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Post by jennifercw on Jun 29, 2015 15:16:13 GMT
2007 Honda Odyssey
Kelley Blue Book values:
- $6,000 trade in
- $7,900 private sale
Our collision & comprehensive is $424/year with a $1,000 deductible
We have no car payments at the moment and could afford a small one if necessary - but it would be less $ going into savings and we will have a college student in 2 years.
Just bought a new-to-us third car for a teen driver that will need comprehensive/collision so we were looking to possibly drop it on the odyssey to help offset the overall cost increase.
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christinec68
Drama Llama
Posts: 5,129 
Location: New York, NY
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Post by christinec68 on Jun 29, 2015 15:21:17 GMT
I keep thinking of cancelling collision on one of our cars but I can't pull the trigger. God forbid something happened the cost to repair would likely be a lot more than the annual premium + deductible.
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momto4kiddos
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Posts: 5,151
Jun 26, 2014 11:45:15 GMT
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Post by momto4kiddos on Jun 29, 2015 15:29:34 GMT
My kids (ok one is 23, the other is 18) have cars in this value range. I base my thoughts on it by the thought of what will happen if they total their car. They have $500 deductibles (not sure the cost of the collision.)
They don't have a ton of money so if the car were totaled it would be an issue for them...so my feeling is better to get something than nothing. Now does it make sense from a financial standpoint, who knows. But they at least won't walk away with nothing to start over with.
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Post by mlynn on Jun 29, 2015 15:32:06 GMT
What is the difference in premium if you drop the comp/collision? Also, will towing and roadside service be available if you do not have full coverage?
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keithurbanlovinpea
Pearl Clutcher
Flowing with the go...
Posts: 4,272
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Post by keithurbanlovinpea on Jun 29, 2015 15:33:34 GMT
If you total the car, then at best you will get $5000. This is assuming the insurance estimates the value at $6000, and then you pay the deductible. If you have no other means to get a car and need that $5000 to offset the purchase of a new one, then by all means, don't drop collision. But if that $$$ is not important to you because you have savings, can afford to fully finance a new car, etc. then I would drop it.
I drive an 06 Honda Ridgeline. I would probably get $7-8k for it as a total, and at this moment, I would need that cash to work into the purchase of a vehicle, so I keep collision.
ETA: If you save the premium you would have paid, that will help build up a savings for another car. But this assumes that the premium is a decent amount. $424 per year is not much IMO.
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Deleted
Posts: 0
May 18, 2024 20:27:57 GMT
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Post by Deleted on Jun 29, 2015 15:34:09 GMT
I have to agree with the poster above. We cover every car based on the fact of whether we would HAVE to replace it in the case of an accident. Unfortunately it's not just about how well you or your children drive, but also about how well others on the road do.....could you afford to replace the car if it were gone due to someone else's negligence (especially if the other is an underinsured motorist and has no assets to go after)?
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freebird
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'cause I'm free as a bird now
Posts: 6,927
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Post by freebird on Jun 29, 2015 15:38:01 GMT
If you total the car, then at best you will get $5000. This is assuming the insurance estimates the value at $6000, and then you pay the deductible. If you have no other means to get a car and need that $5000 to offset the purchase of a new one, then by all means, don't drop collision. But if that $$$ is not important to you because you have savings, can afford to fully finance a new car, etc. then I would drop it. I drive an 06 Honda Ridgeline. I would probably get $7-8k for it as a total, and at this moment, I would need that cash to work into the purchase of a vehicle, so I keep collision. ETA: If you save the premium you would have paid, that will help build up a savings for another car. But this assumes that the premium is a decent amount. $424 per year is not much IMO.
This.
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gsquaredmom
Pearl Clutcher
Posts: 4,078
Jun 26, 2014 17:43:22 GMT
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Post by gsquaredmom on Jun 29, 2015 16:15:03 GMT
Bottom line: do you have the money in the bank to "self insure" for loss? This is essentially what you are doing. If you do not have 5k earmarked for this, then perhaps keep full coverage.
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Post by Basket1lady on Jun 29, 2015 16:23:29 GMT
What would your insurance drop per month? $5000 is still a lot of gain for $424, if something should happen; that's $35 a month. You could encourage your child to pay for the insurance, or a part of it. Even $25 would give a sense of ownership and encourage him/her to take good care of the car. Although my philosophy with kids is that scholarships pay far more than a part time job, so that's something to weigh as well.
