Anonymous asked in Cars & TransportationInsurance & Registration · 9 months ago

Do you think it's a mistake not carrying full insurance on a brand new car?

I bought a new car worth $28,000 but I am only carrying liability since full insurance is $2000 extra. Paid in cash and not financed.

I always drive defensively and have a dash-cam anyways so I think I'm covered. Do you think this is a mistake?

33 Answers

  • 9 months ago

    i would probably only have liability if I weren't financing as well...

  • zipper
    Lv 6
    9 months ago

    For everyone else that is a yes: but for you why have insurance at all. you goof ball!

  • 9 months ago

    It is always to be safe than sorry.  You don't know when a deer is going to run in front of you.  If it was a piece of junk car that you paid $500 for then liability would be fine.  Plus $2000 extra for full coverage seems a little steep.  Shop around for better rates.  Also having a higher deductible helps lower the payments

  • 9 months ago

    No the regular insurance should be fine just be safe.

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  • JetDoc
    Lv 7
    9 months ago

    Rule of thumb for insurance... If you are in an accident and "total" the car, can you afford to replace it without help from insurance? If the answer is NO, then you NEED full coverage insurance.

  • 9 months ago

    Of course it's a mistake!

    If an uninsured driver hits you you'll have to put out the cash to fix your vehicle unless it's totaled in which case you're out $28,000.

    That's why banks make you carry full coverage. To protect their investment.

    Having only liability is for when you drive a $5,000 or less valuable vehicle

    Source(s): Mitsubishi Master Tech
  • May
    Lv 6
    9 months ago

    Unless you are wealthy and can afford to replace your $28,000. car, should it be totaled or stolen or pay to have it repaired, should it be damaged, it is a foolish thing to do.

  • 9 months ago

    It looks like a $28,000 mistake to me. The purpose of insurance is to protect against catastrophic loss. Many things can happen that are out of your control. Say your car is parked and a semi rig rolls over it. You drive into a tunnel behind a pick up carrying TNT into the tunnel, which is illegal. It goes off and you get shot backwards in a flash. A bad hail storm can total a car. Need I continue.

    Source(s): Retired claims adjuster.
  • 9 months ago

    Not if you have the mental discipline to cache that extra $2000 every year for an eventual body repair. If you have the discipline then do it.

  • 9 months ago

    Yep...big mistake. In some States that's even illegal. California for example requires full auto-insurance (liability, collision, uninsured motorist) and that we carry proof of such insurance in the car.  Check this out:

    Minimum California Car Insurance Coverage []

    California requires drivers to carry at least the following auto insurance coverages:

    Bodily injury liability coverage: $15,000 per person / $30,000 per accident minimum

    Property damage liability coverage: $5,000 minimum

    Uninsured motorist bodily injury coverage*: $15,000 per person / $30,000 per accident minimum

    Uninsured motorist property damage coverage*: $3,500 minimum

    So this dash-cam. What will you do when it shows you were at fault? You say you are defensive, but what if....? If you have any income at all, a disgruntled victim of your bad driving will and can sue and take everything you own.

    Are you willing to risk that, even if the chances are remote?

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