Full coverage or liability for insurance

Discussion in 'General Discussion' started by jiggie, Aug 11, 2017.

  1. jiggie

    jiggie Member

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    Whats everyones thoughts on insurance coverage for their obs rigs?

    Thought i might start a discussion on it and get peoples input on what they have and why. Unless you have a 2500 burb or loaded out tahoe or yukon these rigs are getting lower in value regardless of how clean or nice they are. Are they really worth having full coverage and is it worth the money if your paying more than 50 to 80 bucks a month for full coverage insurance?

    Personally im paying 160 a month for full coverage with low comprehensive deductible and all the add ons like towing and rental car through my family agent. I can cut that more than half by dropping to liability only. Im thinking about making the change but would like to see what others think and maybe help someone else out who might be asking the same question about their rig.


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  2. PNWMuseumman

    PNWMuseumman Bow Ties Are Cool Supporting Member

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    I run liability only on my Hoe, that's all I had on my wagon for 10 years before I sold it. The only time I could've used it on my wagon was when my rear window randomly shattered on the freeway heading to work one morning... Still no idea why... Anyhow, I had to search for a week and found another hatch glass at a semi-local wrecking yard for $100.00 → Definitely worth the savings I had from not having full coverage. I have the same thought process on the Hoe, I can fix most things that go wrong on it / break / whatever, and that saves me a bunch on insurance :)
     
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  3. HiHoeSilver

    HiHoeSilver Away!

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    My guy, who has been a very good friend for 20+ years, says to carry full if I can account for at least 10k in the truck. My OBS was always under, so liability only or was. The NBS I am carrying coverage on.

    Edit: the OBS was a 2000 Z71.
     
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  4. edonwheels73

    edonwheels73 TYF Newbie

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    I have comprehensive and 500 deductible on my 94.

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  5. swathdiver

    swathdiver Full Access Member

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    If you get into a wreck, the older the truck, the lower its value and the less it takes to total it out in the insurance companies eyes. If you halved your insurance and saved the difference (yeah right!) you'd have near a $1000 at the end of a year to spend on repairs/upgrades or bank up for an accident that may never come (Lord willing!).

    So in the eyes of your insurance company, how much is your truck worth?
     
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  6. jiggie

    jiggie Member

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    My thoughts exactly! My agent said if i fixed the hail and gave it a full respray she would fight to get me full value which would be the 2400 if something happened. After my deductible and the loan pay off(if it happened tomorrow or in the next month or two)should i have to use it i would have about 1300 in my pocket. After October it would be 1900 in my pocket.


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  7. rybern

    rybern TYF Newbie

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    My '03 Tahoe LT 4wd is in exceptional condition but we still only carry liability. In fact we carry liability only on all 3 vehicles(2000 Tacoma 4x4 and 98 Camry). No car payments combined with liability only has helped us to save money and become debt free(which doesn't suck, BTW). ;) Our liability only is right around $300 every six months for all three vehicles(my wife and I in our 40's).
     
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  8. Nashoba

    Nashoba Member

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    Because I often drove more than 40,000 a year, and was away from home months at a time during my professional life before I retired, we always carried comprehensive, extra glass, higher liability and $250 deductible on our vehicles, but we traded when the vehicles neared 100K just because I am a gearhead and car nut. Also did not want my wife to be saddled with negotiations with insurance adjusters when I was a thousand miles away. And we have been with the same agent and insurance company (for home and auto) almost 40 years. Loyalty works both ways and we have never had trouble with fair claims adjustment all these years. In fact, all the settlements/payments to us have been very equitable. Sure, AllState has made good money off us, but we have had sterling service from them. We are both retired, sort of, and we still carry the same limits and deductible. It is all a personal choice for each of us. There are too many Oklahoma drivers out there, many of whom are illegal immigrants, who never had insurance or who let it lapse after they get the annual tag renewal. We just don't like to gamble.
     
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  9. 04SS99Denali

    04SS99Denali Full Access Member

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    full coverage on an OBS???????????? these trucks even in a cream puff state with zero rust and low mileage with no rips in the seats / no leaks / working A/C are worth 5k on the high end. real talk 80% of the 4 doors are worth between 1500-3000$. if you get into a minor accident the insurance is gonna total it out just based off the value vs damage. and they will probably cut you a check for 1000-2000. simple math your paying 1900 a year in insurance for a truck thats worth no more than 3k. and if its totaled out you probably wont even get back what you pay per year. that should answer your question


    save your money and get the bare bones minimum. i have my truck listed under a pleasure vehicle / liability only with 1500 deductible. i pay 360 a year
     
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  10. Nashoba

    Nashoba Member

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    What is an OBS or NBS?
     

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