Insurance
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Tuned
Joined: Oct 2003
Posts: 411
Likes: 0
From: Oregon
Insurance
I have a 95 La baron and 96 Thunderbird. I am thinking it's time to drop collision on both of these, as if they get in an accident, there is no way the Insurance Co. will fix them, but total the vehicle. Of course I will keep the liability and medical, just remove the collision.
What's your take?
What's your take?
Senior User
Joined: Aug 2003
Posts: 248
Likes: 0
Go to Kelley Blue Book ( www.kbb.com ) and look up the "Trade-In" value on your cars. That is a good place to see what you could expect from an insurance company settlement.
Subtract your deductible and compare that to your collision premium and make your decision from there.
Also remember that if you keep collision on a car that has little value and you present a claim for a dented fender, they will probably give you a little money, total your car, and take it!
My guess would be that you should save your money and drop the collision.
Subtract your deductible and compare that to your collision premium and make your decision from there.
Also remember that if you keep collision on a car that has little value and you present a claim for a dented fender, they will probably give you a little money, total your car, and take it!
My guess would be that you should save your money and drop the collision.
Posting Guru
Joined: Dec 2003
Posts: 1,157
Likes: 0
From: Wichita, KS
I've dropped comprehensive on everything except an '05 Focus. What I was paying for insurance was enough to replace the cars if something did happen, and most stuff that actually will happen is less than the deductible anyway (unless you have a real low dedutible, then you're paying out the wahzoo for the coverage).
Junior User
Joined: Aug 2003
Posts: 60
Likes: 1
collision insurance
Just one caveat here. If you go to rent a car, you WILL have to pay the rental companies outrageous daily charges. If you have full coverage (and it meets their minimums) you can use your own insurance and not pay the $15 bucks a day some of these people charge. I keep collision on one of my cars for that reason. I never know when I'm gonna have to go someplace, and therefore rent a car. Of course, if you only do this, say, once a year, then paying the rental car companies rates is still cheaper than keeping collision on yours.
