Full coverage or liability for insurance

[jiggie]

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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[PNWMuseumman]

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

 

[HiHoeSilver]

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.

 

[edonwheels73]

I have comprehensive and 500 deductible on my 94.

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[swathdiver]

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?

 

[jiggie]

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?

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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[rybern]

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).

 

[Nashoba]

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.

 

[04SS99Denali]

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

 

[Nashoba]

What is an OBS or NBS?

 

[swathdiver]

Bruce, the OBS are the GMT400 trucks from the 1990s and the NBS are the GMT800s from the early 2000s. OLD BODY STYLE, NEW BODY STYLE and not mentioned are the GMT900s which are referred to as the NEW NEW BODY STYLE.

A 2007-2014 GMC Yukon XL is a GMT932 chassis for example.

 

[Nashoba]

Thanks. I guess I had a senior moment because all I could think of was old bull sh*t and new bull sh*t. It just did not compute. I am well aware of the old and new chassis nomenclature, etc., just did not connect the dots.

I agree that no one should spend a lot on insurance on a fifteen year old vehicle as a daily driver, and would not do that. However, as we intend to put a new set of batteries in out 2008 Tahoe Hybrid and drive it till it dies, and as my truck is a 2015 Silverado Double Cab 4X4 5.3L with less than 7K on it, we choose to insure them comprehensively. Just something many of our generation does. I am 70 and my dad had five NAPA stores I worked in from 1959 to 1969, when I graduated from college. My blood is 30 weight Pennzoil.

 

[swathdiver]

Your descriptions are accurate too! I figure if any vehicle is worth more than 10k and full coverage is at or under a $100 a month then there is value to having it. Course, some young fella is going to be hard pressed to pay so little each month even for basic insurance!

When I was a kid with my first car/hot rod, it cost me $2400 a year for basic insurance and that was thirty some years ago!

 

[Nashoba]

Insurance on my '64 Impala in 1966 was $144 a year. It was my fourth car. Dad kept buying cheap cars for me to drive in high school, first a 1963 Renault Dauphine, then a 1963 Olds Cutlass. He did not want me to drive either to college so when I graduated in 1965, he got me a 1965 Plymouth Sport Fury "demonstrator" with about 17,000 on it. I totaled it out in August of 1966 and that was when I got my Impala. Dad was upset because the insurance on the Sport Fury was only $112 a year. The Sport Fury cost $3500 and the insurance company paid me $2800. I spent $1500 on the Impala and gave the $1300 to Dad. So I didn't understand why he was upset about the $144 per year.

 

[swathdiver]

He was probably upset about the 22% rate hike by the insurance company!

 

[97WhiteYukon]

I had full coverage for my 97 2 door since 2012. It was stolen 3 weeks ago and insurance is taking their sweet time cutting me a check, havnt even heard how much I'm getting but I'm sure it's pennies compared to what I could have got for it. And by my guess, I've paid 3 times the amount in the past 5 years on it than what they will give me. I would look at the specific details if I had to do it again, but probably would have opted for the liability. Full coverage is good if your car is worth a lot more than 2-5k.

 

[ScottyBoy]

I had full coverage for my 97 2 door since 2012. It was stolen 3 weeks ago and insurance is taking their sweet time cutting me a check, havnt even heard how much I'm getting but I'm sure it's pennies compared to what I could have got for it. And by my guess, I've paid 3 times the amount in the past 5 years on it than what they will give me. I would look at the specific details if I had to do it again, but probably would have opted for the liability. Full coverage is good if your car is worth a lot more than 2-5k.

If your truck is stolen and not recovered, it's common practice for an insurance company to wait at least 30 days to see if it's recovered. If it isn't recovered yet, then be prepared to wait at least another week or two before they pay you. And yes, they WILL give you pennies on the dollar. I had a car insured with full coverage before and I had to make a claim due to a fire in my trunk. They took about 3 weeks to cut me a check, even though my car was racking up storage fees at a tow yard. They only offered me $2800 for my car, then after the $500 deductible, it was $2300 AND they get to keep my car. I asked them how much for me to keep my car and they said it would cost $300. So I ended up with a check for $2000 and I kept my car. I did the repairs myself, all I had to do was get a new trunk lid, bumper, tails, and a wiring harness to rewire the back half of the car (which was only the tails and license plate lights), plus clean the hell out of the interior to get the burnt smell out of it and soot off of some surfaces. Cost me about $300 in parts at the junkyard, but I never did get the car repainted as long as I owned it.

 

[97WhiteYukon]

Thanks for the info. That's what I was thinking. They said after 14 days if it's not recovered they will pay me out but I get the feeling they are stalling. I'm going to start the harrasing next week to try and get them to speed it up. On the bright side they cover towing and storage fees for up to 4 days.

 

[ScottyBoy]

Thanks for the info. That's what I was thinking. They said after 14 days if it's not recovered they will pay me out but I get the feeling they are stalling. I'm going to start the harrasing next week to try and get them to speed it up. On the bright side they cover towing and storage fees for up to 4 days.

If you have State Farm, they will most definitely wait 30 days to see if it gets recovered. As far as towing and storage, I don't know what the maximum was, but my car was in storage for 20 days, plus the cost of the tow to bring it to the storage yard. The total towing and storage bill was over $700 and State Farm paid all of it. Then I had the car towed back to my house, and they ended up paying for that too because I have "Towing reimbursement" on my policy. I had to pay, but they reimbursed me when I gave them my receipt a few days later.
FYI: Those of you who have State Farm, you can add towing reimbursement to ANY policy, even if you only have liability. I still have that to this day and it's well worth it. It's only about another dollar or two a month, and it MORE than pays for itself if you need to get towed just once in a year. The only drawback is that they will only tow you up to 100 miles. I found that out the hard way when I had a brake caliper bolt come loose at 75mph and I was still over 3 hours from home. I had to do some ghetto roadside repairs to get it home. Thankfully a good Samaritan stopped to help me and even drove me to an auto parts store to get what I needed to get it back on the road.

 

[Kim Allison Ross]

I understand OBS to mean obsolete vehicle & NBS to mean a newer model.

I only have liability on my OBS. I feel if I put $ into it, I won’t get it back if I get in a wreck. Sure keep it in good repair but I’m not going extravagant.