Reply to Driving in MD becoming unaffordable?

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[quote=Anonymous][quote=Anonymous]Folks, STOP BUYING COMPREHENSIVE AND COLLISION COVERAGE, AND GET THE HIGHEST POSSIBLE DEDUCTIBLE!

You people spend way too much money on insurance. I pay like $500 per year for my 2017 Toyota Corolla.

1). All you’re legally required to buy is liability coverage to cover the other person (damage and injuries) if you’re in an at-fault accident.  A lender may require you to also have comprehensive and collision coverage—so just pay cash for your cars and don’t use a lender!

2). Collision coverage covers your car if you’re in an at-fault accident.  If that happens, just pay for the repairs yourself.  If your car is totaled and you’re at fault, just spend the $20,000 to buy another slightly used Corolla—this will happen at most once in your lifetime if you’re extremely, extremely unlucky.  If you can’t afford to unexpectedly pay cash for a new car once in your lifetime, the car you have is too expensive!

3). Comprehensive coverage covers your car in the event of theft, hail damage, etc.  Dear reader, when is the last time your car was stolen or suffered from hail damage?? Even if you did encounter those scenarios, the insurance company would then jack up your rates so it’s not worth it to get the coverage.

4). Get the highest deductible possible, $2,000 or whatever it is. This is a no-brainer and I don’t know why everyone does not select this option automatically.

Now that I work from home and drive minimally, my TOTAL auto expenses are under $1,000 per year—this includes gas, nonexistent Corolla repairs, auto insurance, and an annual oil change. Inflation is not your problem when it comes to auto insurance—not being a savvy consumer *is*![/quote]

Yes, get liability only car insurance. It is much much cheaper. This is another reason to pay cash for cars instead of borrowing money. Car lenders will not let you get liability only insurance [/quote]

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