Vibe is finally paid off !!! Can I lower my insurance ?

General discussions about the Pontiac Vibe & Toyota Matrix. New members, introduce yourself here!
Post Reply
cptnsolo77
Posts: 1645
Joined: Sun Jul 29, 2007 4:05 am

Vibe is finally paid off !!! Can I lower my insurance ?

Post by cptnsolo77 »

It sure feels great ! I should receive the title by Feb 1st. Felt like FOREVER....LOL. I have a few small repairs to make but otherwise the Vibe is running great at 143K & I will be driving it for 5 more years max. I was just wondering if there is anything I can do on my insurance policy to lower it. Now that I will soon be the REAL owner, is there anything I can do ???
* 2003 Vibe Auto Satellite Silver w / Moons & Tunes
* Kenwood Excelon KDC-X597
* Polk DB651-Speakers
* Soundproofcow Roadblock R sound deadening in all doors
* Drop In K & N Filter
* NGK Iridium IX Plugs
* 27 MPG City/Highway with AC on
sideshowalan
Posts: 425
Joined: Thu Jun 11, 2009 10:27 am

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by sideshowalan »

Now that there is no longer a lien / loan on the car, you're no longer required to carry collision or comprehensive insurance.

You're allowed to drop that coverage but it also means you'll get NOTHING from your insurance if the vehicle is ever damaged.
Look at the cost of coverage and weigh it against your potential for loss, it's up to you.
2008 Pontiac Vibe
2008 Toyota Sienna XLE
(Former 2003 5-speed Vibe owner)
Scwmcan
Posts: 75
Joined: Wed Jul 25, 2012 6:46 pm
Location: St Catharines, Ontario, Canada

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by Scwmcan »

That's not quite right,collision pays out if you cause an accident resulting in damage to your vehicule, ( and also in hit and run damage) ( at least that is the way it typically works here) Comprehensive covers glass and damages when a deer runs into you etc.
It depends on what your car is worth wether you feel comfortable dropping this coverage. You can also raise the deductibles for this coverage to save money, it all depends on what you are comfortable paying out if there is damage to the car that isn't covered under the normal policy or the other driver's liability if they are at fault. no Fault states and provinces are slightly different on the rules as well. Your best bet it to talk to an agent for your current company to find out what the laws are in your area, and what coverage is best for you, then shop around for the best price for the same amount of coverage.
User avatar
808 Vibes
Posts: 3923
Joined: Fri May 12, 2006 2:53 pm

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by 808 Vibes »

Woohoo!!!!! Congrats!!!! I agree...talk to your agent. For Neptune I'm under a group plan that's paid for, so it's basic no frills legal requirements. I'm considering taking off the collision/comp off of Frosty when she's off "storage status"; if anything happened to one, I'd still have the other.
~ ALIS VOLAT PROPRIIS ~
beemerphile1
Posts: 505
Joined: Tue Jul 14, 2009 12:12 am
Location: NE Ohio

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by beemerphile1 »

Congratulations on paying off the Vibe.

You can reduce your coverage to liability only but that would be foolhardy. I am guessing that since you borrowed to buy the car you are not wealthy. Can you really afford to be without insurance if your car is totaled? Do you have the cash in your pocket to go out and buy another one?

I pay cash for everything, have zero debt, and money in the bank. I still have full coverage insurance. I had a minor collision with a deer on 12/23/12. Insurance will pay the bill of $1,000+ with no deductible. Could you pay it out of pocket? Be wise and keep full coverage.
NE Ohio - home to the most successful Pontiac drag racing team in history - Bill Knafel's "Tin Indian" and also home to Summit Auto Racing.
2009 Vibe base 1.8L auto towing 2009 Aliner Sport hardsided pop-up
hotbug1776
Posts: 585
Joined: Tue Oct 04, 2011 1:58 am
Location: Erie, Pa and Bellevue, Oh

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by hotbug1776 »

Mine is sitting on almost 200k miles and I run the highest coverage allowed, $100 deducible, every little option allowed. I have as much on my car as my wife has on her brand new car.

It's mostly a personal preference.
Image
User avatar
ColonelPanic
Posts: 8419
Joined: Sun Jan 05, 2003 8:48 am
Location: South Central Indiana

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by ColonelPanic »

Both our cars are paid off. Having two old cars, we're able to keep full coverage for not much at all. If something happens and I have to repair or replace the car, I can't just pull that kind of money out of my (removed) to get ourselves back to where we were...

