Personally, I would not carry collision and comprehensive coverage on a car that is worth less than $3,000.
Same here. The potential payout from insurance doesn't justify the cost.
But let's say I need a bumper replaced after an accident, wouldn't they pay the cost above my $500 deductable?
Yes, up to the value of the car. So if the damage to your car is between $500 and $3000 you will pay $500 and they will fix your car. If it is more then they just total it and pay you $2500 (value of car minus deductible). $500-$3000 is a very narrow window. How much are you paying for comprehensive and collision?
Comprehensive: $74.10 ($500 ded with non-ded glass)
Collision: $283.10 ($500 ded /waiver)
Is this per year or six month? I'm going to guess per year. The maximum payout you can expect from your insurance company is $2,500, so at $357.20/year you will exceed that amount in just 7 years. So unless you expect to total your vehicle more often than once every seven years or average a smaller ~$900 accident per year then you should drop the extra coverage.
Thanks, I'm going to drop it. Would you change anything on liability:
Bodily Injury Liability $100,000/$300,000 $285
Property Damage Liability $100,000 $195.70
Personal Injury Protection Policyholder Only/$100 ded. $125.62
Medical Payments: Not carried
Uninsured Motorist: $50,000/$100,000 $11.40
Underinsured Motorist: $50,000/$100,000 $11.40