collision insurane ?

[marine65]

My 2006 Sentra has 178K miles on it.
According to Kelly blue book the trade-in is $700 and to sell to a private party its $1900.
I live in Denver with crowded roads all the time.
Does it make sense to keep comp and collision on this car?

 

[Coprolite]

No.

 

[tig1]

Not enough info.

 

[Mr Nice]

Originally Posted By: marine65
My 2006 Sentra has 178K miles on it.
According to Kelly blue book the trade-in is $700 and to sell to a private party its $1900.
I live in Denver with crowded roads all the time.
Does it make sense to keep comp and collision on this car?


You should have canceled it years ago.

 

[69GTX]

Originally Posted By: tig1
Not enough info.


Correctamundo.

It really comes down to your rates and the odds of being in an accident. In fact, it may even make sense to carry a $50 deducible vs. $200 based on how often you get small fender benders and the cost of insurance. The difference between $50/$200/$500 for me is relatively small. I carry $50 collison deductible on all my cars, even beaters worth only $1,000. And over the past 27 yrs, that's saved me money.

Now that I've moved on to nicer cars rather than beaters, I do carry $500 deductibles. But as they cars age down, I'll still be carrying collision even when they're worth only $1000 each.

 

[marine65]

Originally Posted By: tig1
Not enough info.


I pay $158.88 comp and collision per 6 months policy period.
That's $26.48 a month.
$500 deductible.

 

[69GTX]

Originally Posted By: marine65
Originally Posted By: tig1
Not enough info.


I pay $158.88 comp and collision per 6 months policy period.
That's $26.48 a month.
$500 deductible.


You can't get rid of the comp part. So we still don't know what just the collision costs....It could be less than half of that amount. How much more would it cost to jump to a $200 deductible? When I checked on one of my beaters that change was $50 or less per year.

The other part of the decision is what are the odds of being in an accident with that car in the next 10 yrs? Say you're paying an total of $800/10 yrs in order to replace a $1,000 car. It comes down to odds and your previous driving history. If you never, ever get into accidents, then maybe you don't need it.

 

[JR]

worth it.
All my vehicles, personal and company, have and always will have broad coverage with low($100) deducable.
It not you, it is ussually the other guy that hits you. Or deer, shopping cart, dog, ect.
Its better to be covered than eat the cost of a repair or replacement.



ken

 

[JustinH]

Depends on if you have money to replace the car with cash if you crash it.

When my wife had an older car, we didn't have money to do this, so we kept comp and collision on an older car, and collision ended up paying for a $5000 crash accident.

On a $700 car, I would say liability only, and maybe towing because of the mileage and age.

 

[JTK]

I know I wouldn't carry collision on it.

Why would you ever file an insurance claim on a car that's worth $1700 on a good day? All it's going to do is risk raising your rates more so than normal.

Maybe I'm missing something, but the statement in regards to the $50 deductible above. How does that save you money? Lower deductible always meant a higher premium for me.

 

[AZjeff]

Originally Posted By: JTK
Maybe I'm missing something, but the statement in regards to the $50 deductible above. How does that save you money? Lower deductible always meant a higher premium for me.


Exactly. I have $1000 deductible on everything and I'm big money ahead with the lower rate.

 

[DuckRyder]

Whats NADA retail plus tax?

Really you need to ask yourself a couple of questions.

1) Can you at any moment stroke a check for a replacement car without any help.

2) Are you willing to fight with an adverse carrier to get paid for it if someone else is at fault.

It probably bears mentioning that large hail and wildlife are very real possibilities around Denver.

 

[RhondaHonda]

Personally I'd drop the collision and comp if it were me. Not knowing your financial situation, maybe keep comp and get Uninsured motorist property damage coverage that covers your vehicle if you get hit by an uninsured driver.

 

[Nick1994]

I'd drop collision and keep comprehensive. I only have comprehensive on my Jeep and it's quite a bit older than your car, I have a $50 deductible, costs me like $3 a month to have the coverage. Glass insurance is an extra $1 or $2 a month so of course I have it. The insurance companies value cars at much higher than what we sell them for, they use fair market value. My Camry was totaled last year and I got $3,450 for it. Bought it back for $868.

