drop collision and comp car insurance?

Question

I have a 1998 toyota 4 runner. 140,000 miles. It is paid off. I currently have collision and comp $150+ every 6 months. Should I drop that and when do you? I could save 30 - 50 if raise it to 1000.

Answer 1

i have a similar circumstance.
it depends on how likely you think you are to have an accident and whether you could replace it (afford new car payments if you crash it). i dropped it last week. i can afford new payments if i crash it. you should put the saved money in an account for the new car you might need (call it self insurance).

Answer 2

As soon as you drop the collision and comp on your car, someone else who has no insurance will hit & run your car. OK so that's a bad idea. So the next best thing is to raise your deductible to $1000. As soon as you do that, someone else who has no insurance will hit and run your car. It will probably happen in the winter, when most accidents happen, right around Christmas, when the last thing anyone in the world has is a spare $1000. Now that 30-50 bucks every once in a while doesn't sound so bad, does it? Don't say it won't happen to you. I own a body shop. The first thing out of everyone's mouth is, "can you help me save my deductible?" The answer is "No." Statistics show that most well run independent body shops net about 10% per job. That means if you want your deductible saved, you simply want me to hand back to you all the profit from a $10,000 job, and since your car isn't worth anywhere near that anymore the only other option is to do a crappy job to save you some money and defraud the insurance company and risk my reputation cuz you are a cheapskate. I don't think so. I fact, do yourself a favor. Find out thru NADA or KELLY BLUE BOOK what that thing is actually worth if somebody totals it on you. Be honest. Don't inflate the value. Then ask yourself if you are willing to lose that much money in the blink of an eye. If the car is only worth a few thousand then take that much cash and save it specifically for the day that someone hits your car. OK now you can drop your collision or raise your deductible.

Answer 3

If you are okay with knowing that when you get into an accident - whether it is your fault - or not, that you may be liable for all damages to your vehicle (because you can't automatically assume that the other driver has insurance - and you can't automatically assume that you won't be at fault) - then go ahead, and drop comp/collision.

I would most definitely raise the deductible to the $1000 though and save the 30 - 50.

Drop comp/collision when the 4 runner is old enough to where you feel that if you wrecked it, you wouldn't care to replace it.

Answer 4

50 every six months??? To raise a dedutible....lets see....$50 /6=8.33 a month...hardly sounds worth it to me. Your car is still worth too much to delete the coverage, so I would just leave it....150/6=$25 a month, again not a great bargian there either

Answer 5

Sure, you can drop it!

Save now and pay later! When you crash and then you find yourself having to pay $15000 in damages between your car and the other person's car you'll remember the day you were trying to save a few bucks and cancelled it.

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