Insurance
05-25-09, 07:38 PM
#1
Instructor
Thread Starter
Insurance
Assuming my 98 GS400 is worth around $10K, how should I make a determination whether to carry Collision and Comprehensive?
I currently carry Comprehensive, but for argument sake, let's assume a $100 deductible for C&C would be $100 each respectively, so $200 per 6 months or $400 more a year in insurance.
A $2000 deductible does not save much, say $65 each per term, so not worth the savings, the decision is Comprehensive or no coverage, and more importantly, Collision, or no coverage.
Thanks
I currently carry Comprehensive, but for argument sake, let's assume a $100 deductible for C&C would be $100 each respectively, so $200 per 6 months or $400 more a year in insurance.
A $2000 deductible does not save much, say $65 each per term, so not worth the savings, the decision is Comprehensive or no coverage, and more importantly, Collision, or no coverage.
Thanks
05-25-09, 08:29 PM
#2
Can you afford it if you do get into an accident and don't get a payout?
Otherwise it's a straightforward gambling proposition. Do you think you are going to get into an accident or not, considering what you do with your car.
Finally you need to really get quotes on the deductibles and the actual payout, not assumptions. If it cost $10/year then maybe it's a no-brainer. If it costs $400/year maybe not.
Otherwise it's a straightforward gambling proposition. Do you think you are going to get into an accident or not, considering what you do with your car.
Finally you need to really get quotes on the deductibles and the actual payout, not assumptions. If it cost $10/year then maybe it's a no-brainer. If it costs $400/year maybe not.
05-25-09, 08:29 PM
#3
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Do you own it? If so, you can drop down to collision if you want to, but I would carry everything. If you cannot afford to walk right out and replace it (you said it's worth $10K), why risk it?
Consider this - it's worth $10K and you own it. You drop down to collision, and get into an accident that is mutual (no fault). Your insurance could decide it's not worth fixing and then what do you do?
I won mine, still carry full insurance (more than the minimums, since AZ is horrible for uninsured motorists). When I owned previous vehicles, I did the same thing. In my opinion, it's worth it. Increase the deductible since you don't have a payment, but don't ditch it completely.
Big Mack
Consider this - it's worth $10K and you own it. You drop down to collision, and get into an accident that is mutual (no fault). Your insurance could decide it's not worth fixing and then what do you do?
I won mine, still carry full insurance (more than the minimums, since AZ is horrible for uninsured motorists). When I owned previous vehicles, I did the same thing. In my opinion, it's worth it. Increase the deductible since you don't have a payment, but don't ditch it completely.
Big Mack
05-25-09, 08:42 PM
#4
Instructor
Thread Starter
Hmm, thanks.
Yes, actual premiums are slightly more than $100 per 6 months for C&C respectively, for $2000 deductibles. So that's $400 a year total for C&C. Until my vehicle is worth less than $5000, I suppose I'll carry both at the minimums. I can also decide if it s worth lower deductibles if it increases my payments by $10's of $ and not hundreds.
Yes, actual premiums are slightly more than $100 per 6 months for C&C respectively, for $2000 deductibles. So that's $400 a year total for C&C. Until my vehicle is worth less than $5000, I suppose I'll carry both at the minimums. I can also decide if it s worth lower deductibles if it increases my payments by $10's of $ and not hundreds.
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