Physical damage insurance

[Billbo]

I have too many toys, the cost to carry full coverage on them is $2000+ per year. The most valuable one is around $22,000. So I could save the $2000 per year which @ 7.5% over the next 20 years comes to $92,288. Does anyone think I'll suffer losses anywhere near that amount in the future. I'd still carry liability insurance for sure. All the toys are paid for so no requirement for coverage. Over the past 30 years I'll bet I have not had more than $5,000 in insurance losses. This would not include my home, just cars, boats, bikes and trailers. The one way I'd get creamed is if the shop holding the boats and bikes burnt up, or a common disaster took out multiple vehicles, acceptable risk? Are any of you folks self insuring outside of liability coverage?

[Laneco]

If you have full coverage and want to save money, drop your collision. Keep your comprehensive (fire, theft, vandalism). The collision is expensive. The downside is if you drive into a tree, you will fix the vehicle out of your own pocket. Try to avoid trees, etc.

Then go through and "rotate" your vehicles. Obviously you need to have liability to drive the vehicle. That's the most expensive part of your policy. If you only keep liability on say two of powered vehicles when you are using them, you will save a huge amount of money. Just pay for the comprehensive in case a tree falls on the garage, etc. You will have to call your agent to put one away and use the next one... Otherwise you're driving without liability insurance.

We started doing this about a year ago. Save around $1,400 per year while still keeping comprehensive on everything. Maybe that would work for you.

angela