Author Topic: Keep collision and comprehensive coverage on two cars OR save $600/yr  (Read 1084 times)

achvfi

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We own two 10 year old cars, together they are worth maximum of about $7000. Is it worth it to keep collision and comprehensive insurance coverage costing us extra $600 per year? 

When to drop comprehensive and collision coverage? Do you still carry C & C for your old cheaper cars?

Sugaree

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Re: Keep collision and comprehensive coverage on two cars OR save $600/yr
« Reply #1 on: February 20, 2019, 04:40:09 AM »
For two cars that are ~$3500 each, I would probably consider dropping the C&C on them, assuming that I had enough in savings to cover the loss.  Depending on what your deductible is you could be paying $1000-2000 anyway should something happen to both of them at the same time.   

Personally, I keep C&C on the nicer of my two paid-off cars, but it's only 6 years old (and I've only had it a month).  It saved my ass a few months ago when the last one got totaled in a wreck.  Insurance paid to replace it with the same car, down to the same color, with an upgraded trim package and lots fewer miles.

RyanAtTanagra

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Re: Keep collision and comprehensive coverage on two cars OR save $600/yr
« Reply #2 on: February 20, 2019, 11:55:40 AM »
If you can afford to replace the insured object, statistically you're better off self-insuring.  For a 10-year-old car, I'd drop to liability.  I actually never plan to own a car again that's so new/expensive that I feel the need to insure it.  Everything about that increases the TCO drastically.