Bocatrip

After 10 years of driving my 2001 LS430, the depreciation has pretty much reached the bottom. Although my car still looks, runs, and drives like a new car, the value for a totaled car is probably next to nothing. The big problem of course would be finding a replacement, but for the first time I'm considering dropping collision as it costs over $200 for a car that is only valued at a few thousand less the deductable. For any minor accident, I would most likely not go through my Insurance company anyway unless the other driver was paying.I'll keep comprehensive in place. I know the 05-06 LS430s might be worth a few bucks more and might be worth while holding collision for another year or so. Anyone with any early LS430 without collision at this time?

TriC

There is no collision coverage on my '06.

Stu

Just thinking the same thing. My car is still pretty nice in every way but its an '05 with 145,000 miles ( 233,000 kms ) Its driven 1/2 way to the moon !!!
If totaled whats the insurance company going to give me ...... yup, last year for collision for me !

Anyone in Toronto wanna buy my LS ?

Vantage007

Also in Toronto, but any chance you want to trade wheels for my Ultra Luxury ones? I've been looking for wheels like yours for months!

jimbosr1

I had full coverage on my 93 sc400 that got totaled in 2017 and got over $7000 and i had a $500 deductible.I also had full coverage on my 86 mr2 until i sold it in 2016.The difference between full and liability was $26 month.If the difference isn't that much i would keep collision.

Bocatrip

RXGS

iTrader: (2)

^You'd be surprised as part of the valuation has to do with what similar cars are selling for in your area. For a 2006 GS300 with almost 170k, I got close to 8k dollars when they totaled it. Far more than I would get selling private party, and more than compensated for the difference between liability and comprehensive, and didn't have to deal with the hassle of getting rid of a totaled car.

Johnhav430

sigh you have reminded me about something I've been meaning to do as well. Example--I dropped collision on my 1998 Maxima in 2012. So I had full coverage from 1998 to 2012, and then comp from 2012+.

Let's list out all the claims over the years:

0 as in not one.

That is not to say I've never had a claim in my life. I had an accident in a loaner car (thank goodness not my own) and the lizard co. repaired a brand new car with aftermarket parts, I saw the report. They specified used parts, but adjuster listed 3 junkyards and parts not available. So how would you like it if on our 2006 LS' an insurance co. fixed it with used parts after we paid all these years?

I would want to have collision on one car so that when I rent cars I have collision that covers it. This is another touchy area, insurance will attempt to not cover it, one way is if you've had it 31 days or longer (need to rewrite the contract).

warminwisc

In Wisconsin if U do not have collision and U R hit by a unisured motorist your uninsured motorist will not by law have to/and will not pay for your car, they will pay medical bills of course. I pay 220 bucks a year for mine 04 with no collision. I got rear ended by an uninsured motorist the repairs are on me or digging it out of a deadbeat.

Bocatrip

This might be an insurance broker question.....I have an insurance policy covering 2 cars, my LS430 and my 2010 Jaguar XK. I'm keeping collision on the Jag. If I rent a car or drive someone elses car, would I be covered for collision in case of an accident?

2KHarrier

My insurance carrier (State Farm) will cover a rental with the policy I have, but I do not have to carry rental car insurance. Also, I have a Chase Marriott Visa card which I use to pay for rental cars and I get coverage through Chase.

I dropped the collision on my '01 about 2 months before I sold it, when the policy was up for renewal. The value just wasn't there any longer. Especially with the miles I rack up...

Johnhav430

Be sure to check with your agent, but my understanding is the highest coverage you have (collision on one car) follows a temporary use auto. That's what call a rental or loaner. And how they like to not cover an accident is to say it wasn't a temporary use auto.

First of all, the insurance co. will contact the lender for a copy of the agreement--your copy will not suffice. They will see if you violated any of the terms (took it somewhere you shouldn't, picked up call girls, drove while intoxicated, used said vehicle for commercial purposes. Or, you had it for 32 days. I'd be careful and make it 29 days, i.e. on the 29th day, cancel and rewrite. After a month, the vehicle is not temporary use and should have been added to the policy. People have gotten burned by this--but a good rental agency protects themselves too by making a renter renew. BMW did this when I had a loaner for 4.5 mos. had to come back and redo contract, they knew the deal).

I was told by my agent you cannot make any changes 30 days within a renewal (I was questioning why I got no credit for dropping collision on the BMW). I said let me get this straight, if I add a Bentley GT convertible to my policy, within 30 days of a renewal, my rate does not go up until the renewal, but I am covered? He said that is correct.

ebxgsxr

i do not have collision on my 05 LS430. i was going to put full coverage on it (a friend had his truck damaged in a hit & run & insurance covered it) but only for that reason. but then after reading someone else's post that the insurance would probably just total the car anyway, i decided against it. i'm also dropping full coverage on our Volvo S40. KBB on it is less than $800.