Should you drop collision coverage from your old car?

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PostPosted: Tue Jun 05, 2007 4:40 am   Post subject: Should you drop collision coverage from your old car?  

My car is 10yrs old, should I drop the collision coverage from my policy?


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PostPosted: Tue Jun 05, 2007 4:46 am   Post subject:   

Yes, you should.



Normally collision and comprehensive coverages are required when the car is new. And both are quite costly to buy as compared to the other coverages.



Therefore, getting these coverages on a 10-year old car do not make any sense.



Thanks



Juanita.

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PostPosted: Tue Jun 05, 2007 5:29 am   Post subject: when to drop full coverage on collision for an old car?  

Hi friend,



You can have one collision coverage for your car.

This covers you and will pay your medical expenses and property damage to yourself or your car.



Thanks,

Cyrus



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PostPosted: Tue Jun 05, 2007 5:31 am   Post subject:   

Thanks cyrus I will have a collision coverage for my car.



Thanks again,

Mycar


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PostPosted: Tue Jun 05, 2007 5:36 am   Post subject: collision insurance old car  

Quote:
Thanks cyrus I will have a collision coverage for my car.



Thanks again,

Mycar




Welcome "Mycar" we all are here to help you all. Smile


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PostPosted: Tue Jun 05, 2007 4:55 pm   Post subject: COLLISON COVERAGE  

A new prospect came to me for insurance. His older vehicle only had "liability" at that time. Comparing the minimal difference in the cost of liability versus full coverage, he opted to carry full coverage on that vehicle with me.

A few months later the vehicle was totaled. A very grateful client said he would not have been able to purchase another vehicle without getting money out of the now totaled car.

Before deciding to fully drop insurance coverage on an older vehicle, consider the value of the vehicle versus the difference in premium for having full versus liability.

Often, liability makes more sense, but not always.


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PostPosted: Wed Jun 06, 2007 4:09 am   Post subject: when to drop full coverage on collision for an old car?  

Hi,



I would like to make few points before you take the final decision.



Compare the cost of coverage, i.e. the premium you pay for the coverage, with the present market value of your car. If the cost of coverage exceeds the value of the car, rethink. if you still wish to keep it, then at least reconsider the level of coverage that you already have. You can lower the amount of coverage and thus can save some money.



Secondly, collision coverage does not pay for medical expenses. Auto insurance Collision coverage will only cover the repairing cost of your car if it is damaged in an accident. Sorry! Cyrus Sad



Good Bless,



Juanita.

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PostPosted: Wed Jun 06, 2007 4:56 am   Post subject: collision insurance old car  

Quote:
Secondly, collision coverage does not pay for medical expenses. Collision coverage will only cover the repairing cost of your car if it is damaged in an accident. Sorry! Cyrus




Yes I review the collision coverage again. You are right.

Thanks for the information Juanita. Smile


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PostPosted: Thu Jun 07, 2007 2:02 pm   Post subject: when to drop full coverage on collision for an old car?  

I agree... each person needs to look at the cost of collision (and comprehensive) coverage and the value of the vehicle vs the deductible amount (last part is important as well). If you have a $1000 vehicle with a $500 deductible, your only going to be paid $500 if the vehicle is a total loss (which is rare). If this is going to cost $50/year, it might not be worth it.



I once had a 1972 Lemans convertable. It had original wheels. Comprehensive coverage cost $7/year with no deductible. This was well worth the cost as the wheels might have been stolen or some idiot might cut the top (happen twice).

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PostPosted: Tue Jun 12, 2007 7:41 pm   Post subject:   

if the cost is low on an older vehicle, comp & coll coverage can also come in handy when the damage is not enough to consider the vehicle a total loss. Especially when the company of an at fault driver is not cooperative and you need to file a claim with your company and hope for subrogation to get your deductible back. You can do a quick cost benefit analysis.


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PostPosted: Sat Jun 30, 2007 5:01 pm   Post subject:   

I think you should do this. But first consult with you insurance agency - they will tell for certain.

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PostPosted: Tue Aug 21, 2007 6:22 pm   Post subject: coverage  

What kind of car do you have?? What's the 'blue book' value? I had a '87 Baretta, about a year ago. Because it was SOO old, I just had Liability on it. Now I have a '99 Jeep Cherokee. I DO have Full coverage. I am a single mom, so..I want to be 'safe' with my teenager who ( of course) rides with me. I have car insurance through Nationwide Insurance. They are great ( my personal opionion, anyway)! However..it also depends on how many accidents u have ( if any) and your age. I 'see' you decided on something. Good for you!!

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PostPosted: Tue Aug 21, 2007 6:24 pm   Post subject: car insurance  

.and, of course, it depends on your personal situation. Do you have kids?..etc

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PostPosted: Mon Oct 11, 2010 7:34 am   Post subject: Car Insurance  

Covers damage to your car when your car hits, or is hit by, another vehicle, or other object. Pays to fix your vehicle less the deductible you choose. To keep your premiums low, select as large a deductible as you feel comfortable paying out of pocket. For older cars, consider dropping this coverage, since coverage is normally limited to the cash value of your car. Coverage is limited to the terms and conditions contained in the policy. This is not required by a state, but if you have a loan or a lease then the lien holder will require it.


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PostPosted: Mon Oct 11, 2010 8:06 am   Post subject:   

Wow... revived a post from over 3 years ago. I think this is the new record.

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