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Would you keep comprehensive/collision insurance on this vehicle?
Posted on 8/9/23 at 1:25 pm
Posted on 8/9/23 at 1:25 pm
My daily driver is 2011 vehicle with 140k miles, no mechanical problems with good maintenance history. It’s worth about $8,500 for private party sale.
It’s about a $600 ANNUAL difference in my auto insurance for me to keep comprehensive/collision insurance as opposed to just liability. I have plenty of liquidity / income, so a full uninsured loss is doable with my risk profile.
Would you keep the comp & collision insurance here?
It’s about a $600 ANNUAL difference in my auto insurance for me to keep comprehensive/collision insurance as opposed to just liability. I have plenty of liquidity / income, so a full uninsured loss is doable with my risk profile.
Would you keep the comp & collision insurance here?
5
Posted on 8/9/23 at 1:31 pm to Brightside Bengal
How much longer do you plan on keeping the car ?
Posted on 8/9/23 at 2:00 pm to IcedOutBart
With current / projected interest rates, I’d be willing to keep it another 2-3 years.
Posted on 8/9/23 at 2:09 pm to Brightside Bengal
What about dropping just collision, but keeping comp and adding UMPD?
Posted on 8/9/23 at 2:14 pm to Brightside Bengal
The math works to keep the full coverage (you are paying 7% per year... that is low cost for a good reward).
1) nobody who totals a vehicle is ever upset to have full coverage on their car. Even if the car is worth $4k, they are happy to have it after a total loss scenario.
2) you need to start being prepared to ask how much do you trust the engine. If the vehicle has cosmetic only damage and the insurance company wants to total the vehicle, would you just pay the repair out of pocket because you trust the engine? If yes, would you be upset about paying for collision coverage and not using it?
1) nobody who totals a vehicle is ever upset to have full coverage on their car. Even if the car is worth $4k, they are happy to have it after a total loss scenario.
2) you need to start being prepared to ask how much do you trust the engine. If the vehicle has cosmetic only damage and the insurance company wants to total the vehicle, would you just pay the repair out of pocket because you trust the engine? If yes, would you be upset about paying for collision coverage and not using it?
Posted on 8/9/23 at 3:52 pm to meansonny
quote:
1) nobody who totals a vehicle is ever upset to have full coverage on their car.
I agree that collision should be maintained but please define "full coverage".
Posted on 8/9/23 at 6:08 pm to Brightside Bengal
If you are a responsible driver with a collision free history, all signs point to you protecting your asset by your good behavior. Drop collision. Increase liability and UM.
Posted on 8/9/23 at 6:14 pm to Motorboat
quote:
I agree that collision should be maintained but please define "full coverage".
There's no good definition of full coverage (technically, it means $0 deductible and $0 out of pocket on a claim).
I used it referencing comprehensive and collision coverage on the vehicle.
Posted on 8/10/23 at 8:47 am to Brightside Bengal
At $50 per month you are hedging against premium pricing for replacing it. Cars probably wont go down anyway. If you go 36 months at $50 you are out $1800 then can use your disposal recovery funds to make a better deal later. Unless you earn $12k or more per month I say it's obvious you keep it insured
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