Does it make sense to keep collision on 2 older cars? We have a 2004 Cavalier and a 2004 Caravan. We have owned the car for 9 years and the can for 7. Both aren't worth much. The hubby asked me to ask you all...
At this point the difference in premiums might not be worth it to drop collision. I would call your agent and ask what your new premiums would be and then determine if it is worth it to drop collision coverage.
Our deductible is $500. I am arguing with him to keep it. I was in an accident last year and was happy to not add a car payment and just pay my deductible. We haven't had a car payment in almost 5 years. I will have to see what the new policy says. Our insurance isn't much IMO. Nj typically has higher rates. We pay around $120 a month for the two cars. As of now we can't afford a payment to our monthly expenses. Until I have a full time job, we can't afford it.
Post by mollybrown on Oct 14, 2012 19:27:55 GMT -5
If you can't afford to replace the cars, you have your answer. FWIW, I still have full coverage on my 2000 car. It's worth the few dollars a year not to have to worry about buying a replacement car. Full coverage costs almost nothing at this point. I probably won't take it off until the car is worth around $1000.
We looked into doing that because my husband's car is basically a demolition derby car from living on the streets for 7 years (it has dings all over it, and we don't plan to fix any of them), and if it got totaled, we probably wouldn't replace the car because we have no need for the car. But the price difference between having collision and not having it was so tiny that we decided to go for it anyway.
We have full coverage on DH's truck (2001, small, beat-up, low value).
It's mostly because DH wanted to keep it, and it wasn't worth fussing over the teeny amount it costs each year. He bought the truck new, and is kinda attached to it, so me proposing going without full coverage on it was hitting on an emotional level.