 

[Kira]

Glad you mentioned that...

Does keeping detailed records (work done, cost, etc.) help you in establishing the value a car?

If you're covered, can detailed records help you get more payment for a destroyed car?

 

[Cujet]

Originally Posted By: marine65
My 2006 Sentra has 178K miles on it.
According to Kelly blue book the trade-in is $700 and to sell to a private party its $1900.
I live in Denver with crowded roads all the time.
Does it make sense to keep comp and collision on this car?


Keep in mind that the insurance company will "total" your car with anything much above $1000 worth of damage. You are paying for coverage that is based on the value of the car, not on the cost to repair it.

For example, your car has $2500 worth of damage. It's book value is $1900 and your deductible is $500. You might get a check for $1400. Which will not likely replace your well maintained car.

 

[Donald]

Originally Posted By: Coprolite
No.


No

 

[deanm11]

Originally Posted By: JR
worth it.
All my vehicles, personal and company, have and always will have broad coverage with low($100) deducable.
It not you, it is ussually the other guy that hits you. Or deer, shopping cart, dog, ect.
Its better to be covered than eat the cost of a repair or replacement.

ken


Other guy hitting you is the other guy's liability insurance, or uninsured motorist coverage.

 

[69GTX]

Originally Posted By: AZjeff
Originally Posted By: JTK
Maybe I'm missing something, but the statement in regards to the $50 deductible above. How does that save you money? Lower deductible always meant a higher premium for me.


Exactly. I have $1000 deductible on everything and I'm big money ahead with the lower rate.


Why? Because between my wife (who learned to drive at age 26) and myself, we were getting hit by someone else about every 2 yrs. And the premium difference between $50 and $200 deducts. at that time was only around $20-$50/yr per vehicle. So it made financial sense to keep the $50 on until my wife became a much better driver.

Why would you not want to insure a $700-$1700 car if you thought it might get hit in the next couple of years? Of course if you like paying out a $1,000 out of your pocket instead of the insurance co. giving you $1,000, that's your call. If the accident is the fault of another driver, your rates don't go up. It comes down to odds and probabilities. If you're sure you'll never be in an accident, then drop all your collision coverages and "save" money.

We've had a couple cars totaled by other drivers. In every case we got back the full replacement value of well maintained cars. Made money on a couple of the vehicles. When our 1998 Merc Grand Marquis with 44K miles was hit in 2006 (I had paid $8500 in 2004 with 28K miles) we got $9,000 from the insurance company. For those that don't get full replacement value, I'd find a better insurance company....or buy your cars right.

 

[jeepman3071]

Originally Posted By: JTK
I know I wouldn't carry collision on it.

Why would you ever file an insurance claim on a car that's worth $1700 on a good day? All it's going to do is risk raising your rates more so than normal.

Maybe I'm missing something, but the statement in regards to the $50 deductible above. How does that save you money? Lower deductible always meant a higher premium for me.


BINGO.

Not worth it, you will pay back in premiums more than the damages were. I remember a guy who filed a claim on his car that got scratched on the roof by a snow shovel. Had the roof repainted. I honestly had a hard time even seeing the scratches from the pictures in his claim file. After I submitted the claim and everything was fixed, about a month later he called wondering why his rates increased.

As a general rule I tell people anytime they use their insurance expect the rates to go up, if not small increases elsewhere. Using your company's staff/services costs them money in their eyes. Even in cases where you file a claim through your insurance company and have them go after the other person's insurance for damages. Your company still has a record of you submitting a claim and using their services, even if it was one they got reimbursed for. They factor all of this into their risk predictions. If they see you as any kind of risk to their profits, they adjust your rates accordingly. This information about you is also shared with other insurance companies, so if you drop your current company because the rates are high, the next one you try to pick up already knows about you. Your rates might be cheaper for the first year with the new company (that's how they bring you in), but they will slowly increase or you will start finding hidden fees.

There is a reason many of the insurance companies made billions in profits this year, and it isn't because they paid out a lot in damages.