When do you drop Collision & Comprehensive Insurance?

[disneysteve]

My auto insurance is tied to my homeowner's insurance..

Ours used to be.
Then we had our home insurance dropped because we made a claim. Insurance is great, until you have to use it.

[LivingAlmostLarge]

I drop around $5-7k. I figure that's a reasonable amount I can handle for OOP for a car. We are definitely getting there with our 2010 Subaru outback. Private party is $7724 and trade in is $5466. I might next renewal in march drop C and C. It's starting to make sense. I'd like another year out of the car, I know it easily has 10 but something different.

[Nutria]

Our van is worth $5K, and the deductible is $1K, for a payout of $4K.

The C&C is $275 semiannually, or $550 annually. I guess it's time to drop that coverage...

[Nutria]

And the Camry is worth $6100 but C&C is $720. Time to drop that, too.

[rennigade]

Wow you guys pay a lot for collision/comprehensive.

My 6 month bill was $410. I only pay $152 for collision/comp. Comp deductible is $500 and collision deductible is $250. For as little as I pay theres no point to drop it...and my car is only worth around $3k now.

At my current rate I could go 9 years and still make $50 if my car was totaled (assuming its still worth the same which it wont be.) So in reality I have around 4-5 years before it no longer makes sense.

[disneysteve]

I just checked kbb.com and I'm actually paying over 10% for the C&C coverage on my car. They're estimating trade in value of $3,500. I have a $500 deductible so a $3,000 potential payout. My C&C coverage is $350.

I just realized that's $350 every 6 months, so $700/year. Time for me to drop that coverage if the car is only worth $3,500.

[Nutria]

Wow you guys pay a lot for collision/comprehensive.

This is a lawsuit-happy state full of incompetent, no-insurance drivers.

[disneysteve]

Wow you guys pay a lot for collision/comprehensive.

I live in NJ, otherwise known as insurance hell.

[scfr]

Our van is worth $5K, and the deductible is $1K, for a payout of $4K.

The C&C is $275 semiannually, or $550 annually. I guess it's time to drop that coverage...

Thank you for sharing that. I was having a really hard time imagining when that 10% rule would apply, because I couldn't imagine it happening in my case. But voila, yours is a perfect example.
Wow! That's a hefty charge for the coverage you are getting. Do you feel what you are being charged for C&C is in-line with the risk factors faced by the insurance company?

[disneysteve]

Thank you for sharing that. I was having a really hard time imagining when that 10% rule would apply, because I couldn't imagine it happening in my case. But voila, yours is a perfect example.
Wow! That's a hefty charge for the coverage you are getting. Do you feel what you are being charged for C&C is in-line with the risk factors faced by the insurance company?

I guess if you live in a state with very low insurance costs, it's hard for the 10% rule to kick in but in places like PA or NJ where costs are sky high, it's pretty easy to cross that threshold.

Of course the cost isn't in line but it's not like there's anything we can do about it short of moving to a different state.

[Nutria]

Wow! That's a hefty charge for the coverage you are getting. Do you feel what you are being charged for C&C is in-line with the risk factors faced by the insurance company?

I don't honestly know, but as I said before, this (not even NJ or PA) is a lawsuit-happy state full of incompetent, no-insurance drivers. Thus, it might actually be in line with true risk factors.

[greenskeeper]

Those that drop the coverage, do you put the savings into a car replacement/repair fund?

Our vehicles are 20 and 18 years old, still have C&C coverage as they both are worth around $10k. I'll have to look but C&C for both vehicles per year is about $90

[Thrif-t]

Ok sorry if this is a dumb question but on Kbb do you use the trade in value or the private party value to figure out what you'd get back from insurance if totaled?

[disneysteve]

Ok sorry if this is a dumb question but on Kbb do you use the trade in value or the private party value to figure out what you'd get back from insurance if totaled?

I figure the insurance company is going to use the lowest value they can so I assume the trade in value is the insurance value.

[Nutria]

Those that drop the coverage, do you put the savings into a car replacement/repair fund?

I was sorely tempted to buy $125 of Everclear per month, but then decided instead to add it to the car fund...