Deciding between just liability or going all-in with full coverage on Liberty Mutual

Honestly, you nailed it with the “renting peace of mind” bit. I’ve seen folks regret dropping full coverage after a hailstorm or a hit-and-run, but I’ve also seen people save a bunch by switching to liability once their car’s value dipped. It really does come down to how much risk you’re cool with. If the thought of a surprise bill keeps you up at night, paying a little more now might be worth it. No shame in wanting to sleep easy.

I get the peace of mind angle, but sometimes people overestimate how much they’d actually get from full coverage if their car’s not worth much. After factoring in the deductible and depreciation, the payout might not be as big as you’d expect. I’ve seen folks surprised when their “full coverage” check barely covered a used replacement. Just something to consider before paying extra every month.

Title: Deciding between just liability or going all-in with full coverage on Liberty Mutual

Had a similar situation a couple years back with my old Corolla. Kept paying for full coverage out of habit, thinking it was the “safe” choice. Then I got rear-ended, and after the deductible and what they said my car was worth, the check barely covered half of what it cost to get a halfway decent used replacement. Honestly felt like I’d been throwing money away for years.

I get why people like the peace of mind, especially if you’re worried about something major happening. But once your car’s value drops below a certain point, it just doesn’t add up. The premiums plus deductible can be more than what you’d ever get back.

That said, I know some folks who just feel better knowing they’re covered no matter what. Maybe if you’re in a spot where you can’t afford to replace your car out of pocket, it’s worth it for the stress relief alone. But yeah, for me, switching to liability only once my car got older made way more sense. Haven’t looked back since.

Guess it really comes down to how much risk you’re comfortable with and how attached you are to your ride. Just wish I’d done the math sooner instead of assuming “full coverage” always meant full protection... turns out it’s not quite that simple.

I’ve been through this debate a few times, especially as my cars have aged. Once your car’s value drops below, say, $4-5k, full coverage starts to make less sense financially. The payout just isn’t there after you factor in the deductible and what insurance thinks your car is worth (which is almost always less than you’d hope). I kept full coverage on my old Civic until it was about 10 years old, then finally did the math and realized I’d basically be paying more in premiums over a couple years than I’d ever get back if something happened.

One thing people don’t always consider: if you’re not making payments on the car and could handle replacing it or going without for a while, liability is usually enough. But if you absolutely need your car for work or family stuff and don’t have savings set aside, sometimes the peace of mind is worth the extra cost - even if it’s not technically “worth it” from a numbers perspective.

Also, watch out for those little add-ons Liberty Mutual tries to sneak in. Roadside assistance, rental reimbursement... they sound nice but can really bump up your premium without adding much value if you rarely use them.

At the end of the day, it’s about how much risk you’re comfortable with. I know folks who swear by keeping full coverage forever just because they hate surprises. Personally, once my ride hits that “beater” stage, I drop down to liability and put what I save into a repair/replacement fund. Hasn’t failed me yet - knock on wood.

It’s definitely not one-size-fits-all though. Just gotta be honest with yourself about what you’d do if your car got totaled tomorrow.

You nailed it with the “it’s not one-size-fits-all” point. I see a lot of folks hang onto full coverage out of habit, even when their car’s value has dropped way below what they’re paying in premiums. But you’re right - if you can’t afford to replace your car out of pocket, sometimes that extra peace of mind is worth the cost, even if the math doesn’t totally add up. One thing I’d add: sometimes people forget about uninsured motorist coverage, which can be a lifesaver if you get hit by someone with no insurance. It’s not always bundled with liability, so it’s worth double-checking your policy.