Bayou wrote:
Increasingly, I feel like I don't want to own anything that I can't afford to self insure. Yes, we need liability coverage and health insurance, but the cost of insuring "stuff" is completely out of control. I prefer used cars that I can afford to replace. (no collision, uninsured motorist, or comp insurance).
If we're afraid to make a claim, why carry the coverage?
Fines for driving without proof of auto insurance in SC is worse than not having a license or registration. I insure to avoid this if ever stopped at a check point. Despite paying USAA for over $200K with only with one at-fault claim in 40 years almost 10 years ago, I pay 1400/yr per car even without collision. The cars are old but run well such that if one is wrecked by another driver I would be awarded a fraction of what it would take to replace it. If I could self-insure I would, but state law does not permit it. Also, without comp you get nothing from insurance if your car is stolen. I switched briefly to GEICO, saved considerably, but after two months each car's rate went to 1K/6mo with no explanation other than "a normal rate increase". They must have hoped I wouldn't notice.