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Insurance can be a gamble... Posted by Larry West [Email]  (#1140)  [Profile/Gallery]
(more from Larry West) on Thu, 30 Dec 2010 07:28:28
In Reply to: Insurance, comprehensive coverage, what do you [long], bender   [Profile/Gallery]
, Wed, 29 Dec 2010 17:17:00
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For many years, I did not carry collision or comprehensive coverage on any of my Saabs. To me, yes, it was rather a waste of money, but then, I never really kept up that "emergency" fund that would repair/replace my car if it did get hit.
Then in 2008, due to taking out my first auto loan in over 15 years, I had to cover the car for the credit union. This meant getting collision and comprehensive coverage.
In a 13-month span, I then proceeded to having two 9-5s totaled out from under me. The first one, that I had the loan on, eventually was settled with the other insurance co. (via mine, sio I never had to deal with the other). The second one, well, bears aren't required to carry insurance in NJ, so I was very glad I had comprehensive coverage on that car (owned outright) as well.
The thing is, you may pay a couple hundred bucks per year for comprehensive coverage, If the car's value is $2,000 to the insurance co., they'll pay that regardless of what you've paid in. Will your emergency fund pay you $2,000 if you only put $200 in? Between the two 9-5s, I've received about $15,000 in claim money, and have only paid them about $3,600 in total (and that includes a second car).
I got lucky with the 9-5s, as I've bought all three well under NADA "book", so when the insurance paid, I wasn't left hanging in the wind.
As for deductibles, ALWAYS ask your agent or whomever for a quote on the difference in premium between, say, $200 and $500 deductible. Many years ago, when I asked this question of my ins. co. at the time, the additional premium was very nearly the SAME as the difference in the deductibles. In 2008, the difference was a paltry few dollars, so I pay a little more (less than $50), and have $300 more coverage.
It boils down to this: If you can afford - today - to replace your car without any financial help, then you probably don't need collision or comprehensive. If it would be a hardship to replace a wrecked car, then maybe you should consider it.
One thing to consider about Comprehensive coverage - without it, you usually can't get towing or glass coverage or rental car coverage. If you need those, then...
_______________________________________ Current: 2002 9-5 Aero Kombi Cosmic Blue 2000 9-5 SE sedan, Imola Red 1990 900S Rose Quartz, Auto Past: 1999 9-5 LPT Combi 1999 9-5 LPT sedan 2002 9-5 Arc 1990 900 5-speed 1986 900 turbo Convertible 1991 9000 turbo 1980 99 GLi 1986 900 turbo 1986 900 S 1991 900 turbo 1984 900 turbo 1976 99 GL
, Wed, 29 Dec 2010 17:17:00, Thu, 30 Dec 2010 07:28:28 <-- Viewing This Message, Thu, 30 Dec 2010 07:14:57
, Fri, 31 Dec 2010 08:21:24
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