Both of my vehicles are 1990 Chevy C2500 and a 1992 Buick Roadmaster. The truck has 207K miles while the Buick has 42K miles.

The Kelly book to a private party on the truck is $1380 while the Buick is $3426.

I have a $500 deductible on both vehicles. It doesn't make sense on the truck while the Buick is borderline.

Is there any set rule to follow?

quote:

Originally posted by 41:
Both of my vehicles are 1990 Chevy C2500 and a 1992 Buick Roadmaster. The truck has 207K miles while the Buick has 42K miles.

The Kelly book to a private party on the truck is $1380 while the Buick is $3426.

I have a $500 deductible on both vehicles. It doesn't make sense on the truck while the Buick is borderline.

Is there any set rule to follow?

It's a personal choice. Rule of thumb is that once the value drops below 4x the premium you pay for collision per year, it's not worth it.

That means if you drive it for 4 years without an accident, you'll have saved the value or the vehicle. You can adjust it however you want from there but that's a good way to measure it.

Never drop Comprehensive though. It's too cheap to be without.

I recall a story about a guy up here who had his truck stolen and dumped in the woods, and they billed him for the tow for not having collision insurance. That always made me want to keep it.

Might want to check what's not covered before cancelling it for sure.

quote:

Originally posted by acidjazz:
I recall a story about a guy up here who had his truck stolen and dumped in the woods, and they billed him for the tow for not having collision insurance. That always made me want to keep it.

Might want to check what's not covered before cancelling it for sure.

theft is comp, not coll

I pay an average of $200 per vehicle for collision. For me, it is worth it as my lowest value vehicle is $10K.

The truck is $44/year with $500 deductible while the Buick is $80/year with $500 deductible. So I guess the collision is still cheap. Thanks

$124 per year for insurance on 2 vehicles is the cheapest I have ever heard of.

^^^ betcha he was referring to the cost of collision and not total premium.

I expect he was. That's the cheapest I've heard of, even for older vehicles.

Insurance in Indiana for sr citizens w/ good driving records is about as cheap as I've ever heard of. For my wife and I to insure 4 vehicles with full coverage 250k/500k/100k limits with tow/rental comp & collision runs $679 every 6 months for all 4. 2015 Transit 150, 2011 Acura TSX, 2008 Ridgeline and 2004 Mustang GT conv.

Coverage is thru Safeco, a Liberty Mutual company and my agent is an independent. He was my Farm Bureau agent for years and he was a good one. I'd been w FB since mid 80s and have a 15 year spotless driving record as does my wife. My premiums kept creeping up, some insider talk about the pool you were in when your policy was first issued shrinks so you pay more...whatever, all I know is I'm saving around $600 a year and I've got my old agent again.

When I switched to Safeco a year ago, I saved over $300 a MONTH over what I was paying for the same coverage with Hartford.

The breakdown on my $500 deduct collision is:
2015 Transit 150 = $140 per year
2011 TSX = $106 per year
2008 Ridgeline = $76 per year
2004 Mustang GT conv = $66 per year

Discounts for having Homeowners, multiple vehicle, low miles driven, accident free, violation free, claim free.

Your results may vary but at least here:
Under Michigan’s mini tort law, victims of car accidents can recover a maximum of $1,000 for vehicle damage from the driver who caused the crash, via his automobile insurance company. This is called a mini tort claim.

Here we have multiple types of collision coverage:
Limited Collision Without a Deductible
This collision coverage pays to repair your car
if you are 50% or less at-fault in an accident. If
10
you are more than 50% at-fault, you receive no
benefits.
Broad Form Collision Coverage
This collision coverage pays to repair your car
regardless of fault. If you are more than 50% at fault,
you must pay a deductible. If you are 50%
or less at-fault, you pay nothing.
Many companies offer other choices in collision
coverage. These include:
Limited Collision With a Deductible
If you are 50% or less at-fault, this type of collision
coverage will pay to repair your car, and you
must pay a deductible. If you are more than 50%
at-fault, you will receive no benefits.
Regular/Standard Collision
Regular collision will pay regardless of fault,
except you must always pay a deductible.


And, we have Uninsured Motorist Coverage also as an option:
Uninsured Motorists Insurance
Coverage for uninsured motorists is an optional
coverage, that compensates you for pain and
suffering and excess wage loss. This coverage
applies only if a hit and run vehicle or an
uninsured motorist strikes you. If you are killed in
such an accident, benefits may be paid to your
survivors.

In a nutshell, Michigan registered vehicles, if your car is valued a thousand dollars or more you need to carry collision and uninsured motorist coverage as we have limited recourse against an at fault driver.

My short answer is insurance is designed to protect you from losses you can not cover. I carry a $1000 deductible for instance, I can cover that no problem, in other words I self insure for losses near or below $1000. Do you need the market value, minus deductible, if your vehicle was damaged or stolen to be financially secure? Then carry the coverage.

quote:

Originally posted by doublesharp:
^^^ betcha he was referring to the cost of collision and not total premium.

Yes,that was for collision only. The total on both vehicles is $888.10 with Safeco. I haven't had a speeding ticket in over 20+ years and no accidents that were my fault but have been rear-ended about four times during that period.

How much does the collision part of your insurance cost per year on each vehicle? If it was $100 a year I'd keep the collision, if it's more like $500 a year I'd cancel the collision.

I would not pay it on those vehicles. If the accident is not your fault then the other person's liability should cover it. Do you have uninsured motorist insurance in case the other person doesn't have insurance?

Yes, I have the $500K uninsured coverage. With my truck valued at $1380 to a private party minus the $500 deductible, it does make much sense to pay $44 to cover the difference of $880. It would not take much to say it was totaled.