Some d-bag did a hit and run on my Accent, $1400 worth of damage. If I didn't have full coverage, it would have been a difficult proposition to get it fixed. And driving around in a trashed car is not an option I am willing to live with... ;)

If you're young or have other circumstances that lead to high premiums, I can understand wanting to make changes... But be sure to weigh your options carefully.
03 Vibe base. Born 10/14/2002 06:07 AM
Auto, Moon & Tunes, power package. 143k
Neptune/dying clearcoat/primer grey. :lol:

Image

'21 Elantra Limited - 2.0L/IVT
'15 Escape SE - 1.6L EcoBoost (hers)
Image Image
cptnsolo77
Posts: 1645
Joined: Sun Jul 29, 2007 4:05 am

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by cptnsolo77 »

Thanks for the input guys. Im just going to stick to full coverage. I would rather play it safe than take the chance. If anything happened I could technically buy another used car in cash but I would NOT want to put a dent in my savings. Im just rebudgeting here since my payment is gone & see if I could cut some $$$ somewhere. I do this a couple of times a year. It would be foolish to NOT have full coverage for me. Im relishing in the fact that I have a paid off vehicle...seems to motivate me to really baby the Vibe now ( not like I didnt do it before LOL ) Thanks again !
* 2003 Vibe Auto Satellite Silver w / Moons & Tunes
* Kenwood Excelon KDC-X597
* Polk DB651-Speakers
* Soundproofcow Roadblock R sound deadening in all doors
* Drop In K & N Filter
* NGK Iridium IX Plugs
* 27 MPG City/Highway with AC on
tpollauf
Posts: 4027
Joined: Wed Jan 20, 2010 11:37 am
Location: Toledo/Oregon, Port Clinton Ohio
Contact:

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by tpollauf »

Congrats on paying it off :D And even more congrats that you're making a smart move by keeping it for at least another FIVE years! H E L L why not go for even longer if it is good to you ;) Keep some form of insurance just to cover your A S S in the event something tragic happens. Enjoy the ride even more now knowing that it is 100% all yours !!! :)
Image
2009 Vibe GT (manual), 2009 G8Gt, 2009 Vibe GT (auto)
2014 Silverado, 2004 Vibe GT

"everything is modifiable"
hotbug1776
Posts: 585
Joined: Tue Oct 04, 2011 1:58 am
Location: Erie, Pa and Bellevue, Oh

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by hotbug1776 »

tpollauf wrote:Congrats on paying it off :D And even more congrats that you're making a smart move by keeping it for at least another FIVE years! H E L L why not go for even longer if it is good to you ;) Keep some form of insurance just to cover your A S S in the event something tragic happens. Enjoy the ride even more now knowing that it is 100% all yours !!! :)
Shame on your potty mouth Tim. Lol
Image
User avatar
vibenvy
Posts: 7121
Joined: Wed Apr 15, 2009 5:38 am
Location: Sandwich, IL

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by vibenvy »

Congratulations on paying the Vibe off! Glad to hear you're sticking with your current insurance. Better safe than sorry ;).
Image
2009 Liquid Platinum Metallic Vibe GT - 5-Speed Auto – Garage
2009 Steel Blue Metallic Vibe GT - 5-Speed Auto – Garage
beemerphile1
Posts: 505
Joined: Tue Jul 14, 2009 12:12 am
Location: NE Ohio

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by beemerphile1 »

cptnsolo77 wrote:...Im just rebudgeting here since my payment is gone & see if I could cut some $$$ somewhere. I do this a couple of times a year...
It is wise to examine your expenses and income on a regular basis. Save the money you were paying on the loan and in maybe three years you can pay cash for your next car.
NE Ohio - home to the most successful Pontiac drag racing team in history - Bill Knafel's "Tin Indian" and also home to Summit Auto Racing.
2009 Vibe base 1.8L auto towing 2009 Aliner Sport hardsided pop-up
zyzyix
Posts: 188
Joined: Fri Apr 20, 2012 2:57 pm
Location: Cleveland Oh

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by zyzyix »

Congratulations on paying off your car. If you don't need it, you could drop loaner car
cptnsolo77
Posts: 1645
Joined: Sun Jul 29, 2007 4:05 am

