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Joined: May 2000
Posts: 131
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OP
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My car's probably only worth about 3000 to at most 5000 if i were to total it. It would cost me 500 bucks a year to insure it against collision and comprehensive damage. What do you think? Should I cancel the collision and comprehensive coverage now that I own the car outright?
Darren
'98 Mystique LS -Duratec, MTX
Nakamichi CD-40z, Knauberized, KKM tru rev intake, 9MM Motorsport Wires, SVT Springs/Struts
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Joined: May 2002
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Hard-core CEG'er
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Hard-core CEG'er
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I would say no, but if you're going to cancel something, cancel the collision before you cancel comp... you can avoid accidents... you can't so easily avoid tornados.
Diesel owns you
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Joined: Dec 2002
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Hard-core CEG\'er
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So how do you propose to replace your car if it is totaled by an uninsured, judgment-proof driver?
MSDS, SHO-shop Y, custom 2.5" catback; xcal2; 63mm TB, K&N 3530; Koni struts, Aussie bar; THaines forks, Quaife, SpecII, UR fly; DMD; Nima UD pullies; Stazi brakes; f&r Pole120 mounts. Just a daily commuter car. Silver '98 SVT E0 #3159
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Joined: Jun 2001
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Originally posted by Darren G:
My car's probably only worth about 3000 to at most 5000 if i were to total it. It would cost me 500 bucks a year to insure it against collision and comprehensive damage. What do you think? Should I cancel the collision and comprehensive coverage now that I own the car outright?
Ask the insurance company for an approximate value of your car. Make a decision based off of that.
I cancelled my Collision last year. It cost me about $600/yr. However my car had approximately 160K miles and a Salvage Title. It was then that I determined my car wasn't worth the collision since my car might be worth 1500 tops. Consided I've got a $500 deductable, I'm chancing loosing about $500 the first year, and by the 2nd year its a wash.
- Zack
WANTED: T-Red HEATED Side Mirrors
FOR SALE: 4 14" Alum Alloys and Nearly New Avid H4s Tires w/ Center Caps
2000 T-Red SVT
1995 LX V6 MTX (RIP)
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Joined: May 2000
Posts: 131
CEG\'er
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I guess I'm figuring that I've got enough that I can chance it. If it gets totalled I can buy a new car. Meanwhile, I'll save some money
Darren
'98 Mystique LS -Duratec, MTX
Nakamichi CD-40z, Knauberized, KKM tru rev intake, 9MM Motorsport Wires, SVT Springs/Struts
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Joined: Aug 2000
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I agree on the collision. Keep comprehensive for glass coverage if nothing else.
Brad "Diva": 2004 Mazda 6s 5-door, Volcanic Red
Rex: 1988 Mazda RX-7 Vert, Harbor Blue.
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Joined: Dec 2000
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Originally posted by Darren G:
I guess I'm figuring that I've got enough that I can chance it. If it gets totalled I can buy a new car. Meanwhile, I'll save some money
That is the rule right there. If you can afford and are willing to replace said vehicle with something else in a timely manor if you were to become totaled and undrivable tomorrow, then drop collision.
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Joined: Apr 2003
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Originally posted by mbSVT:
I would say no, but if you're going to cancel something, cancel the collision before you cancel comp... you can avoid accidents... you can't so easily avoid tornados.
Yup , Yup , good Idea.
2012 Lotus Evora
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95 Mystique MTX - GONE 395,000 Kms
--------- Both Zetecs
'97 Contour Mtx - stock - GONE
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Joined: Sep 2003
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wish my insurance was that cheap... I'm paying $1200 a year for liability coverage.
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Joined: Apr 2003
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for 100% complete everything coverage on my 99csvt in cali i am paying about $1300 per year. an older car would be a bit cheaper i would think. unless i had the money to back up what the insurance would have covered i wouldn't risk cutting my insurance at the very least because of all the stupid drivers on the road today.
00 black/tan svt, #2052 of 2150, born 2/1/00
formerly known as my csvt
"Nothing in the world is more dangerous than a sincere ignorance and conscientious stupidity." -Martin Luther King, Jr.
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