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The Physical Damage Dilemma


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The Physical Damage Dilemma

This week we discussed the dilemma many have when it comes to their vehicles – when is it time to reduce/remove coverage from the vehicle? Some call it going from “full coverage” to “PLPD” (Public Liability/Property Damage) or from “Two-Way” to “One-Way” insurance coverage. However you term it, there are things to consider before making the move to reducing/eliminating coverage from the vehicle.

  • What is the vehicle worth? Both KBB & Edmunds can give semi-accurate information as far as the worth of your vehicle, but to truly determine what your vehicle is worth is to check websites like your local Craigslist/Facebook Marketplace/Auto Trader. These will generally give you an idea of what your vehicle is worth in the current marketplace. If similar vehicles are worth between $2,000-$2,500, it may be time to look at reducing coverage.
  • If the vehicle were totaled, how long before you replace it? If you can replace the vehicle within 14-21 days or sooner, you could look at reducing coverage on the vehicle in question. If it is your only vehicle and you don’t have the funds to replace it within the 14-21 day time frame, you may need to keep coverage on the vehicle so you receive some money in case of a total loss to purchase a cheap vehicle or put a down payment on another vehicle.
  • Look at the savings by reducing/eliminating coverage. As was mentioned in one “real world” example, to change a Standard Collision $500 deductible (deductible applies regardless of fault) to a Broad Collision $500 deductible (deductible applies to at-fault accidents only) was a little over $50/yr more. For me, I would pay the additional to avoid the hassle of recouping my deductible (if possible) for not-at-fault accidents.


Ultimately the choice is yours as far as whether or not the reduce eliminate coverage on your vehicle. Be smart, look at the options before you jump in!


Contact Us!

At M. Vander Plow Insurance Agency, we can work with you to make sure you’ve got the coverage you need, while at the same time using all possible credits and discounts to make that coverage affordable. Just give us a call at 616-396-1497 or send us a note at marsiljeins@gmail.com. We want to help you meet your goals, and make sure what’s important to you is protected!

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