Comprehensive vs. Liability ?

koss2010 · 02-06-2013, 12:38 PM

Which one does everyone have and why, other than those forced to get comprehensive due to financing. Is the extra cost of comprehensive insurance worth it ??

mike-y · 02-06-2013, 12:57 PM

I carry comp because if my car gets wrecked, I don't want to worry about spending $20k of my own money to get another one. My car is paid off btw

Pete Schweaty · 02-06-2013, 01:02 PM

One of each. My car has a loan and Comp., my wife's is paid for and has Comp. also.

foghat · 02-06-2013, 01:08 PM

Quote:

Originally Posted by koss2010

Which one does everyone have and why, other than those forced to get comprehensive due to financing. Is the extra cost of comprehensive insurance worth it ??

Collision (Comprehensive) covers your car if you are at fault or for 'Acts of God'.

If someone crashes into you (and is proved to be at fault) and totals your car, their policy will cover your bill. Assuming they have insurance...

I have both. So, yes, I would say they are both worth it.

krhodes1 · 02-06-2013, 01:21 PM

I think you are a bit confused as to coverage terminology. There are three main types of coverage:

Liability - this pays for damage that YOU cause to others, but not to your own car. Generally required by law.

Collision - this pays for damage to your car that is your fault. Generally optional, but may be required if there is a lien on the car.

Comprehensive - this pays for damage to your car that is NOT your fault. "Acts of God", vandalism, fire, theft, etc. Also optional unless you have a lien.

Usually, Liability is the most expensive portion of your coverage. Collision is next, and Comprehensive is usually pretty cheap. As an example, of a monthly bill of ~$60 for my BMW, ~$40 is Liability, ~$15 is Collision, and ~$5 is Comprehensive.

There can be other added coverages as well, Un/under-insured motorist, seperate medical coverage, that sort of thing. Usually a very small part compared to Liability and Collision though.

My insurance is cheap enough that I even keep full coverage on my beater Jeep GC. Obviously if you are younger and/or live in a higher cost area, the calculus can change significantly. If I could save $500-1000/year by dropping collision and/or comprehensive on my Jeep I would probably do so, it is only worth $4-5K. The Jeep is only $55/m for full coverage.

Liability and Collision claims are generally counted against you personally in terms of determining your cost of coverage. However, Comprehensive clains generally are not. They ARE used to determine the cost of coverage for your general area though.

One trick taught to me years ago by my wonderful insurance agent - if you are driving down the road and you run over something, it is a Collision claim, BUT, if it was flying through the air because it was kicked up by a truck it is a Comprehensive claim. $500 deductible vs. $100 deductible.

foghat · 02-06-2013, 01:26 PM

Quote:

Originally Posted by krhodes1

I think you are a bit confused as to coverage terminology. There are three main types of coverage:

Liability - this pays for damage that YOU cause to others, but not to your own car. Generally required by law.

Collision - this pays for damage to your car that is your fault. Generally optional, but may be required if there is a lien on the car.

Comprehensive - this pays for damage to your car that is NOT your fault. "Acts of God", vandalism, fire, theft, etc. Also optional unless you have a lien.

Usually, Liability is the most expensive portion of your coverage. Collision is next, and Comprehensive is usually pretty cheap. As an example, of a monthly bill of ~$60 for my BMW, ~$40 is Liability, ~$15 is Collision, and ~$5 is Comprehensive.

There can be other added coverages as well, Un/under-insured motorist, seperate medical coverage, that sort of thing. Usually a very small part compared to Liability and Collision though.

My insurance is cheap enough that I even keep full coverage on my beater Jeep GC. Obviously if you are younger and/or live in a higher cost area, the calculus can change significantly. If I could save $500-1000/year by dropping collision and/or comprehensive on my Jeep I would probably do so, it is only worth $4-5K. The Jeep is only $55/m for full coverage.

Liability and Collision claims are generally counted against you personally in terms of determining your cost of coverage. However, Comprehensive clains generally are not. They ARE used to determine the cost of coverage for your general area though.

One trick taught to me years ago by my wonderful insurance agent - if you are driving down the road and you run over something, it is a Collision claim, BUT, if it was flying through the air because it was kicked up by a truck it is a Comprehensive claim. $500 deductible vs. $100 deductible.

