No set formula here. Last time I dropped it was years ago--since then, the two beaters that I got I did not put collision on from the get-go, so that was easy. Right now, my two "new" cars have years to go, probably 4 years and 100k before I'll think about it on them. Thing is, I'll probably trade out of them into new/newer cars before they age much past that (can't predict the future, but that fits the pattern for us).
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At what point do you drop full coverage?
- Thread starter Elkins45
- Start date
I agree with the no set formula.
I look at all the data points, and make a decision from there.
For instance, I carry full coverage on my old pickup in my signature.
If it saved me hundreds a year, it would be gone. In my case, it would save pocket change.
Full premium on my truck is $89. a year. For that rate, why not carry it?
I look at all the data points, and make a decision from there.
For instance, I carry full coverage on my old pickup in my signature.
If it saved me hundreds a year, it would be gone. In my case, it would save pocket change.
Full premium on my truck is $89. a year. For that rate, why not carry it?
I think cars nowadays are super expensive Junk.No set formula here. Last time I dropped it was years ago--since then, the two beaters that I got I did not put collision on from the get-go, so that was easy. Right now, my two "new" cars have years to go, probably 4 years and 100k before I'll think about it on them. Thing is, I'll probably trade out of them into new/newer cars before they age much past that (can't predict the future, but that fits the pattern for us).
Man I hate the day I have to replace my 200,000 mile (20 year old) vehicles
Possess an interesting dilemma, particularly if you have owned the vehicle since new/nearly new and maintained it well. Today what you get in dollars for the replacement of an older vehicle (say 10+ years) is usually much less than what it is worth to you, assuming it is running and serving you well, and you like it. Also consider that the additional cost of full insurance saved is a portion of the total insurance cost you incur annually. At a minimum you are still required to pay for the legally required minimum coverage.
For me, I do not pay full coverage once the vehicle reaches ten years from new, as I won't be replacing it with a similarly aged vehicle, but rather purchase a new or 2-4-year-old vehicle with low miles. The insurance offset will be small relative to the cost of my replacement. Would rather pocket the additional comprehensive premium. May be applied to offset some of the maintenance costs as the vehicle ages.
For me, I do not pay full coverage once the vehicle reaches ten years from new, as I won't be replacing it with a similarly aged vehicle, but rather purchase a new or 2-4-year-old vehicle with low miles. The insurance offset will be small relative to the cost of my replacement. Would rather pocket the additional comprehensive premium. May be applied to offset some of the maintenance costs as the vehicle ages.
Two years ago I hit a deer headed to work in our "beater". Check for the damages (minus 1k deductible) was about 550% of our annual premium for full coverage on three older cars. I got the car repaired and a full repaint (no more door dings!) for the payout. I'm financially in good shape, so I am not risk averse to the unreimbursed loss of a vehicle. That said, it's a numbers game and I don't worry as much about the giant poplar trees near my driveway.
Our premiums are low. Our three cars are 12-18 years old but have been maintained and known history, some since new. Two are low miles. They're all great cars and worth the full coverage to me, even if mentally I know I'd still be loosing an irreplaceable car. The additional premium is probably less than $400 a year.
Our premiums are low. Our three cars are 12-18 years old but have been maintained and known history, some since new. Two are low miles. They're all great cars and worth the full coverage to me, even if mentally I know I'd still be loosing an irreplaceable car. The additional premium is probably less than $400 a year.
I have kept all of mine on full coverage simply for the fact that if I get hit, I have a one-stop shop to dealing with it, my insurance. I don’t have to deal with theirs and get a run-around. They deal with subrogation. There may be smarter and more savvy ways to go, but admittedly I’ve used this method with them and was grateful to have it.
My liability is 100% of my vehicles valuegenerally financial gurus advocate when your premiums exceed 10% of your current car's value after deductible, then its time to drop the full coverage.
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