in ETFs right now. I think that everything is an investment from the moment you wake up until you go to sleep you decide what you are going to do with your time and money. I set my required rate of return at 10% just as a goal and I use that number in all of my calculations. Right now I pulled a good chunk out of the market to invest in this youtube channel. I modeled the google adsense advertising revenue and projected the future growth if I put more time into this. The math behind it is actually really simple and I'm happy to share it if you want. I am also giving up a finance internship to do this. My parents probably want to kill me.
That is a brilliant quote which I am going to recycle: "Everything is an investment from the moment you wake up until you go to sleep. You decide what you are going to do with your time and money."
Ryan Choi Most finance agreements require full coverage. If you opt out you’re gonna get shafted. Depends on the value of the car and creditor, I suppose.
The best thing to do is buy cheap cars in the 5k range and get liability only. Even if it gets wrecked you can always fix it cheap. Drive defensively and avoid parking in high theft areas.
0:59 "I don't need to get collision coverage because I'm not going to crash my car"
That's what I thought too. 11 years driving every day with no accident. One day going to work on I-95 someone was cut off and instead of hitting his brakes they jerked their car to the left. I was beside them and they slammed me into the wall, my car then hit the curved side rail which ricocheted me back across all 4 lanes as I my car flipped on it's side.
My car was totaled. I still had 5500 to pay on the load and it was valued at 8k. My $500 deductible is why I was able to get that $8k and pay off that loan and get a new car.
I'm a great driver but I have no say in what others around you do or how they act.
xxdeathknight72xx you can do the same thing without paying intrest its called saving money
Usually financed car required full coverage. If you owned it with zero balance you have option to pay full coverage or just liability. Js
@@ZeeProductions2001 depends on the interest rate and whether you can do better things with the money rather than tie it up on a car. You also don't know the situation.before his purchase, i.e financial hardship, lose, etc. Don't be assume save your own money.
You should have had the other guy’s insurance pay for your car or your uninsured motorists insurance.
You can just save money because what if you go thru years without an accident all that money is out your pocket now
I happily pay for full coverage. For 3 vehicles with $100 deductible is $1400 a year. The reason for this, I won’t hit any one I’m worried about the one that hits me with no insurance. In Mobile Alabama, this is way to common.
Uninsured motorist coverage?
Good video. My finance professor said insure 1) what you cannot afford to lose or 2) if the insurance company has a comparative advantage in claims settlement.
Can you explain or give an example of what the second reason is?
@@aaron___6014id think it means if the insursnce company has a good reputation of being able to settle claims..i.e compensate you if you end up with damages/ car damages.
my logic behind having full coverage was the same until a 4x8 piece of ply-wood flew out of a truck and wrecked my vehicle. full coverage insurance is a lot of money but when it comes to stupid incidents like mine, it pays off.
Ethan Cueny exactly you don’t know what can happen
When it happens you'll be happy you full coverage.
Comprehensive insurance may be able to cover falling objects. I was in a similar situation as you, someone was hauling a trailer with an unsecured load and one of his or hers fire wood rounds (unsplit fire wood) rolled off and deflected off of the car behind it and into lane 3 and I hit it. The driver got away and I made a Comprehensive insurance claim and it was approved a month later. Took some time but I ended up speaking with the right person saved me well over a grand.
firstly, the truck should have paid for that. tag numbers n so on. if they cant you just add up how many times that happens, how much it cost to fix, and how much money over years you save then see which is better.
I mean yes and no. It really depends on the situation. I have a 2012 Malibu I bought for 4k. To have collision I gotta spend an extra 100 per month. After 3 years I’m almost at what I payed for the car. At that point if I wreck it I’ll just buy a new car, and if not I just saved 4k
Liability if one can afford to pay off a new car or payoff existing loan or lease. So this is subjective it depends on persons savings for rainy scenarios.
Keep in mind, if you owe on the car, you must keep full coverage.
Very true!! And what if you don't decide to keep the full coverage, what happens?
@@Manatti06 The line holder will force place the coverage and will increase your car payment accordingly.
There are exceptions sometimes though, it depends on the lender
I had some hail damage on the hood of my car, and the insurance company wanted to total it out and call it salvage. They said they couldn't fix it because the car wasn't worth that much, however I only wanted the hood fixed. They were looking at all of the other cumulative wear and tear. It dawned on me that they thought I was trying to get a total rehab from my insurance when all I wanted was just paintless dent removal. This is why they wanted to Total it out. They didn't even want to give me a chance to fix the hood for a couple hundred dollars. I realised at that point they were assuming I was lying. I dropped coverage and will change insurance companies as a result. However they are such scammers when I had a zero deductible and paid them so much over 37 years only to get mistrust and one option to trash my car. I hate insurance it's evil.
