When is the right time to remove collision from your insurance policy?
04-29-2002, 08:12 AM
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When is the right time to remove collision from your insurance policy?
Guys,
I am looking at my insurance form here and damn... I pay over $800/year for freaking collision of my 95 GSR. If you have a loan then you cant remove it, but when is the best time to remove your collision insurance and risk it? I thought I remember many specialists say that if its over 5 years old remove the collision, save the money, and invest. If you have a loss suck it up, in the long run you will win, unless of coarse you get in accidents a lot. What are peoples opinions on this? With theft such a problem, I woulsn't ever think about removing comp and thats cheap, only like 300/year. That is worth maintaining I think.
I am looking at my insurance form here and damn... I pay over $800/year for freaking collision of my 95 GSR. If you have a loan then you cant remove it, but when is the best time to remove your collision insurance and risk it? I thought I remember many specialists say that if its over 5 years old remove the collision, save the money, and invest. If you have a loss suck it up, in the long run you will win, unless of coarse you get in accidents a lot. What are peoples opinions on this? With theft such a problem, I woulsn't ever think about removing comp and thats cheap, only like 300/year. That is worth maintaining I think.
04-29-2002, 08:23 AM
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Re: When is the right time to remove collision from your insurance policy? (VTECAcuraGSR)
Depends on the value of your car and your finances.
I don't have collision on my 1990 Miata. The car is worth about $4K. I figure if I crash the car, I can afford to buy a donor car and swap parts.
I don't have collision on my 1990 Miata. The car is worth about $4K. I figure if I crash the car, I can afford to buy a donor car and swap parts.
04-29-2002, 08:53 AM
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Re: When is the right time to remove collision from your insurance policy? (VTECAcuraGSR)
Don't you have more chance to get in a car accident then anything else?
If you look at it, a "not to big accident" with a big *** SUV can cost easily 3000-4000 $. That is five years worth of inssurance. I think your car is still worth to much to remove the collision clause. I personnaly would remove the collision clause only on a car that is worth less then the repairs due to a "medium" accident.
If you look at it, a "not to big accident" with a big *** SUV can cost easily 3000-4000 $. That is five years worth of inssurance. I think your car is still worth to much to remove the collision clause. I personnaly would remove the collision clause only on a car that is worth less then the repairs due to a "medium" accident.
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