Insurance Premium for 1999 E320

May 11, 2010 | 11:40 PM

mistertonyn

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1999 E320 & 2008 S550 Designo

Insurance Premium for 1999 E320

Now that my car is 10 years old. Should I switch from full coverage to liability only? Switching to "liability only" will reduce the costs considerably but is it a wise choice?
My insurance company told me that it is a good choice to switch over to liability only once a car reaches 10 years old.
I am not sure what is the current average value of our 1999 w210 but I need to think this over. What you guys think? Have most of you with 1999 or older switched over to liability only?

May 12, 2010 | 04:06 PM

E-420

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From: Portland, OR

97 E-420

One advantage of keeping some collision is if your involved in an accident that isn't your fault, you deal with your agent, not directly with the other party or agent for settlement. We had a 95 accord involved in a hit and run last year. Having some insurance helped a great deal. The insurance co. helped chase the other guy down and badger the cops to get him arrested and get him to plead guility to hit and run so they could collect from him. Guess what, he didn't have any insurance. W/o the collision coverage we would probably been out completely. With insurance we ended up with more than book value for the totaled car. so for an extra $100/yr or so for collision coverage ($1K deductible). we ended up with a $4k settlement. Book value on the car was maybe $3k

May 12, 2010 | 05:55 PM

raymond g-

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From: Seattle WA

99 E320

i have a 99 E320 with about 60k. i'm paying about $1k yr for full coverage (forget the specifics). so far, it's still worth the collision/comp to have this peace of mind.

May 12, 2010 | 07:01 PM

Ungarisch

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Joined: Mar 2010

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From: Hollywood, CA

Tectitgrau S210

I agree with you insurance company anything over 10 years old or worth less then 5k I usually insure under minimum liability only, my 00 E320 4-matic costs around $500 a year in CA, I'm 26..

on the otherhand my 06 WRX wagon costed me 3k a year for full coverage, sold it for that reason, no thanks

May 12, 2010 | 07:24 PM

Air Marshall Eldritch

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John Deere

I still have full coverage on my E, but my rates are pretty low, so I'd guess I'm in for around a $500 per year difference.
Assuming the car is worth around 6-7k, obviously I'd have to re-think this at some point soon, but any accident more than a fender bended is going to total the car at this price point, so I don't mind having that 6-7k cushion in hand in case something does happen. Better than nothing.

May 12, 2010 | 08:05 PM

mistertonyn

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1999 E320 & 2008 S550 Designo

Another factor to consider...

I don't drive my E320 everyday since I have a company car for work ...so the E320 is a weekend car only. So this would be another factor to consider if I should switch to liability only. Overall I would be saving about $200 every 6 months if I switch over.
It is one of those hard decision to make..

May 12, 2010 | 09:29 PM

E-420

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From: Portland, OR

97 E-420

On my 97 420 and 04 Silverado duramax, $500 deductible collision runs <$100/year on each vehicle. For that, It's worth it to me to keep collision coverage.