I paid 70% of my 2021 car loan. I called my bank and asked them if I can remove the collision coverage of my insurance and they gave me a permission to do what I want😃 so I removed the collision but kept the comprehensive. Especially I live in FL where natural disasters “ hurricanes” happens
I actually did this thought it was a good idea to save money, until I went to meet my sister who I carpool with to go get my mom some Christmas her first Christmas without dad. (I parked my truck the one dad left me when he passed) by McDonald's on the busiest Street in Gaffney South Carolina and carpooled with my sister. I also like to say or I parked it was right next to Enterprise Rent-A-Car. Some say well that's irrelevant well let me assure you it's not. Upon arriving back to get my truck a few hours later, I see my trucks gone. So I called the police make a report to no avail. That was two years ago. I reported it to State farm my insurance provider as stolen. But since I didn't opt for the comprehensive coverage, I received nothing. Now I have no transportation in Spartanburg South Carolina, but the hell I went through not being able to sleep at night because hate consumed me for 6 months I wake up screaming trying to kill the person or persons who stole the only thing I had of my father... I stated before that I part next to an Enterprise Rent-A-Car, and Enterprise Rent-A-Car that had denalis on the lot new Honda accords as well. But yet the thieves shows to steal my 2002 S10 with 200,000 miles on it. When I called up Enterprise Rent-A-Car let them know what had happened at the police would probably be by to check out their surveillance footage, I was told they just didn't have surveillance on the lot. Which I replied you're in the business of renting cars and you don't have surveillance how are you even insured? To which the Enterprise employee said we just don't have surveillance. Now it's 2 years later and I'm riding on my roommate unfortunately to provide me transportation, to work from work well... To anywhere. I was strongly advised everyone to opt for the comprehensive coverage. Cuz it wasn't just a truck that got stole from me, it was my way out, my way to a better life. You know someone could offer me a 2023 brand new truck or offer me mine and I without hesitation would take mine.
also depends on the risky for accidents.. i live in houston and there are idiots everywhere that are somehow allowed to drive... also thefts are high as well as even getting rims and tires stolen... i had a shop put something in my brake lines and ruined my whole braking system woulda been 2500 to replace everything...
+hoss011 That sounds terrible! I moved to a city and don't need to drive anywhere except for when I go to track events.
+hoss011 Me too. I live in Los Angeles, and worry about uninsured motorists killing my car. All depends on where you live, and what you're willing to lose (cost of vehicle).
Great videos though.
I'm thinking of moving to Houston and I'm worried about the car theft down there... what part of Houston do you live in? Is there a certain area where car theft is worse than others?
Good thinking. I've been taking a similar approach, but I do usually buy Comprehensive. The vehicles I tend to own(S2000 and 2 sportbikes currently) are commonly stolen somewhat near me. And Comprehensive seems to be minor in cost, at least compared to Collision.
I also figured that if a car is stolen, it's a essentially a complete loss, unless it's recovered. But if you get in an accident, the vehicle still contains some value as parts.
+FCustureri Yes I absolutely agree. If theft is a concern then comp is required. Like you said, comp is not that expensive. I really should have added that in the video.
I was thinking similarly about the parts thing. If I crash on the track, I intend to pay out of pocket for a new S2000 and just swap the good parts over.
Enjoy the sport bikes! I miss mine.
You should consider also a $1 million umbrella policy if you have $250,000 in stocks.
I do the same. liability only for the s2000. I have a loan on the new car, but I'll switch to liability only when it's paid off.
If you cannot afford to lose your car, carry comprehensive and collision coverage. There are way too many uninsured and underinsured drivers on the road. I'm a licensed Insurance agent and take claims for home and auto. I know what happens on the other side of this formula. The key component of liability insurance absolutely IS the protection of your assets. But should be enough to avoid the loss of future earnings, too, because judgments from lawsuits don't just go away because your limit was reached. Check your state laws about liability suits that can happen when you don't carry enough Insurance. The biggest misconception here is that being a responsible driver will keep you from causing a costly accident. Weather, mechanical failure, sudden health events, momentary distractions all conspire to upset your responsible driving habits and can result in bodily injury and property damage that go beyond your liability coverage.
