Guys is it a good idea to keep collision and comprehensive insurance on my 95 f150 4x4 with nearly 200k miles? I purchased it for 5k recently and have a few thousand extra into it also to upgrade and maintain it.

Do you guys have these on your insurance policies?

My insurance is $480 per year. Collision is $80 per year and comprehensive is $30 per year. If I were to drop those I would be down to $370 per year.

I also have a $1000 deductible so if it costs around 1k or less to repair I wouldn't be using the insurance any way. I imagine you can fix the majority of things for 1k or less and I have never been in a real accident in 12 years of driving.

What about the comprehensive is it worth it to keep that? Im thinking this one is worth it to keep for $30 a year because if it is stolen I may get back 4k instead of nothing. Over a 10 year period thats only $300 and still worth it.

Hows my logic? thanks!

 

Very sound logic. I usually drop the collision at around 10 years. Funny thing is I haven't owned a car that long in awhile. But, what the heck. I do keep the comp though. It's cheap enough with no deductible on my policy.

 

very cool, thanks!

Anyone else want to chime in? Does everyone agree an have no collision?
What about comp?

 

It's only $30 a year more, I'd keep it. Heck I wish mine was that cheap.

 

Id keep it, you are looking at $110 difference per year. Sure you could make most repairs for that much possibly, but collisition also covers you from a total loss.

 

^ Exactly, I keep full coverage on my autos until I have determined that they are not worth it.

 

Exactly

so you guys are saying it is worth it on my truck to pay for this insurance?

Keep in mind it was the $1000 deductible that was what made me cancel it.

What does totaling it really mean in this case lol thats probably 2k in damage at which point it still may not be worth it to use insurance after the 1k deductible and then your rates will increase.

If its a total loss like completely mangled, Ill probably be dead at that point.

Someone go against my comments if possible

thanks

 

You could carry a rider on your policy that covers all the extras you have on it however it will cost you more monthly for that.

 

TTT any other opinions?


Do you guys keep or drop collision and comprehensive?

 

Your truck is only worth about $1,800 (+-) in good condition. So with collision if you have an accident and clip something you will only get about $800. I didn't take into account your options because they are not listed.

It is up to you if you want to spend the money, but I wouldn't bother.

I just had my neighbor back into my 1997 Caravan, all sheet metal damage, front fender, driver door and rear slider. Not real serious damage but the bill was $2,900, book value was $1,700. Slight damage adds up fast.