Maybe. I would have to double check my policy, but whether you call it collision or comprehensive, I thought they were one and the same for me.

http://voices.yahoo.com/liability-vs...o-6815178.html

e90335iftw · 02-06-2013, 01:57 PM

My car is fully covered. Including insurance for un insured motorist, oem windshield, towing, and if i get into an accident I get a rental on the insurance.

kfriceman · 02-06-2013, 02:00 PM

Choosing liability only means that you have self insured the car for all damages that are your fault. So if you total the car are you prepared to eat the ~$50k it took to purchase the car.

If the answer is no then you want full coverage insurance.

My full coverage insurance cost me $350 per annum I couldn't imagine assuming a $55K risk as self insured.....there is no gain at least from my standpoint.

-Kevin

foghat · 02-06-2013, 02:04 PM

Quote:

Originally Posted by kfriceman

My full coverage insurance cost me $350 per annum I couldn't imagine assuming a $55K risk as self insured.....there is no gain at least from my standpoint.

-Kevin

Damn. Is that a 'normal' rate in the States? That is about a third of what I pay. I am older, no accidents/claims in over 15 years. And I drive an '08 135i.

///M3NACE · 02-06-2013, 02:04 PM

Depends on the vehicle. I have an e36 M3 which I got for a steal. I had a few expensive wheels that cost more than the vehicle. I put it on liability and it only sees 2500 miles a year. If I wrecked it I would just part with it but won't break the wallet. If you have a 20K plus car your screwed .

kfriceman · 02-06-2013, 02:18 PM

Quote:

Originally Posted by foghat

Damn. Is that a 'normal' rate in the States? That is about a third of what I pay. I am older, no accidents/claims in over 15 years. And I drive an '08 135i.

Liability = $350
CompCollision = $350
Total = $700 per annum

-Kevin

foghat · 02-06-2013, 02:22 PM

Quote:

Originally Posted by kfriceman

Liability = $350
CompCollision = $350
Total = $700 per annum

-Kevin

Oh. when you said your full coverage insurance cost $350, I thought you meant your entire insurance bill. Now I am only 1/3 more expensive than you.

Matrixolution · 02-06-2013, 02:31 PM

Quote:

Originally Posted by foghat

Damn. Is that a 'normal' rate in the States? That is about a third of what I pay. I am older, no accidents/claims in over 15 years. And I drive an '08 135i.

What? one third??!! I'm paying $2100 per year for my bMW in Toronto... 15 years of clean driving record. no accident history. And that's a multi car policy too (I have a winter beater Matrix which i pay $1500 per year too).

foghat · 02-06-2013, 02:41 PM

Quote:

Originally Posted by Matrixolution

What? one third??!! I'm paying $2100 per year for my bMW in Toronto... 15 years of clean driving record. no accident history. And that's a multi car policy too (I have a winter beater Matrix which i pay $1500 per year too).

hmm. not sure what to say to that. I bought mine used last May, so maybe the fact it was bought for a lot less than a new one has something to do with the difference in the price insurance. I'm sure insurance would have been more had I bought it brand new.

or maybe toronto/ontario is just more expensive to insure in. I dunno. Mine is a multi-vehicle + house policy as well.

techwhiz · 02-06-2013, 03:30 PM

Here in Ca. comprehensive != collision.
Comprehensive covers things that collision will not. Vandalism, bird crap eating through the paint, glass breakage, etc. Anything that is not collision damage is comprehensive, hence the name.
Liability and collision are what carry the most cost. Comprehensive is the cheap portion of a full coverage policy.

I carry full coverage with a $500 on collision and a $100 on comprehensive here in Ca.

View Poll Results: Comprehensive or Liability?
Comprehensive (With Financing)	5	33.33%
Comprehensive (Without Financing)	10	66.67%
Liability Only	0	0%
Voters: 15. You may not vote on this poll