Your collision coverage protects your vehicle from loss regardless of fault. If the other driver provides you misinformation in order to avoid a claim (which happens more than you think) or flees the scene, it falls to your insurance to pay for your loss. Insurance is expensive for a lot of reasons. The cheaper the insurance, the greater the coverage and service sacrifice. If you aren't like this guy and have hundreds of thousands of dollars to drop on cars anytime you want, protect the one you have. Nobody likes paying for something intangible. I get it. But I never like having a conversation with an insured who was hit by someone whose policy was either inadequate or inactive on the date of loss and that their thrifty mindset that cut comprehensive and collision coverage has left them with a pile of junk in their driveway, no rental reimbursement and no recourse.
Read your policy jacket. Don't assume your insurance pays for anything unless it's covered there. Pay particular attention to exclusions. In most cases, for instance, there is no coverage for contents. If your laptop was in your car when it it was stolen, it will probably not be covered (if we're having this conversation, you're not paying the companies and policies that provide this kind of coverage -- the Save 15% policies definitely don't) that's a rental or homeowners policy claim and SUBJECT TO YOUR DEDUCTIBLES. If you carry a $1000 deductible on your HO policy and your depreciated laptop value is $1000, you just caught an out of pocket expense. Think of insurance not as an investment with no return, but a massive savings account that you can only dip into under certain circumstances. Like when you, Mr. Responsible driver, make a left turn at night in the rain and don't expect the pedestrian you don't see walking in the crosswalk....
The greater your assets, the greater your exposure. But the greater your vulnerability, the tighter your finances, the more important good coverage becomes. Insurance should be considered part of the cost of driving. You spent money on your car. Spend money to protect it and you from loss.
I’m with you man, because you raised valid and very excellent points about having full cover, it doesn’t pay, especially if you have had to make claims on your vehicle, you shell out all this money to insurance companies only to not be able to utilize it, because of all the claims out on your car even if you’re not at fault. Now you are walking around with a damaged vehicle that you cannot fix.
The point in buying full coverage is to protect your assets. Basic liability only covers $25,000 worth of injuries-depending on the state you’re in. So basically, one broken hip leaves you on the hook for about $50,000-75,000. Or, heaven forbid, you cause the death of someone-that’s $1 million. So not only should you get full coverage, but you should get an umbrella policy that covers all of that. So if $18,000 is worth $1,000,000 to you, go on ahead.
Think of it as a policy. I hit a deer and it totaled my car. 22,000 down the drain.
That's too much to not insure, unless you're rich enough to make losing $22,000 no big deal.
cool channel. Good find. I wish my total loss would hurry up. I've been in negotiations for over 2 months.
very Informative. I've been driving since I was 17, and i'm about to be 23, not that long but I've never had an accident. I'm a super defensive driver. Even when people would be about to hit me and it would definitely be their fault, I still avoid it. No one like accidents!. Anyway, I'm still on my parents insurance. If I wasn't I would definitely consider this.
+hanzo wasabisauce That's awesome! Yeah accidents are a pain. Then you get an incident on the vehicle history and it devalues the car.
I have been paying for full coverage for 30 years and last year I wrecked my ZR1 and my insurance provider paid me $72,000 for my car and allowed me to buy back the salvage for $6,800 that I then parted out for almost $40,000, so I think it is safe to say having full coverage all those years was worth that one accident. Guess this is good advice if you have a cheap car or you don't race your car.
Bad advice. I have a perfect driving record, never had a collision. Then someone hit my car and ran. Police could not find the driver. I was on the hook for the massive repair. I am thankful my car was covered with full collision coverage. If you are not prepared to take a total loss on your car at any minute(may make sense for very old cars) get full coverage.
What if the insurance company refuses to repair it and only gives you one option of total loss claiming the cost to fix it is more than the value of the car. They've said this twice about my car and are full of it. Insurance companies are criminals.
Your way of thinking doesn’t apply to everyone who fully pays for their car. A homeless man jumped in front of my car in the freeway while I was on the 2nd lane. It was 1:30am in a badly lit part of the freeway, he was black man wearing all black. I was not speeding or under the influence. I called 911 and waited. Police said it’s not my fault and I called my own insurance company. Who would pay for my car that was totaled to be replaced? My car was a 2023 civic hatchback and I only had it for 4 months and only had 900 miles on it. The 1st and 2nd lanes go to an interchange to another freeway and I was on the 2nd lane driving under the underpass and he came from one of the overpass’ pylons. He was coming from the 3rd lane is what I’m told. I never had a chance to break.
