Caught my neighbor bragging about saving $200 a month by skipping car insurance

I noticed this guy at our block party last month was talking loud about how he cancelled his full coverage and just pays minimum liability. He said he was "winning at budgeting." Well, he backed into a parked SUV 3 days later and now owes $4,000 in damages out of pocket. I just sat there thinking about how a real budgeting win means not ignoring risks. Has anyone else seen someone get burned by cutting the wrong expense?

2 comments

2 Comments

black.mark8d ago

Used to tell myself liability only was smart until I saw a buddy total his truck with no comprehensive. He was making payments for 18 months on a vehicle he couldnt even drive. That $200 a month savings turned into a $12k lesson real quick. Now I just pay the full coverage and sleep better at night.

janac518d ago

Blew a transmission on my 08 Civic with liability only and ate the whole $4k repair bill.