silvrsvt Posted March 7, 2013 Share Posted March 7, 2013 Self-insuring is almost always cheaper in the long run if you can stand the risk. Another factor to save $$$ is have your collision deductibles higher...sometimes that can pay for itself in a few years if you don't have an accident, plus you can take that $1000-1500 deductible and put it into a savings account or something and make $$$ on it. Quote Link to comment Share on other sites More sharing options...
akirby Posted March 7, 2013 Share Posted March 7, 2013 Another factor to save $$$ is have your collision deductibles higher...sometimes that can pay for itself in a few years if you don't have an accident, plus you can take that $1000-1500 deductible and put it into a savings account or something and make $$$ on it. Mine is maxed out at $1K. Another good point. Same goes for extended warranty and homeowner insurance deductibles - get the biggest one you can stand. Quote Link to comment Share on other sites More sharing options...
Anthony Posted March 7, 2013 Share Posted March 7, 2013 I dumped my collision when my car turned 8 years old and the replacement value dropped under $4.5k. After a $1k deductible, getting around $3k back wasn't worth the cost of full coverage (it was out of warranty as well). Quote Link to comment Share on other sites More sharing options...
akirby Posted March 7, 2013 Share Posted March 7, 2013 I dumped my collision when my car turned 8 years old and the replacement value dropped under $4.5k. After a $1k deductible, getting around $3k back wasn't worth the cost of full coverage (it was out of warranty as well). My son moved out of state and I signed over his 2005 Focus zx3. $16K brand new in 2005. He got bumped by someone else and in the process discovered that he only had liability, not collision. This was my fault - I thought he knew the difference. He didn't need it because it was the other guy's fault but that prompted him to go change to full coverage. I had the discussion with him about when he should drop collision based on how much it was costing him and how much the car was worth. At that point I figured a 7 yr old Focus that cost $16K new would be worth about $4K or less. 3 months later he totals it on a slick road (no injuries). Geico cut him a check for $8K !!!! No questions asked. I was shocked. That was the best 3 months worth of premiums he ever paid. Now he rides the bus and his bike and doesn't even have a car. 3 Quote Link to comment Share on other sites More sharing options...
SoonerLS Posted March 8, 2013 Share Posted March 8, 2013 Now he rides the bus and his bike and doesn't even have a car. Well, you've obviously failed as a father... I'm pretty sure you can go to hell for that. Quote Link to comment Share on other sites More sharing options...
FordBuyer Posted March 8, 2013 Author Share Posted March 8, 2013 I don't what it is now, but the rule of thumb is when the vehicle is only worth $5,000, it's time to drop collision. That is still my rule of thumb, but I doubt if I will abide by it since my full coverage on both my vehicles is super cheap, even with MI onerous Catastrophic benefits law that every MI motorist has to pay into every year. So I will probably carry on full coverage on Taurus even as its value starts to drop below $5,000 even with its low mileage. No way will I keep Taurus until its worth practically nothing. I was also offered extended warranty back in 2005 when I bought it outright, and if I had bought it at over $3,000 I would have never used it. I also turned down extended warranty on Boxster. Would have lost big time on that vehicle also. Full coverage premium on both vehicles is exactly the same premium wise. Anyway, I only carry full coverage on Boxster for six summer months and Comprehensive only when in storage. Storage fees cost twice as much as insurance. Quote Link to comment Share on other sites More sharing options...
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