I have an 18 year old car. (2004 Camry) it is a rebuilt car, and I have full coverage on it. The insurance per month is $654 (with my motorcycle, $571 excluding the motorcycle)...im thinking this is way to much and considering just liability. My car is also rebuilt
Beautiful math, if my car gets stolen, burned, big accident, who covers that🤔
Self insure when you can afford to replace something. However, if losing the car would be devastating, you should fully insure it.
Plus you can part put the crashed car or sell as damaged. I dont insure after it's worth less than 10k only liability. I do pay fire or theft however.
I totaled my 330ci last year but I learned my lesson...
What happens if a deer comes out of nowhere while your on the highway and you have no time to stop .
all i got is 'I do not buy full coverage' and the music ...the music...the...oh look numbers
It's only worth it if you don't own your car outright, unable to save or invest the "would be" insurance premium.Things *DO* happen, but not that often if we're being perfectly honest...
Once you have enough money to replace or repair your car should something happen to it, you will be rewarding yourself money and funds for a new car down the road (provided you exercise safe driving habits, and mitigate most of the unforeseen accidents)
I.e. if a tree falls on your car, you DID park there. lol
When you look at this figure, what you should take away is "Holy Cow, there are numbers written right there!"
The value of the car will go down as it ages so you will not be saving 1800 per year. Only the first year then less and less and depending on your driving record. If the car was finance you need full coverage anyways.
In no way am I hating but I am just curious, are you still living with your parents? Great videos by the way.
I think so
It saves money!
I just found out AAA forces comprehensive if you want collision. No one needs comprehensive if they aren't driving an expensive car. Collision is useful because you can get rear ended or bot at falut or somethjng stupid. Even the best drivers eventually get into some sort of accident. But comprehensive is for vandalism and theft and things that happen to nicer more valuable cars.
Comprehensive is not just for vandalism. It's for any damage that isn't a collision. Fire, falling objects (trees, hail, etc), animals, disasters, flooding, etc. Comp is usually cheaper than collision anyways. If your car is worth enough to have collision then it is worth enough to have comprehensive.
Full coverage is comp, collision and liability. AAA isn't unique
I do buy comprehensive insurance though here is the thing I buy extremely excellent older vehicles. And I mean show room status. All vehicles I buy must be older than 1997, must have less than 110,000 mile no customizations and must be without a doubt kept in a garage and maintained. Resale on average increases $387.65 every year (I was taken at an auction once) Anyways 7 months ago I took a cash offer for my 1996 Ford f150 5.8l v8 for 15,000 dollars I paid $5,700 for the truck paid 1720 dollars total in insurance plus a$50 [yes 50 not 500] dollar comprehensive deductible for a new windshield when a rock chipped it, $130 in oil changes and I think 1 coolant/brake flush and bleed. And well 650 on tires. Prior to that I found a beautiful nova in Kentucky guy couldn't see anymore and i gave him a few thousand over his asking price (real nice man and car) after another 4 years I sold it to a person that wouldn't leave me alone and I accepted his outrageous high offer couldn't talk him down anymore. So no if you know what to buy and when to buy then you'll be good. I just don't do the full coverage because I don't crash my cars but I can't control other people or nature so that's why I always buy comprehensive insurance and it normally works out well for me.
depends on how long you plan to keep the vehicle as well, and how hard you drive it... I think maybe having a sport bike is worth getting full coverage if you ride it like you mean it. What do you think about that ZentRose?
If you can't afford to lose it, full coverage is a good idea. Keep in mind my cars are very cheap.
I found this video because I was considering at which point I should drop collision coverage, so I don't think you're foolish.
Here is a rude awakening liability covers the other drivers vehicle not yours.
Which is why its waste of money if you drive a cheap car. My car is OLD. I rather just buy another car.
I have a question for you. I completely agree with you but with the kind of luck I have I will crash the car on my way out of the insurance office right after canceling collision. That's how my life operates!
What if I don't get to retirement cuz lighting strikes me, how do I enjoy life and safe money
Good video but please tone down the music to low for future videos. I agree, although part of having full insurance is peace of mind that you are covered even in yr one. For older vehicles Liability only is the way to go.
I have Liability + Comprehensive on my AP1, just incase a deer hits my car/thief. Thanks for the information
+Tyler Brown Good idea. One of my friend's S2000s was totaled by a deer!
