Tire and Wheel Insurance?
#46
05-10-2014, 08:10 PM
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It's funny to me that when you read the comments on a thread like this, you would think insurance companies are out of their minds offering this coverage, as virtually everyone who gets it, more than gets his/her money's worth. ;-)
My personal take, having had risk management as one of my responsibilities in a corporate job long ago, is that you should self insure any loss that you can readily absorb. And I do that. But if your peace of mind is impacted thinking that you are going to bend a $1000 wheel or ruin a $600 tire every time you slide behind the wheel of your baby, then financial logic is not what you are looking for.
I will admit to having a few reservations about declining the insurance after our wicked winter here and the ensuing potholes. Things seem to be getting filled in though, and I am careful. So far so good.
My personal take, having had risk management as one of my responsibilities in a corporate job long ago, is that you should self insure any loss that you can readily absorb. And I do that. But if your peace of mind is impacted thinking that you are going to bend a $1000 wheel or ruin a $600 tire every time you slide behind the wheel of your baby, then financial logic is not what you are looking for.
I will admit to having a few reservations about declining the insurance after our wicked winter here and the ensuing potholes. Things seem to be getting filled in though, and I am careful. So far so good.
I bought the W&T insurance for peace of mind
#47
05-10-2014, 10:44 PM
Insurance is worth getting to protect against catastrophes. For anything else, it is a waste of money... Unless you know something the insurance company doesn't. But how often does that happen? If insurance was not profitable for the insurance company, they wouldn't be in business. And if it's profitable for them, it is not on average going to be profitable for you.
#48
05-11-2014, 08:08 AM
Insurance is worth getting to protect against catastrophes. For anything else, it is a waste of money... Unless you know something the insurance company doesn't. But how often does that happen? If insurance was not profitable for the insurance company, they wouldn't be in business. And if it's profitable for them, it is not on average going to be profitable for you.
#49
05-11-2014, 08:17 AM
Join Date: Jun 2012
Location: Pennsylvania
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It depends. If you live in a state where you can feel the political corruption in the form of poorly constructed roads where the contractors are clearly overpaid to allow for graft and payoffs - buy it Potholes will eat your wheels
#50
05-12-2014, 09:09 AM
You should have insurance for accidents and events you couldn't yourself recover from on your own. This is why health insurance is a safe bet unless you're Warren Buffet. cancer isn't going to bankrupt him in all likelihood. For the rest of us yes.
#51
05-15-2014, 09:16 AM
That depends whether you are looking at the costs saved as patching the tire from the inside (around $30) or replacing the tire ($300-600). A nail in the tread like Willyspub describes is almost definitely repairable with a simple patch. Also if you replace, you will probably end up with uneven treads between the new and old tires.
Now, if you tear the sidewall that's a definite replacement, but it's not usually the case (and even so you would have to do that 2-3x times just to break even on the insurance).
Finally, Tirerack sells road hazard insurance for something like $10 per tire so think about that versus the $1000+ for the third party policy.
Now, if you tear the sidewall that's a definite replacement, but it's not usually the case (and even so you would have to do that 2-3x times just to break even on the insurance).
Finally, Tirerack sells road hazard insurance for something like $10 per tire so think about that versus the $1000+ for the third party policy.
#52
05-15-2014, 12:19 PM
Curious, what do you do if the tires are at 50% tread when you have the accident? Replace the still good tire out-of-pocket or live with the uneven tread wear?
#53
12-05-2016, 10:53 AM
To be clear, I was told if a tire gets punctured by a nail that it would be fully covered and replaced.
What if a nail was "magically" punctured when it was time to change tires.
I assume its standard procedure and just pay out the $50?
What if a nail was "magically" punctured when it was time to change tires.
I assume its standard procedure and just pay out the $50?
#54
12-05-2016, 11:08 AM
Tires have to be minimum tread depth and are prorated. They are not stupid.
#55
12-05-2016, 11:41 AM
Join Date: Jun 2012
Location: Pennsylvania
Posts: 1,724
Rep Power: 130 ...there is no deductible on my policy.
#56
12-06-2016, 05:10 AM
This has been an interesting thread .... although it hasn't helped with any future decisions - and my past experience hasn't either ....
I turned down the policy on my last car and over the three years I had it I replaced two wheels at $1200 a piece and three tires due to hitting pot holes on the freeway. For the current car getting the policy was a no-brainer based on the previous experience. And after two years of driving --- nothing, nada, zilch !!
So, it seems if I buy the policy I'm good, if I don't I'm toast
I turned down the policy on my last car and over the three years I had it I replaced two wheels at $1200 a piece and three tires due to hitting pot holes on the freeway. For the current car getting the policy was a no-brainer based on the previous experience. And after two years of driving --- nothing, nada, zilch !!
So, it seems if I buy the policy I'm good, if I don't I'm toast
#57
12-06-2016, 06:11 AM
LOL. You are not alone, same thing happened to me. First P-car, bought policy - 2 yrs later never used it. Second P-car, did not get policy - within the first year got flat. Can't win.
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