My truck will be paid off next month and I'm thinking about reducing my insurance coverage. If I drop the comp and collision and rental car coverages my premium goes from $84 per month down to $48. Big savings. But is it too big a risk? My truck is a 1997 Nissan pickup that is in great shape.
2006-08-26 03:34:51 · 5 answers · asked by Simone 3 in Entertainment & Music ➔ Polls & Surveys
Guess it comes down to how easy it would be to replace the truck if you got in a wreck without collision. It might prove to be cheaper in the long run to just pay that extra every month, rather than have to pay higher monthly payments AND full coverage for a replacement vehicle. But you've gotta weigh that yourself.
2006-08-28 16:43:43 · answer #1 · answered by Crooks Gap 5 · 0⤊ 0⤋
Normally, people make that calculation based on the value of the vehicle. You can look up the value of your vehicle at the National Association of Auto Dealers (NASD) or Kelly Blue Book. I like NASD better. If the value is low, you might want to drop your comp and collision insurance. This is because you would not get that much money in the event that your vehicle is totaled in an accident. My insurance agent said that it would not be a bad idea to drop the coverages when my vehicle was 10 model years old (which is what is about to happen with your vehicle).
You might also consider dropping the rental coverage and raising the comp and collision deductables to save money without completely dropping the coverages.
2006-08-28 00:00:48 · answer #2 · answered by Spork 3 · 1⤊ 0⤋
I didn't have comprehensive on my 1997 Ford Taurus. I wrecked it this past February. If I had been saving the extra money I would have had to pay for comprehensive over the 3 years I had the car, then I still wouldn't have had enough money to replace it. So I guess I should have had the comprehensive coverage. however, the car had high mileage and I was always spending a lot of money on repairs. The '84 Toyota my bf lets me use now doesn't cost as much in gas or repairs and has a lot less miles on it than my previous car. So you have to weigh the pros and cons.
2006-08-29 11:35:29 · answer #3 · answered by Dellajoy 6 · 1⤊ 0⤋
The minimum amount of car insurance varies from state
to state. Check with your insurance company and if you
can make a savings,go for it.
2006-08-26 10:48:49 · answer #4 · answered by caroline j 4 · 0⤊ 0⤋
I did once i paid my car off. yes - Felt like it was a risk, but I did save money.
2006-08-26 10:45:19 · answer #5 · answered by luckistrike 6 · 0⤊ 0⤋