Posted by RayP(MI) on January 13, 2017 at 19:41:54 from (207.241.143.27):
In Reply to: Re: I took it off posted by Deere Scotty on January 13, 2017 at 12:37:21:
In Michigan we have a convoluted insurance law, called "no fault." Every car must have a basic policy which primarily covers medical on injuries in that car. If you want to protect your car you can add collision which covers collision damage, and comprehensive which covers damage not caused by collision - car deer, glass breakage, acts of God, etc. Other riders for road service, residual liability, etc. Each owner is responsible for own car. That means that every fender bender doesn't have to end up in court to establish responsibility. That way insurance companies can begin to cover losses immediately, and folks arent left holding the bag for months and years. It works sort of well, however certain provisions in the law make insurance rather expensive. Won't go in to that here, but if the state would streamline the law and do away with some provisions it would work well.
That said, I have a couple old cars that are only worth a couple thousand. I self insure them and dropped collision coverage. If I have a crash and total the car, I have to come up with the cash to repair or replace. Meanwhile I'm saving several hundred a year. If I actually save that money, I'll be well on the way to covering the potential loss. That probably only works on older depreciated vehicles. Not rich enough to pull that off on a new one, but then I will never be able to afford anything even near new!
(40 years teaching driver ed including basic insurance.)
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