[Startingover]

I can't decide.

My car insurance has gone up to $75 a month and I hardly drive. (I'm a great passenger). I get a discount for driving under 1,200 a yr. An elderly relative said to cancel my insurance that covers my car. But that makes me nervous. I just checked Kelly BB and it appears my old 2007 Toyota is worth around $3K which isn't much.

Do most people who drive an old car carry collision insurance on it?

 

[47_47]

I usually wouldn't carry the collision on a 9-10 year old car. How much are you paying for the collision portion?

 

[Oso954]

The age of the car isn't the critical number, it's the value.

Collision insurance isn't worth it on a 3k car, particularly after you subtract the deductible.

Speaking of deductibles, have you consider raising the deductible on your PL/PD coverage. Small deductibles are more expensive than larger ones. Those of us that grew up with $250 deductibles seem hesitant to move up, but it's easier for some of us to cover $1,000 today than $250 40 years ago.

Comprehesive insurance ( fire, theft, falling objects) may not be continuing.

Medical payments to passengers is also questionable, depending on what exactly it covers and whether most of your passengers have insurance or not.

It doesn't hurt to review each line item on your insurance bill and decide what you need vs the cost.

 

[Bondo]

Do most people who drive an old car carry collision insurance on it?

Ayuh,.... I've only put collision insurance on a car I owe money on,....

When it's paid for, it comes off,.....

The down side is, if I smash it, I'm fixin' it myself,....

 

[Bigplanz]

I haven't had collision on any car I own outright. Last one was a 89 Beretta I paid off in 1994.

 

[Startingover]

Appreciate all the great advice.

I have $500 deductible and pay $80 every 6 months for collision.

Thank you all.

 

[Brainbucket]

After 5 or 6 years from new, you don't need collision as they will total it for pennies.:vs_cool:

 

[paintdrying]

I carry comprehensive because almost every week out here I have a deer encounter. If money is tight and you only drive 1200 miles a year I would only carry liability.

 

[r0ckstarr]

I have a '96 Ranger with 340k+ miles on it. I only have liability insurance on it. KBB says that it's only worth $600.00. Not worth collision, and not worth selling.

I have a 2004 Mazda with 79,000 miles. I still have full coverage on it. KBB says that it's worth $7,000. At least I'd get something back if ever it was wrecked.

 

[ZTMAN]

Appreciate all the great advice.

I have $500 deductible and pay $80 every 6 months for collision.

Thank you all.

So you are paying $160 per year for $2,500 in coverage. Up to you based on the numbers. Personally, I think the more insurance the better. Maybe the compromise is to increase your deductible.

Look at it this way. If you totaled your car today without collision, would you have the money for a replacement,and if not you have to decide if it is best to spend $160 per year "just in case."