Dave Ramsey's Car Insurance Philosophy?

Janene

January 18, 20080 found this helpful

I, too, watch his shows now that he is on DirecTV. I would like to know his answer to this also. Why don't you email the question to him at www.daveramsey.com/index.cfm?fuseAction=dspMailDaveOnAir
so he could answer it on tv for everyone to see. I've never heard this question asked before.
Janene

Allison

January 18, 20080 found this helpful

I already emailed him but I don't have 3 hours to listen to the show every single day so I don't know if he's answered it or not.

Sheila Saey

January 19, 20080 found this helpful

I asked this question of some friends who listen to Dave Ramsey a lot and this was their response:
"from his forums they have his expanded baby steps list that he uses in his actual classes. It says:

Hope this helps?
God Bless,
Sheila in Titusville, FL

Jenny

January 19, 20080 found this helpful

If you still owe money on the vehicle, you should keep full coverage on it and have the deductible at whatever amount you can afford. If it is paid for, the coverage should depend on the value of the vehicle. As another post mentioned, if the vehicle is only worth a few hundred or 1-2 thousand dollars, there is no sense in spending the money on full coverage. If it is a newer car with low mileage and it's paid for, then by all means, you want to have full coverage. For example, I have a '94 with 142k miles on it. It's only worth about $1200. I have liability only with a $500 deductible. You can find out the value of your vehicle at kellybluebook.com, which is what most car dealers use as a reference.

roger

October 19, 20120 found this helpful

I have been a facilitator for Dave Ramsey's FPU class for years. He says that unless you have the cash to replace the car then get full coverage on it. And even though he has the cash to replace a car, he personally carries full coverage on his cars because it's such a good deal.