I totally get the peace-of-mind argument, and I used to think exactly the same way. But lately I've started questioning whether comprehensive coverage always makes sense on older cars. My Outback is going on 14 years now, and when I did the math, I realized that even if something like hail or a falling branch happened, the payout I'd get from insurance probably wouldn't be worth much anyway. After factoring in my deductible and how much I've already paid in premiums over the years, it starts feeling like I'd be better off just setting that money aside myself.
Of course, weather can throw curveballs—I had a close call with a tree limb during a storm last summer—but realistically, if my car got totaled tomorrow, I'm not sure I'd even want to spend money fixing it at this point. Sometimes I wonder if we're paying more for emotional comfort than actual financial protection...
I've been thinking the same thing lately. My car's almost 12 years old, and honestly, the insurance math just doesn't add up anymore. Like you said, after deductibles and depreciation, it feels like throwing money away. I had a windshield crack last winter, and even though I have comprehensive coverage, I ended up paying most of it myself because the deductible was so high.
I talked to a friend who works in insurance, and he basically said that once your car hits a certain age or value, comprehensive stops being financially practical. He suggested putting what I'd normally pay in premiums into a "car emergency" fund instead. That way, if something happens, I'm covered without dealing with insurance hassles or worrying about getting lowballed on a payout.
Of course, everyone's situation is different, and some people might sleep better at night knowing they're covered for every possible scenario. But personally, I'm leaning toward dropping comprehensive and just setting aside the money myself. Seems like a smarter move long-term.
I dropped comprehensive on my old Civic after it hit 10 years. Last summer, a tree branch dented the hood—annoying, but fixing it myself was still cheaper than paying premiums and deductibles every year. Honestly, insurance math rarely favors older cars...
"Honestly, insurance math rarely favors older cars..."
Yeah, that's pretty much spot-on. The general rule I've heard is once your car hits around 8-10 years old, comprehensive usually isn't cost-effective unless your car still holds significant value or you're in an area prone to crazy weather (hail, floods, etc.). I still keep comp on my older Mazda because we get hailstorms every spring, but if you're handy with repairs and your area's fairly calm, dropping it makes total sense financially.
"I still keep comp on my older Mazda because we get hailstorms every spring..."
Yeah, I totally get that logic. I commute daily in an older Civic, and I've gone back and forth on comprehensive coverage myself. Here's how I broke it down when deciding:
First, I checked the actual market value of my car (not just guessing—KBB or Edmunds helps). If your car's worth less than a couple thousand bucks, comprehensive coverage might not be worth the premiums you're paying each year. But if it's still holding decent value, especially if it's a reliable model with good resale potential, keeping comp can make sense.
Second, location matters big-time. Like you mentioned, hailstorms are a real issue in some areas. I'm in the Midwest too, and we get some nasty storms every summer. A buddy of mine dropped comp on his older Corolla thinking he'd save money, then got nailed by golf-ball-sized hail last year. Repairs were way more than the car was worth, so he ended up scrapping it. Lesson learned there...
Third, consider your financial situation. If you have enough savings to comfortably replace or repair your car out-of-pocket, dropping comp might be fine. But if an unexpected $2k+ repair would seriously hurt your budget, keeping comp coverage is probably smarter—even if the math isn't perfect.
Lastly, don't forget about deductibles. Raising your deductible can lower your premium significantly, making comprehensive coverage more affordable. Just make sure you can actually afford that deductible if something happens.
Personally, after crunching numbers and factoring in local weather risks, I decided to keep comprehensive but bumped my deductible up to $1k. It lowered my premium enough to feel worthwhile, and I sleep better knowing I'm covered if another hailstorm hits.
Insurance math isn't always straightforward, but breaking it down step-by-step like this helped me make a decision I'm comfortable with.