I recently bought a used 1997 Toyota Camry. Do I really need to buy coll and comp coverage. If not, what happens when my car gets stolen. Can I claim the insurance company for the stolen car if I dont have coll and comp coverage??
Also, what would be the best coverage limits for the liabilities??
lucy
Favorite Answer
your auto is 12 years old. call your agent and ask what it would cost to insure.
now take the value of the car. say you paid 1k for it. if you are paying 250 a year to insure for the collision and comprehensive coverage plus add your deductible.
ie; car stolen; (comprehensive); 500 deductible.
never found; insurance pays you 500;
1k value minus 500 deductible to buy another auto.
do you have a lien? if so, you have to have full coverage until paid off.
the main reason for full coverage if in accident to repair your car and or comprehensive for stolen, deer hitting your auto etc.
but say your car is only worth 1k, you may not need since you can afford to buy another car for 1k and save the money on your premiums.
if car stolen and no comprehensive coverage, insurance pays nothing.
best liability limits are the highest you can afford. dont buy minimum that is required since in most states is not enough to pay for other peoples damages and/or injuries; if not enough coverage, they will go after you personally for the difference.
my suggestion is 50/100 the absolute minimum. but if you can afford at least 100/300; the difference between 1 limit and higher is not a lot in a lot of cases.
i went from 100k/300k to 250k/500k and the cost was about $20 per year more;
good luck
Amy
Comprehensive coverage is less expensive than collision. Comp covers you if it is stolen. If you don't have it...you're out a car. Collision is for accidents. If you don't have it, you won't be covered for damages. Do you have a loan on it? If so, you'll have to get both.
As for Limits: I would have no less that 100/300/25. That means if you cause an accident and hurt someone, they can get up to 100K. If there are multiple people hurt, their claims together are capped at 300K. The 25 is for the other vehicle/vehicles. Some states allow you to have higher liability, but state minimum for uninsured and underinsured coverages. This is how I insure our 4 vehicles.
Anonymous
If you don't have a loan, no one is going to make you buy coll and comp. If you don't buy it, and your car gets stolen, nothing happens. You're just out of a car.
You can't "claim" on insurance you don't have.
Regarding liability limits, you only need one dollar more than the damages you cause and the lawsuit demands. That means, of course, that no one here could possibly guess how much you need.
You're best off sitting down with a local agent, and sharing your financial situation with them, and getting their recommendations.
Gambit
Collision coverage is not worth it for your vehicle due to it's age and value. Comprehensive coverage covers damage to your vehicle that's caused by anything other than a collision, including theft. Comprehensive coverage is not expensive at all for your vehicle, so I would recommend purchasing this coverage.
Terry
All I can say is we just had a hail storm and I filed a claim and now my truck is paid for has some dings but hey its totaled I'll drive it that way not having to make payments thank god for comprehensive coverage. Ever hit a deer you'll wish you had it