Used Car Values Make It Tricky to Drop Comp
You nailed it—there’s really no one-size-fits-all answer here. I’ve run the numbers with a lot of folks, and for older cars, comprehensive coverage can start to look like a bad deal, especially once the deductible eats up most of the payout. But with how wild used car prices have gotten, even a small check from insurance can be better than nothing when you’re suddenly car shopping after a hailstorm.
I do wish there was more flexibility, like a hail-only add-on or seasonal comp, but I haven’t seen any carriers offering that. It’s frustrating, especially in places where severe weather is a real gamble for a few months out of the year.
One thing I always mention—if you’re thinking about dropping comp, check your actual cash value versus what you’re paying annually. Sometimes people are surprised by how much their car is still worth these days. And yeah, the peace of mind factor is real... funny how a storm warning can make you second-guess even the most logical decision.
That hail story out of Kansas hit close to home for me—my neighbor’s old Corolla got hammered by hail last spring, and he’d just dropped comp to save a few bucks. He figured the car wasn’t worth much, but turns out it would’ve been a real chunk of change with today’s prices. I get wanting to cut costs, but these days, I keep running the numbers every renewal just in case. Used cars are weirdly valuable right now, so it’s not always as clear-cut as it used to be.
Used cars are weirdly valuable right now, so it’s not always as clear-cut as it used to be.
Yeah, the market’s flipped things upside down. I used to drop comp on older cars too, but lately I’ve been double-checking the actual cash value before making that call. Even a “beater” can be worth more than you’d expect these days. It’s not just about age or mileage anymore—supply and demand really messes with the math.
Yeah, I hear you—used car prices are all over the place right now. I’ve had claims where a ten-year-old sedan suddenly books for way more than I’d expect, just because inventory’s so tight. It’s not just about blue book anymore; local demand can push values up fast.
Here’s where I get stuck sometimes: how do you handle it when the owner’s got receipts for recent work—like new tires or a transmission—but the market value still isn’t quite there? I’ve seen folks get pretty upset when their “investment” doesn’t add up in the payout. On the flip side, I’ve also seen people come out ahead because the market’s so weird.
Curious if anyone’s actually seen a payout lately that surprised them, either way. This market’s making me double-check everything...
Here’s where I get stuck sometimes: how do you handle it when the owner’s got receipts for recent work—like new tires or a transmission—but the market value still isn’t quite there? I’ve seen folks get pretty upset when their “investment” doesn’t add up in the payout.
That’s always the kicker, isn’t it? People think dropping a couple grand into repairs means their car’s suddenly worth that much more, but insurance just doesn’t work like that. I had my old Civic totaled last year—put new brakes and tires on it literally two months before some guy rear-ended me. Insurance didn’t care. They gave me what the market said it was worth, not a penny more for all that fresh work. It stings, but honestly, that’s just how it goes.
On the flip side, my buddy got way more than he expected for his beat-up Tacoma after a hailstorm because trucks are gold right now. It’s all about timing and luck these days. You can keep every receipt in a folder, but if the market says your car’s worth X, that’s what you’re getting. Not saying it’s fair, but that’s reality.
