Should I drop my collision coverage?

[100_Percent_Juice]

I am going to pay my car insurance today and I was wondering if I should keep my collision. I have a $2k deductible and it costs me $130 on a semi-annual basis. I have not really looked but I figure my car is probably worth around $8k? and I would like to think I am a pretty safe driver. What would you do?

[bigrobwoot]

Personally, I would keep full coverage until your car is worth about what your deductible is.

[zpeed]

I would go with $100 or $250 deductible. $2000 deduct would save you a little money but if you have 1 accident it would not cover all that saving. Last time I calculate, it came out to 10+ years without accident.

[cody]

I kept mine after paying off the car. I take it your car is paid off? Because if not, you have to keep full coverage. Mine just dropped from like $2400/year to $1100/year.

[100_Percent_Juice]

Yeah paid off. I pay $757.24 a year for my wrx with State Farm.
Liability 50k/100k
250 Deductible Comp
2000 Deductible Collision

[ScottyS]

My Legacy costs like $14/mo for decent liability on my AAA account. Old man+married/kids+3rd car+grocery model = teh cheapness!

[Kevin M]

I would definitely keep it, and would cut the deductible way, way down to at lest $500 if not $250. Remember that hit-and-run in Nevada has to be filed by you against your collision, not comprehensive.

[sti deede]

I have found that most major companies won't provide comprehensive coverage if you don't have collision, so if you wish to that comp, you'll have to keep collision.

Lenders generally have a maximum of $1000 deductable that they allow the insured to carry of full coverage. And all lenders require full coverage during the time of the loan. They often receive reports from your insurance company regarding you coverage.

As for myself my deductables are $1000 for collision and $250 for comp. I keep high amounts for the coverages as well. 250/500/100 with 50/100 for uninsured motorist.

I'm not sure where you are in life, but it is important to keep your insurance at a level that protects your assets. That goes beyond auto insurance to home insurance and an umbrella policy. Should your accident or event at your residence occur and it exceeds your coverage, you could be sued the remaining amount. This is where an umbrella policy comes in. It protects your earned income (paychecks), which is what a law suit would go after. I'd recommend that if you have something to protect, that you have these 3 policies in place. Ideally from the same company, so there is no finger pointing should an event occur.

[Kevin M]

Allstate is letting me keep comp on the wagon without collision, surprisingly.

[Libila]

I'd keep it. I have it on my L, and it's a '94 with 225K+ miles...

[Kevin M]

I'd keep it if I didn't have a salvage title '93 L with a billion miles and 3 different paint colors. The premiums for Collision would exceed what I'd get paid in a total loss in about 15 months.