I get where you’re coming from, but have you actually run the numbers on what you’re saving with a higher deductible? Sometimes folks assume a $1,000 deductible means huge premium drops, but with an older car, the savings can be pretty minimal. Is it really worth risking a bigger out-of-pocket hit just to save a few bucks a month?
And if your Civic’s barely worth more than your deductible, at what point does it make sense to drop comprehensive or collision entirely? I’ve seen people keep full coverage on cars that aren’t even worth the cost of the coverage itself. I know the fear of “what if a deer jumps out” is real—seen it happen—but there’s gotta be a line where the math just doesn’t add up.
Ever thought about just liability and putting what you’d spend on premiums into a rainy day fund instead? Not saying it’s for everyone, but sometimes the peace of mind isn’t worth the price tag, especially on an old beater.
Totally agree about running the numbers—sometimes the premium drop with a higher deductible is barely noticeable, especially on an older car. I had a 2005 Corolla and realized I was paying more for comp/collision than the car was worth. Eventually just went with liability and started saving the difference. I get nervous about random stuff like hail, but at some point you’re just throwing money away. If you’ve got a decent emergency fund, it’s way less stressful than it sounds.
I get nervous about random stuff like hail, but at some point you’re just throwing money away.
That’s the part I always wrestle with—those freak accidents you can’t predict. I’ve dropped comp/collision on older cars too, but sometimes I wonder if I’m tempting fate. How do you factor in stuff like where you park or local weather? I live in an area with a lot of trees, so falling branches are always in the back of my mind. Does anyone actually calculate risk based on location, or is it mostly gut feeling?
Does anyone actually calculate risk based on location, or is it mostly gut feeling?
I get what you mean—sometimes it feels like a coin toss. Here’s how I look at it:
- If I’m parking under big old trees every day, I keep comp. Had a limb come down on my last car... not fun.
- Local weather matters. I lived in hail country for a while and skipped dropping coverage, but now in a milder spot, I’m more relaxed.
- Honestly, it’s mostly gut for me. I check my neighborhood’s crime stats once in a while, but I don’t run the numbers every year.
Sometimes I wonder if I’m being too cautious, but after that tree incident, I just can’t shake it.
Yeah, I’m with you—most of my decisions are just gut calls. I always think about how many times I’ve had to use insurance, which is like… never, except for that one time my neighbor’s kid hit my car with a baseball. Still, every time I park under a sketchy-looking tree, I start questioning my choices. Maybe we’re all just rolling the dice?