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Post by Meri-Lyn on Jun 29, 2015 16:32:49 GMT
I was told by Geico if all the cars were on the same policy, they had to have the same coverage. Dh's car is pretty much a POS, and I'd like to drop the comp/collision on it, but can't. Now, if you put it on a different policy, maybe?
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Post by Fidget on Jun 29, 2015 16:34:01 GMT
I would keep the insurance.
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Post by jennifercw on Jun 29, 2015 16:37:21 GMT
OK - I just went ahead and added the 3rd car to our policy so I could see how that would change the actual costs.
Interestingly - the comprehensive and collision on the Odyssey went down from $424/year to $256/year - I assume because dd is no longer listed as a driver on that vehicle. So, although we do technically have the $ to cover a total loss, I'm leaning toward just keeping the coverage for now...
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Post by jennifercw on Jun 29, 2015 16:38:59 GMT
I was told by Geico if all the cars were on the same policy, they had to have the same coverage. Dh's car is pretty much a POS, and I'd like to drop the comp/collision on it, but can't. Now, if you put it on a different policy, maybe? Thank goodness this is not the case with our insurance! DH's car is only worth about $2,000 and we don't have collision/comprehensive on it. |
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gsquaredmom
Pearl Clutcher
Posts: 4,078
Jun 26, 2014 17:43:22 GMT
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Post by gsquaredmom on Jun 29, 2015 16:42:52 GMT
OK - I just went ahead and added the 3rd car to our policy so I could see how that would change the actual costs. Interestingly - the comprehensive and collision on the Odyssey went down from $424/year to $256/year - I assume because dd is no longer listed as a driver on that vehicle. So, although we do technically have the $ to cover a total loss, I'm leaning toward just keeping the coverage for now... When my son got a car we put liability only on that and he dropped off of my car. The bill decreased 15 dollars a month. |
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Deleted
Posts: 0
May 18, 2024 20:27:57 GMT
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Post by Deleted on Jun 29, 2015 18:00:36 GMT
Only if you have the $$$ available to replace the vehicle outright if it's totaled.
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Post by gracieplusthree on Jun 29, 2015 22:56:00 GMT
I personally would not have a car and not have comprehensive.
but we have a lot of deer. a lot. and a lot of trees too.
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my3freaks
Pearl Clutcher
Posts: 3,206
Location: NH girl living in Colorado
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Post by my3freaks on Jun 30, 2015 0:46:23 GMT
I was told by Geico if all the cars were on the same policy, they had to have the same coverage. Dh's car is pretty much a POS, and I'd like to drop the comp/collision on it, but can't. Now, if you put it on a different policy, maybe? I've lived in, and had car insurance in 4 different states, and never heard this. We had Geico for years too. I would definitely check into that further. I switched from Geico to USAA several months ago, and my payment went down almost $70 a month! |
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sweetpeasmom
Pearl Clutcher
Posts: 2,592
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Post by sweetpeasmom on Jun 30, 2015 2:44:22 GMT
Our rule is if you can't afford to replace it, don't drop it. If you can replace the vehicle should anything happen to it, then ok.
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tincin
Drama Llama
Posts: 5,368
Jul 25, 2014 4:55:32 GMT
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Post by tincin on Jun 30, 2015 13:31:43 GMT
I'm not certain where you live but I already want to live there just based on insurance premiums. I live in MI and we pay some of the highest rates in the country for auto insurance. I can't even insure a car with liability only for that amount.
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Post by mom on Jun 30, 2015 14:12:30 GMT
I was told by Geico if all the cars were on the same policy, they had to have the same coverage. Dh's car is pretty much a POS, and I'd like to drop the comp/collision on it, but can't. Now, if you put it on a different policy, maybe? We have 4 cars on our policy and they don't all have the same coverage....so weird that your insurance guy says that. |
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IAmUnoriginal
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Jun 25, 2014 23:27:45 GMT
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Post by IAmUnoriginal on Jun 30, 2015 16:31:17 GMT
I was told by Geico if all the cars were on the same policy, they had to have the same coverage. Dh's car is pretty much a POS, and I'd like to drop the comp/collision on it, but can't. Now, if you put it on a different policy, maybe? Call and talk to a different service rep. They may require you to carry the same liability limits (250/500 or 100/300 or whatever you have), but you should be able to vary the physical damage coverage by vehicle. I've quoted Geico clients with different deductibles and/or liability only on the same policy. |
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peaname
Pearl Clutcher
Posts: 3,389
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Post by peaname on Jun 30, 2015 16:35:35 GMT
No. We drive two older paid-for cars and carry comprehensive with $1,000 deductibles.
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