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Discussion Starter #1
Hey forum, do you know if i can change my full coverage insurance to just liability, is the dealer gonna find out, is it gonna be a problem?
My car is financed and insurance is very high for me.
 

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Banks have a way to track insurance info. In my case I had loan from BECU. They asked about my insurance details. If they find it invalid at any point, they buy an insurance on ur behalf and add the charges to ur loan amount. Their insurance cost is much higher e.g I was paying $70 / month. The one they wud pick in case of default was ~$300 per month.
 

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As stated above, banks contact insurance companies to verify your coverage. If you can't afford the extra each month for insurance imagine how you would feel if you totaled your car and had to pay the insurance company what you owe on your car, and walk away without a car.
 

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As stated above, banks contact insurance companies to verify your coverage. If you can't afford the extra each month for insurance imagine how you would feel if you totaled your car and had to pay the insurance company what you owe on your car, and walk away without a car.
This. If you can't afford the car plus insurance you'll really be in a bad spot if you get in an accident. No matter how carefully you drive, imagine if someone tags your car pretty hard in a parking lot and leaves. Or a tree branch falls, etc. Then you are left paying presumably 4-700/mo for how many years but no car. Or maybe you can't afford a beater bc all the sti costs. Now you owe 30k but can't even get to work to pay off your unusable car.

In summary, there's a very good reason you're required to have full coverage while financed.

Consider increasing your deductible to $1000 and just hang onto an emergency grand in the bank. Or variants of this plan. Otherwise consider selling the car until you're in a better place. Unless you're rich I wouldn't recommend running liability only on any newer car, its kind of tempting the universe to bend you over
 

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RussellTX, The important thing to remember here is it isn't your car until its paid for. Until that time the lender owns or has a interest in the vehicle. This is why you don't get the pink slip until the car is paid off. What the guys said above it true. Keep your coverage... cause the lender doesn't shop for the best deal for full coverage, they just ensure their property is protected. And yes.. raising your deductible does help with the premium. :tup:
 

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Who are you going through? I was able to get my 14 sti down to $170 (full coverage) from geico and Im only 25 yo. As long as I dont get in an accident within 6 months upping my deductible to $1000 will save me money
 

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Just raise the deductible if you can't afford the minimum. You have to have full coverage on a loan. You do liability if you can afford to pay for all the damages. Or you have a crappy car that is only worth $1k it wouldn't be worth having full coverage.
 

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Are you using a 3rd party insurance agent that shops multiple insurance companies? Do you have a high deductible?

I use a 3rd party insurance agent and run a $1,000 deductible to keep my rates low (and because I self-insure as much as possible).
 

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Discussion Starter #11
Are you using a 3rd party insurance agent that shops multiple insurance companies? Do you have a high deductible?

I use a 3rd party insurance agent and run a $1,000 deductible to keep my rates low (and because I self-insure as much as possible).
as of right now im insured by Esurance, 450$ a month and 2500$ deductible
 

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as of right now im insured by Esurance, 450$ a month and 2500$ deductible
Good God. You must either be young or have a terrible driving record, or both. Be careful when you shop around a lot of companies will give you a teaser rate, then check your DMV records and jack your rate up when it renews.
 

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I don't see it mentioned anywhere but what is your age and how ridiculous is your driving record? This seems very high for having such a high deductible unless that's a typo
 

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as of right now im insured by Esurance, 450$ a month and 2500$ deductible
Something isn't right man, you definitely need to shop around!

I'm 24 years old and i have 6 tickets on my driving record right now and I pay 90 bucks a month for full coverage, $1000 dollar deductible.

Subarus are usually pretty good on the insurance side for it being a sports car, my tundra and my 370z were a good bit more to insure.
 

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Discussion Starter #16 (Edited)
Im 23 years old and heres my Driving record for past 3 years





Yes I do have a VERY high deductible 2500$ and my monthly rate will go over 500$ a month soon, so im trying to find different company, i already tried all the big companies like Geico, progressive, Allstate etc...
im okay with paying high rates around 350$ a month just to drive this car, but having insurance Higher than my car payments is TOO MUCH.
 

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Just checking...your finance company is okay with you having a $2500 deductible?

At our Credit Union, the max deductible allowed is $1,000, in line with most institutions here in CA. So just want to make sure all good on your end.

Anddddd like others have said, shop around and don't drop comprehensive or it will trigger "force-placed insurance" as described. This is typically written in to your auto loan note, if you really want to confirm.
 

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Op, I was able to drop mine to theft and fire a couple of times. First one was car was a weekend toy and was parked 25+ days a month. Second time was when I spun a bearing and it sat for 9 months. Bank told me to up it, and I told them to send a rep out to listen to the car. Never hassled me after that.
 

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Hey forum, do you know if i can change my full coverage insurance to just liability, is the dealer gonna find out, is it gonna be a problem?
My car is financed and insurance is very high for me.
Your insurer will find out and take out their own insurance and charge you for it.

The STI/WRX is notorious for high insurance, and a lot of that is in collision. If you can stomach the loss or have decent positive equity in the car you can raise that up. (edit - I just saw you had 2500 so that's a no go)

Also shop around, I pay less for this car than I was on an old car with no collision. somehow I don't know how they come up with their numbers. Switch companies every so often because they'll just progressively screw you more each cycle.
 
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