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by cptnsolo77 »

beemerphile1 wrote:
cptnsolo77 wrote:...Im just rebudgeting here since my payment is gone & see if I could cut some $$$ somewhere. I do this a couple of times a year...
It is wise to examine your expenses and income on a regular basis. Save the money you were paying on the loan and in maybe three years you can pay cash for your next car.
Oh yes, I will be taking a chunk of what "was" the car payment & saving it it. I say I would like to drive the Vibe for another 5 years but I would drive it longer if need be. Im not into impressing people I dont like & keeping up with the joneses. As long as my car looks great & RUNS great I dont care how old it is. I am going to treat myself to upgraded head unit with all the goodies. I picked up the Polk speakers knowing I would get a better head unit later on. Sometimes to have to treat yourself but not go over your head LOL.
* 2003 Vibe Auto Satellite Silver w / Moons & Tunes
* Kenwood Excelon KDC-X597
* Polk DB651-Speakers
* Soundproofcow Roadblock R sound deadening in all doors
* Drop In K & N Filter
* NGK Iridium IX Plugs
* 27 MPG City/Highway with AC on
User avatar
vibenvy
Posts: 7121
Joined: Wed Apr 15, 2009 5:38 am
Location: Sandwich, IL

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by vibenvy »

cptnsolo77 wrote:I say I would like to drive the Vibe for another 5 years but I would drive it longer if need be. Im not into impressing people I dont like & keeping up with the joneses. As long as my car looks great & RUNS great I dont care how old it is.
We still have the 1994 Pontiac Sunbird LE Sedan that my parents bought brand new in January of 1994 (19 years!). Needless to say, we've more than gotten our money's worth out of it. Unfortunately it's going to be time to say goodbye soon as it is really rusted and has a leak in the brake line. It's too bad it's so rusted because it still runs great for having 265,xxx miles on it, but the time has come to let it go to the junkyard in the sky. It will be a sad day for sure :cry:.

I look forward to having my Vibe paid off in a couple more years. My feeling about the Vibe since day one has been that if I have it for at least twice as long as it takes me to pay it off (approximately 12 years), I'll be more than satisfied. My parents and I have a track record of keeping vehicles for a long time though, so I'll probably end up having it even longer which is totally fine by me :D!

I don't understand the people that get a different vehicle every year or two. It seems like such a waste of money. I would much rather keep a vehicle as long as possible and really get my money's worth out of it. Just my $0.02 though.
Image
2009 Liquid Platinum Metallic Vibe GT - 5-Speed Auto – Garage
2009 Steel Blue Metallic Vibe GT - 5-Speed Auto – Garage
Scwmcan
Posts: 75
Joined: Wed Jul 25, 2012 6:46 pm
Location: St Catharines, Ontario, Canada

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by Scwmcan »

Agreed keep the car as long as it meets your needs and continues to be reliable enough to take you anywhere you want to go.
( and Vibeenvy with the milage you put on yours and the care it appears you take of it 12 years should be no problem, and I would think as long as rust doesn't get it you should be able to go upto if not past the 19 that you got from the sunbird).
User avatar
vibenvy
Posts: 7121
Joined: Wed Apr 15, 2009 5:38 am
Location: Sandwich, IL

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by vibenvy »

Scwmcan wrote:(and Vibeenvy with the milage you put on yours and the care it appears you take of it 12 years should be no problem, and I would think as long as rust doesn't get it you should be able to go upto if not past the 19 that you got from the sunbird).
I agree that 12 years will be no problem. By the time I started driving the Sunbird in 2000 (it was my 1st car) and had gotten into detailing vehicles, the damage was already done. The Vibes get much better treatment so this should hopefully keep the rust away. Also, J-Bodies (Sunbirds, Cavaliers, Sunfires, etc.) are more known for having pretty major rust issues where I have not seen and/or heard about this with Vibes nearly as much, if at all. I know the Vibes have crappy paintjobs, but I haven't seen any Vibes on the road around here with rust on the bodies whereas just about every J-Body I see is rusted like crazy.
Image
2009 Liquid Platinum Metallic Vibe GT - 5-Speed Auto – Garage
2009 Steel Blue Metallic Vibe GT - 5-Speed Auto – Garage
zyzyix
Posts: 188
Joined: Fri Apr 20, 2012 2:57 pm
Location: Cleveland Oh

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by zyzyix »

vibenvy wrote:
Scwmcan wrote:(and Vibeenvy with the milage you put on yours and the care it appears you take of it 12 years should be no problem, and I would think as long as rust doesn't get it you should be able to go upto if not past the 19 that you got from the sunbird).
I agree that 12 years will be no problem. By the time I started driving the Sunbird in 2000 (it was my 1st car) and had gotten into detailing vehicles, the damage was already done. The Vibes get much better treatment so this should hopefully keep the rust away. Also, J-Bodies (Sunbirds, Cavaliers, Sunfires, etc.) are more known for having pretty major rust issues where I have not seen and/or heard about this with Vibes nearly as much, if at all. I know the Vibes have crappy paintjobs, but I haven't seen any Vibes on the road around here with rust on the bodies whereas just about every J-Body I see is rusted like crazy.