02-06-2013, 12:38 PM	#1
koss2010 Private 4 Rep 75 Posts Drives: 09 335i coupe Join Date: Dec 2012 Location: Houston, TX iTrader: (0)	Comprehensive vs. Liability ? Which one does everyone have and why, other than those forced to get comprehensive due to financing. Is the extra cost of comprehensive insurance worth it ??
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02-06-2013, 12:57 PM	#2
mike-y just another bmw douche bag 195 Rep 3,640 Posts Drives: 1.9L of fury Join Date: Nov 2008 Location: Los Angeles, CA iTrader: (4)	I carry comp because if my car gets wrecked, I don't want to worry about spending $20k of my own money to get another one. My car is paid off btw
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02-06-2013, 01:02 PM	#3
Pete Schweaty Captain 39 Rep 639 Posts Drives: 2014 750li Join Date: Jun 2011 Location: MD iTrader: (0)	One of each. My car has a loan and Comp., my wife's is paid for and has Comp. also.
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02-06-2013, 01:21 PM	#5
krhodes1 Colonel 1437 Rep 2,526 Posts Drives: 2011 328i Wagon Join Date: Feb 2011 Location: Westbrook, Maine, Port Charlotte, Florida iTrader: (1) Garage List 2011 128i [10.00] 2011 BMW 328i Touring [10.00]	I think you are a bit confused as to coverage terminology. There are three main types of coverage: Liability - this pays for damage that YOU cause to others, but not to your own car. Generally required by law. Collision - this pays for damage to your car that is your fault. Generally optional, but may be required if there is a lien on the car. Comprehensive - this pays for damage to your car that is NOT your fault. "Acts of God", vandalism, fire, theft, etc. Also optional unless you have a lien. Usually, Liability is the most expensive portion of your coverage. Collision is next, and Comprehensive is usually pretty cheap. As an example, of a monthly bill of ~$60 for my BMW, ~$40 is Liability, ~$15 is Collision, and ~$5 is Comprehensive. There can be other added coverages as well, Un/under-insured motorist, seperate medical coverage, that sort of thing. Usually a very small part compared to Liability and Collision though. My insurance is cheap enough that I even keep full coverage on my beater Jeep GC. Obviously if you are younger and/or live in a higher cost area, the calculus can change significantly. If I could save $500-1000/year by dropping collision and/or comprehensive on my Jeep I would probably do so, it is only worth $4-5K. The Jeep is only $55/m for full coverage. Liability and Collision claims are generally counted against you personally in terms of determining your cost of coverage. However, Comprehensive clains generally are not. They ARE used to determine the cost of coverage for your general area though. One trick taught to me years ago by my wonderful insurance agent - if you are driving down the road and you run over something, it is a Collision claim, BUT, if it was flying through the air because it was kicked up by a truck it is a Comprehensive claim. $500 deductible vs. $100 deductible. __________________ '11 328! Touring - Tasman on Chestnut, 6spd manual, factory upside-down "i" option '11 128i Convertible - Space Gray on Savannah Beige, 6spd manual, also '14 Mercedes-Benz E350 wagon, '95 Land Rover Discovery, '74 Triumph Spitfire
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02-06-2013, 01:57 PM	#7
e90335iftw First Lieutenant 45 Rep 380 Posts Drives: 335i Join Date: Jan 2013 Location: Canada iTrader: (0)	My car is fully covered. Including insurance for un insured motorist, oem windshield, towing, and if i get into an accident I get a rental on the insurance.
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02-06-2013, 02:00 PM	#8
kfriceman Lieutenant 52 Rep 471 Posts Drives: 2009 335 xDrive E90 Join Date: Oct 2012 Location: Ferndale, WA iTrader: (1)	Choosing liability only means that you have self insured the car for all damages that are your fault. So if you total the car are you prepared to eat the ~$50k it took to purchase the car. If the answer is no then you want full coverage insurance. My full coverage insurance cost me $350 per annum I couldn't imagine assuming a $55K risk as self insured.....there is no gain at least from my standpoint. -Kevin
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02-06-2013, 02:04 PM	#10
///M3NACE Banned 168 Rep 3,900 Posts Drives: E36 M3, E36 Vert , E90 N52 Join Date: Oct 2006 Location: Downers Grove, IL iTrader: (5)	Depends on the vehicle. I have an e36 M3 which I got for a steal. I had a few expensive wheels that cost more than the vehicle. I put it on liability and it only sees 2500 miles a year. If I wrecked it I would just part with it but won't break the wallet. If you have a 20K plus car your screwed .
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02-06-2013, 03:30 PM	#15
techwhiz Colonel 453 Rep 2,973 Posts Drives: e90 335i Sedan - Arctic Join Date: Feb 2012 Location: Bay Area, Ca iTrader: (4)	Here in Ca. comprehensive != collision. Comprehensive covers things that collision will not. Vandalism, bird crap eating through the paint, glass breakage, etc. Anything that is not collision damage is comprehensive, hence the name. Liability and collision are what carry the most cost. Comprehensive is the cheap portion of a full coverage policy. I carry full coverage with a $500 on collision and a $100 on comprehensive here in Ca.
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