ZentRose LMAOOOOO
I will recommend getting the comprehensive coverage since you own a CR and if you use it on the street. Who knows crazy people might steal that hardtop. Comprehensive covers theft, vandalism, glass, natural disaster, etc... I agree with you that a responsible drive don't need collision
Hey Zent, I was really curious did you only have liability insurance when you owned the E92 M3?
Yes a large liability policy and uninsured/underinsured motorist coverage.
Different perspective. That's very intersting🤔
There's always Murphy's Law though. Years of driving a sports car on and off the track, as well as a motorcycle, has given me pretty good situational awareness, but sometimes sh*t happens. Last winter I stopped to help a stranded motorist and, as I was backing into a nearby parking lot (traffic was at a standstill everywhere but there was a starbucks entrance behind me), someone in the median jumped through a hole in traffic to use the same entrance. I struck them and I was completely at fault. I knew it, they knew it, the cop knew it.
Their vehicle was a newish 4Runner and I was in my S2k. I can't remember what the total damages were, but it was well into the thousands. I was extremely glad to have full coverage at the time. I've got an M3 now and couldn't imagine not having it fully insured.
+HollowedRain I agree. If I couldn't afford to eat the cost then I would definitely insure it.
+HollowedRain That's crappy..stop to help and end up paying for it. I was rear ended in a brand new audi when I was at a complete stop behind someone waiting to turn left. Both our insurance companies had a hand in it, and I lost my no accident discount. When I questioned this, and said there was no way I could have avoided it nor was I at fault (so says also the police report), they didn't care. The adjuster told me, that even though this is the case, insurance companies almost always internally assign some blame to both parties, even in cases like mine.
Is it worth without it for a rebuilt car?
Currently paying 1,700 for full coverage on my s2000 and I’m 23. Now considering getting rid of collision and only keep comprehensive
The logic is sound and the advice is good, although the math is inaccurate.
I look forward to the video how to cover an accident.
just posted for you
now do a video on no insurance at all. weighing the risks. we all think "damn i havnt got in an accident or a ticket in 10 years what if i had incvested all that insurance momey....." how much is a ticket for driving without insurance anyways
Aren't you afraid of your cars getting stolen, and then you're out of luck since you only had liability.
+hugh miring Nope. I only own one car. It's blocked in. If you can airlift it out of the backyard without getting caught I'll let you have it :)
+ZentRose haha I just always hear of s2000s being stolen
+hugh mirin Me too. If you street park an S2000, I would budget for comprehensive coverage.
$600 bucks liability lmao.. i paid $5300 per year liability for a 2007 civic si in toronto... ps the civic costs $6000
What? Ummm, not sure I believe you.
Highly stolen car that's why
what do you think you will get after your s2000?
+HareyMon I don't want anything else right now.
Great video and smart thinking !!
+Jasserv thanks!
What if you hit a deer?
You talk about your 'investments', but other than stocks I have no idea what to imagine when you mention investments.
Could you give some examples? You don't have to go into great detail ofcourse.
+budro As far as the market, I'm all in ETFs right now. I think that everything is an investment from the moment you wake up until you go to sleep you decide what you are going to do with your time and money. I set my required rate of return at 10% just as a goal and I use that number in all of my calculations.
Right now I pulled a good chunk out of the market to invest in this youtube channel. I modeled the google adsense advertising revenue and projected the future growth if I put more time into this. The math behind it is actually really simple and I'm happy to share it if you want.
I am also giving up a finance internship to do this. My parents probably want to kill me.
+ZentRose Yeah definately, please share! :)
I like the way you think, man.
That is a brilliant quote which I am going to recycle: "Everything is an investment from the moment you wake up until you go to sleep. You decide what you are going to do with your time and money."
Nice job man
The song makes it fun
Not if your shit gets stolen the first year... s2000 yeah.
Great video.
Good Info!
question. could i skip the collision and compreh on my insurance even my car still in finance? we have 2 cars and paying 160/month.
Ryan Choi Most finance agreements require full coverage. If you opt out you’re gonna get shafted. Depends on the value of the car and creditor, I suppose.
You cannot have a loan without comp and collision. If you fail to keep it covered the lender will provide insurance for it...except liability
And tack it onto your loan
You confused the shiet out of me!!!!
Try living in New York and not having money and being poor.
you are good
Smart
music is no no no
10%
#dropingknowledge
+iliovecaRS #droppingknowledge*
sorry had to.