That’s a tricky call. Like you said,
I tend to err on the side of caution, especially with unpredictable weather these days. Curious if anyone here has ever actually come out ahead by keeping comp on an older vehicle? Or is it mostly just about sleeping better at night?“there’s no one-size-fits-all answer—just depends on your risk tolerance and how much you lean on that car.”
I’ve run the numbers a few times and honestly, I’ve never actually “made money” by keeping comp on my old Civic. But I do sleep better, especially during storm season. Maybe it’s just paying for peace of mind? Still feels like a gamble.
But I do sleep better, especially during storm season. Maybe it’s just paying for peace of mind? Still feels like a gamble.
I get what you mean about the peace of mind, but honestly, I think that's worth something—especially if you're in hail country. I've seen more than a few classics get absolutely wrecked by freak storms, and the owners without comp were left with nothing but regrets and a pile of scrap metal.
From my experience, insurance isn't really about “making money”—it's about not losing your shirt if something wild happens. Sure, on paper you might pay more over time than you get back, but that's kind of the point. It’s like wearing a seatbelt: most days it doesn’t “pay off,” but when it does, you’re glad it’s there.
Curious though—have you ever considered dropping comp and just banking the savings for a few years as your own “hail fund”? Or do you feel like that'd just make you more anxious?
I’ve actually tried the “hail fund” route before, back when I had my old ’72 Chevelle. Figured I’d just stash the comp money in a savings account and roll the dice. It worked for a couple years—until a freak storm rolled through and left golf ball dents all over the hood and roof. Ended up dipping into my vacation fund to get it halfway fixed, and it never really looked right after that. I guess that’s when I realized I’m just not great at self-insuring against stuff like hail.
It’s funny, though—my buddy swears by the opposite approach. He’s got a spreadsheet tracking every penny he “saves” by skipping comp, and he’s convinced he’s ahead. Makes me wonder if it’s just about your own risk tolerance, or maybe how attached you are to your ride. Ever met anyone who actually came out ahead long-term by skipping comp? Or is that just one of those stories people tell themselves until the big one hits?
Tried the same thing with my old Civic—kept the extra cash from skipping comp, figured I’d just pay out of pocket if anything happened. First year, nothing. Second year, a tree branch took out my windshield and hood during a storm. Ended up costing way more than I’d “saved.” Honestly, unless you’re super disciplined or don’t care about dents and dings, it’s a gamble. Some folks get lucky, but most just end up paying one way or another.
