How long to keep Full coverage on a older car.

[Chris1980]

Trying to save some money on my auto insurance. i still have full coverage on my 2010 car with 175,000 miles on it that is worth around $3000 give or take with my $500 deductible. If i take off full coverage it saves me $166 for 12 months.

Not sure if it's worth it.

[Jluke]

What about changing your deductible to $1000?

[Chris1980]

What about changing your deductible to $1000?

Would save me $26 for the year.

[Jluke]

I’d buy a new / newer car.

[kork13]

Absolutely take off comprehensive! It'll save you $2k in just 1 year! You can basically replace your car for that. Once your car's value is somewhere below $5k or so, you probably have to look carefully at the payoff for dropping or keeping some of your optional coverages. In your case, it's definitely worthwhile.

[cypher1]

I go by if its worth less than 4000 to lower the coverage. I have two cars and one is closer to that value, but i keep full since I'd hardly save anything by dropping with all the discounts. But I also have 1000 deductible.

[Chris1980]

Absolutely take off comprehensive! It'll save you $2k in just 1 year! You can basically replace your car for that. Once your car's value is somewhere below $5k or so, you probably have to look carefully at the payoff for dropping or keeping some of your optional coverages. In your case, it's definitely worthwhile.

How do you figure? Without it i would save $166 per year.

[kork13]

How do you figure? Without it i would save $166 per year.

Ah, misread what you said (read it as "for each of 12 months"). Although that does make more sense.

[MonkeyMama]

Our personal rule of thumb is to drop at $5k. & honestly, by the time we notice and get around to it, it's probably more of a $3k or $4k rule.
It depends on your assets and driving record, etc. I know people who are going to get into an accident every single year. They should probably never drop collision insurance.
You also need to have the cash to replace the car, or at least be in a financial position to not sweat it if you need to replace it without insurance.

[LivingAlmostLarge]

$5k as well.

[scfr]

Auto insurance is such a jigsaw puzzle! Right now we carry comprehensive & collision on one of our vehicles, with a $2,500 deductible, because then we can get emergency road service on both of our cars through our insurance company and rental car coverage when DH travels on business. So, for us, paying the extra for comp & collision actually saves us money vs paying for AAA and DH having to pay for the extra insurance on rentals. If not for those reasons, we would drop the coverage. Our rule of thumb is something along the lines of MonkeyMama's. In the past we've had times when we carried no comp & collision, but right now it makes sense for us to keep it.

[rennigade]

Our cars are 2009, 2008 and 2006...all have full coverage. The amount we would save by dropping full coverage is minimal, for us. Id rather pay an extra $350 per year for 3 vehicles than not be fully covered.

[riverwed070707]

Our cars are 2009, 2008 and 2006...all have full coverage. The amount we would save by dropping full coverage is minimal, for us. Id rather pay an extra $350 per year for 3 vehicles than not be fully covered.

I had the same experience. Looked at dropping full coverage on my 2008 CRV and I think the difference was something like $40/6 months. Decided to keep it. I do have $1000 deductible though - certainly not making a claim unless my car is totaled so higher deductible was no question even if the savings is minimal