Quote:
Originally Posted by Piotrsko
Why not? All my stuff is set up that way. If you hit the 10 yr old Golf, it pretty much insurance totals it every time, ditto for the 23 year old F250, and the 35 year old Ranger. I drive such that I probably won't have a major accident unless someone else is at fault. I would be pissed off at someone thrashing my stuff and THEY had better have good insurance because all that old stuff isn't going to be cheap to replace
I supose JSH will say that's not how it works.......
If you finance, you don't get such a choice
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I say keep full coverage on a vehicle unless you can afford to replace it out of pocket or go without it. Personally I also keep full coverage on my vehicle because the savings from dropping collision and comprehensive are tiny.
Collision on my Astro is $11 every 6 months and comprehension is $8 with a $100 deductible. It makes absolutely no sense to me to drop coverage on a $6,000 vehicle to save $39 a year.
The Bolt costs an extra $121 every 6 months for full coverage with a $250 deductible. So $242 a year to avoid the risk of replacing a $20,000 car. I would have to go accident free for 82 years to break even dropping full coverage.
Another way to save on insurance is to pay every 6 months or annually. Insurance companies will generally give a 10 - 20% discount for paying in a lump sum instead of monthly.