At what point do you decide to drop comprehensive and collision coverage from your auto insurance policy?
At what point do you decide to drop comprehensive and collision coverage from your auto insurance policy?
My car is decreasing in value and I am considering dropping the more expensive portions of my auto insurance. Of course I will keep liability, but feel that paying a few hundred each month for insurance on a $6000 car (for example) may not be worth it.
What's your limit? $3000 value? $8000 value? Do you always keep comp and collision?
Edit: I was revisiting this question today, and so I checked the real numbers.
The collision and comprehensive coverage for my car is $38 /month with a $1000 deductible. The current CarMax offer for my car is $8000. So I will pay for the $7000 of my cars insurance value in 15 years. I think I'll keep it a little longer.
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