Hi,
My wife owns a 2008 Versa with 120K miles. It has an apparent book value of $5,750, but probably lower due to some bumper damage. The bi-annual cost for comprehensive and collision is $186 (or $372 annually), with a $1,000 deductible. So, if the car was totaled, insurance would pay out no more than $4,750.
She has never totaled a car before (in her 30s). Her commute is 26 miles RT. I am thinking of dropping collision and comp. What do you guys think? Is this a no-brainer?
If the car were totaled, and I did not have collision and comp, I would simply pick up another used economy car for around $4,000 that I have in my emergency fund.