...partly because auto companies are hoping you'll be buying a new car in 5 years or less.
Scwmcan
Posts: 75
Joined: Wed Jul 25, 2012 6:46 pm
Location: St Catharines, Ontario, Canada

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by Scwmcan »

Yes I know all about rust my first car was a 1972 Volvo wagon that I got in 1984, so I learned all about repairing rust with that ( unfortunately they didn't rust proof cars like they do today, and Volvos were not as bad as some cars were back then). Thankfully it seems that cars do not show visible signs of rust nearly as often or soon nowadays, I am hoping that my Matrix will last a long time before rusting, I am being sure to touch up the paint, even though it looks a little spotted, I havent had a chance to really detail and hopefully blend the touch ups in better, hopefully when I do that in the spring they will be hardly visible. I do think it should be good for five to ten years more, who knows what will be available then, and hopefully I will be able to save up enough to by whatever replaces it with cash, thankfully both my cars are paid off, and the Matrix is currently not ending driven a lot, the smart takes me the 40 miles to work and back every day ( it costs me less than half as much as the Matrix would). I have had to do some TLC to the smart though ( and need to change the oil this weekend, it's overdue, never a state I like it to be). I am going to try to keep both cars going for as long as I can, the smart is fun in its own way, and when the top goes down it is even more enjoyable, the matrix is my semi sporty, very comfortable car for trips, going to get home renovation supplies, etc, basically my workhorse that is still a great car.
cptnsolo77
Posts: 1645
Joined: Sun Jul 29, 2007 4:05 am

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by cptnsolo77 »

Nows its official, i received the title in the mail today ! Thx again for the input fellas ! Im the true owner LOL !
* 2003 Vibe Auto Satellite Silver w / Moons & Tunes
* Kenwood Excelon KDC-X597
* Polk DB651-Speakers
* Soundproofcow Roadblock R sound deadening in all doors
* Drop In K & N Filter
* NGK Iridium IX Plugs
* 27 MPG City/Highway with AC on
User avatar
808 Vibes
Posts: 3923
Joined: Fri May 12, 2006 2:53 pm

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by 808 Vibes »

Congrats again! but *ahem*
cptnsolo77 wrote:Nows its official, i received the title in the mail today ! Thx again for the input fellas ! Im the true owner LOL !
~ ALIS VOLAT PROPRIIS ~
User avatar
vibenvy
Posts: 7121
Joined: Wed Apr 15, 2009 5:38 am
Location: Sandwich, IL

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by vibenvy »

808 Vibes wrote:Congrats again! but *ahem*
cptnsolo77 wrote:Nows its official, i received the title in the mail today ! Thx again for the input fellas ! Im the true owner LOL !
My thoughts exactly :o!
journeyforce
Posts: 350
Joined: Sat Aug 13, 2011 11:24 am

Re: Vibe is finally paid off !!! Can I lower my insurance ?

Post by journeyforce »

Congrats on your pay off.

I remember when I bought my first car I had to make payments on(a Ford Focus). When I got to the last $100 before payoff, instead of waiting till that next paycheck(I had it automatically taken out of my checks each month9bi weekly) ) I withdrew that $100 from my checking account at a ATM outside the bank and walked it inside to pay off the loan. I wanted to physically walk that money to loan folks because it made it more special to me due to having no physical hand in the loan paying process(all was electronic)

The insurance advice from all these folks is sound. If you can afford to do so, pretend you have that car loan for another year or two and take that money that you were paying to Vibe loan and have it go to another savings account to act as a rainy day fund for buying a new car in the future(a huge down payment means less of a loan that you need for the next car.)

As for what insurance to have on the car, I would go with what you are comfortable with. If you feel safe with full coverage then continue with that but remember at some point the Vibe might not be worth enough for justifying full coverage.

On my 2009 Vibe and 2012 Scion XB I have full coverage even though the cars were paid off the day i bought them from the dealer. This is because they have a high value still but on the 1990 Volvo I don't have comprehensive or collision since it has over 300,000 miles on it and I paid under $1300 for the car and it is now 23 years old. If I wrapped it around a tree I would get at most $500 or $600 back on it and I make that back with what I save on insurance not having the those extras on that car.
Post Reply